User Account

All Pages

Prepare the general journal entry to record this transaction

Assignment Help Accounting Basics
Reference no: EM132630201

Question - Sheridan Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,320 plus trade-in, f.o.b. factory. Sheridan Inc. paid $8,320 cash and traded in used equipment. The used equipment had originally cost $64,480; it had a book value of $43,680 and a secondhand fair value of $49,712, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,144.

Required - Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.

Reference no: EM132630201

Questions Cloud

Find different options for staffing policies : When global companies recruit new employees for their overseas operations, what are the different options for staffing policies available to them?
What author means by statement related to hr : HR and Management: Explain what the author means by the statement that "Every manager is an HR manager". Do you agree? Give examples to backup your point.
Relationship continued relevance of the ob model : Conclude with a reflection on what the dynamics of this relationship reveals about the continued relevance of the OB model.
Describe responsibilities in management accounting : Review the "Rights & Responsibilities of a Certified Management Accountant" article. What are some of the ethical responsibilities and obligations.
Prepare the general journal entry to record this transaction : Required - Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance
Which issues impact the various financial statements : Long-term Decision Making: List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments.
Why tqm is applicable in a water authority organisation : What challengers do companies face in implementing TQM practices in Pacific island countries and outline few solutions to those problems.
Oversight of deep water horizon development : Please answer these question. It doesnt need any graph or anything. Just the case of Deep Water Horizon disaster.
Discuss some of the differences in flexible budgets : Flexible Budgets: Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How behavior of division managers is likely to be affected

Discuss how the behavior of division managers is likely to be affected by the use of the following performance measures: (a) return on investment

  What is the return on investment for the center for 2013

What is the return on investment for the center for 2013, The data for a Cears investment center is given below

  What are the risks to companies who use e-commerce

Online sales are popular among consumers. Discuss the advantages of e-commerce systems. What are the risks to companies who use e-commerce

  Compute the dollar amount of variable and fixed cost

Compute the dollar amount of variable and fixed cost that should have been allocated to each of the operating departments

  Separate overhead into fixed and variable components

Separate overhead into fixed and variable components using regression analysis. Run seven regressions by using different combinations of three independent

  Veltri corporation is working on its direct labor budget

veltri corporation is working on its direct labor budget for the next two months. each unit of output requires 0.77

  Prepare a make-or-buy analysis showing the annual advantage

Prepare a make-or-buy analysis showing the annual advantage or disadvantage of accepting the outside supplier's offer

  Analyze how vision of the company is developed in this case

Analyze how the vision of the company is developed in this case and give additional examples of methods with which the vision of the company can be developed

  How would you respond to the director questions

How would you respond to the director's questions regarding additional benefits that the company might attain from the audit and how they are communicated

  Bob lawson is the president of his company his cfo is mark

bob lawson is the president of his company his cfo is mark ziegler. like many entrepreneurs bob is more concerned about

  What is rita net miscellaneous itemized deduction for year

What is Rita's net miscellaneous itemized deduction for the year after application of all relevant limitations

  Calculate the potential loss to the corporation

Quality Motors currently purchases a standard unit car stereo from an outside supplier for $80. Calculate the potential loss to the corporation

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd