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Pizza Company trades its used delivery cars for a new models at Hudson Toyota. The used cars have a book value of $60,000 (original cost $140,000 less $80,000 accumulated depreciation). The new cars have MSRP of $80,000. The fair value of the old cars based on estimation by third party is $50,000. After some negotiations between the Pizza Company and Hudson Toyota, the new cards would receive $10,000 discount and the trade in value of the old trucks in the amount of $55,000. The remaining portions is to be paid in cash.
Prepare the journal entries assuming a) commercial substance and b) no commercial substance.
Recently, A CFO requested a physically count of the ending inventory at the 6 month period to date. , Normally, ABC cycle counting would be performed on the location, physical item number, lot number.
Assume that Kelly County issues $3,000,000 in general obligation bonds to build a new fire station and $7,000,000 in revenue bonds to finance the upgrade of their water treatment facility. How will these transactions affect the funds of the county
Prepare the Stockholders Equity Portion of the Balance Sheet on January 1, 2012 and discuss the pros and cons of each method and provide necessary calculations to support the position you recommend.
Sam, the youngest of four, will graduate in industrial engineering this June. His future plans have not solidified yet, but his parents clearly believe that he will be self-supporting. In fact, they are planning on selling their home, taking a world ..
List of transactions for Bows and Biceps for the first month. Put the transactions in the attached T accounts and then create a trail balance.
Try to evaluate filings before, during, and after ERP systems were implemented. Summarize your findings. How would you describe reasons for the company's revenue and net Income trend to the average personal investor
Roxanne Carter Corporation reported the following for 2014: net sales $1,205,000; cost of goods sold $721,000; selling and administrative expenses $321,800; and an unrealized holding gain on available-for-sale securities $22,000. Prepare a statement ..
How much will Oxford Engineering's total profits change if they decide to buy the starter assembly from Tidnish Electronics instead of making it themselves?
If its income tax expense was $80 million, what would be shown as an operating cash flow under the direct method?
Create a list of activities for the Lemonade stand including a column for activity description, process type (e.g., input, process/maintenance, output), and data involved in each activity.
question1 the brandon company a manufacturer as well as the schimmel company a retailer entered into a business
Given below is the partial stockholders equity section of the Balance Sheet (as of 12/31/2014) for Toys and Stuff, Inc. Assume that the preferred shares are cumulative, and that no dividends had been paid for 2012 and 2013. If a total dividend to be ..
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