User Account

All Pages

Prepare the journal entries for both companies

Assignment Help Accounting Basics
Reference no: EM132520159

Question - Textile manufacturer Cullumber Corp. exchanges robotic equipment with an original cost of $20,900 and a carrying amount of $11,750 with the equipment rental company Riverbed Corp. The equipment that is received in exchange from Riverbed Corp. has an original cost of $40,000 and a carrying amount of $16,000, performs different functions, and has a fair value of $21,500. The individual shareholder owned only 40% of the shares of each company. Because they are closely held companies, they both follow ASPE. Assume that there is independent evidence to support the value of the computer software. Prepare the journal entries for both companies to record the exchange.

Reference no: EM132520159

Questions Cloud

Produce a sales budget : Produce a sales budget. Richards Rides provides roller coaster rides in Austin, Texas. The company expects a large increase in the number
Genetic diversity in small populations : There are a number of reasons why a gene may appear in some individuals and not others. After you have read the assigned readings, you will have an
What are the provisional primary and differential diagnoses : Ricardo does not speak English so he comes to see you with his sister. She says that he has a very sore throat and feels very tired. On closer questioning.
Principles of agency law : Choose one of the scenarios below and explain whether you think the business is liable for the acts under the principles of agency law.
Prepare the journal entries for both companies : Textile manufacturer Cullumber Corp. exchanges robotic equipment with an original cost of $20,900. Prepare the journal entries for both companies
ICT110 Introduction to Data Science Assignment : ICT110 Introduction to Data Science Assignment Help and Solution, University of the Sunshine Coast - Assessment Writing Service
Project sponsor and customer informed : Your Project Sponsor and customer informed you that you have to deliver your project much sooner than anticipated.
What is a bank reconciliation for July : China Import's accountant mistakenly recorded a $430 check that was written to purchase supplies as $350. What is a bank reconciliation for July
What were the early conceptualizations of nursing theory : This week's discussion question is also a two-part inquiry. What were the early conceptualizations of nursing theory? What are nurse-patient theories?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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