User Account

All Pages

Prepare the journal entry for purchase

Assignment Help Financial Accounting
Reference no: EM13513453

A machine is purchased by issuing a $70,000, 5-year, 3% note payable. This buyer would have to pay 10% interest to borrow money from banks and other financial institutions. Prepare the journal entry for this purchase assuming that:

(a) The fair market value of the machine is $60,000.

(b) The fair market value of the machine is unknown.

Reference no: EM13513453

Questions Cloud

Find the maximum magnitude of force on the mass : A 3.00 mass on a spring has displacement as a function of time given by the equation. Find the maximum magnitude of force on the mass
Authors in distant mirrors what are the core american values : According to the authors in Distant Mirrors what are the core American values? Discuss the origins of American individualism. Discuss how these core values may also be related to other areas of American culture. Discuss the treatment of the elderl..
Compute the variable and fixed cost elements : Byrnes Company accumulates the following data concerning a mixed cost, using units produced as the activity level.
Find the greatest beat frequency the listener will receive : A turntable 1.90 in diameter rotates at 76.0 . Two speakers, each giving off sound of wavelength 31.1 , are attached to the rim of the table at opposite ends of a diameter. What is the greatest beat frequency the listener will receive from this sys..
Prepare the journal entry for purchase : Prepare the journal entry for purchase assuming that the fair market value of the machine is $60,000.
Explain how much carbon dioxide is produced each day : The Kingston Steam Plant burns 14,000 tons of coal each day and generates 1010 kilowatts-hours of electricity each year (enough for 700,000 homes). Coal is primarily carbon which undergoes combustion in the following reaction
Find how long does it take for the package to hit the ground : A ball is thrown vertically upward with an initial speed of 19.6 m/s. Sketch a graph for the position, velocity, and acceleration of the ball for the first five seconds of its motion. How long does it take for the package to hit the ground
Determine the allocation to each class : In the previous problem assume that the market value of the common was $50 and the preferred's market value was unknown. Determine the allocation to each class.
Describe some of the lasting consequences of domestication : The domestication of plants and animals and the development of agricultural economies had enormous consequences, both positive and negative, for human nutrition and health, disease, culture, and demography.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain statement of retained earnings

Using the following Adjusted Trial Balance, (1) prepare an Income Statement, (2) Statement of Retained Earnings (note that Retained Earnings has a beginning balance of $78,600 as shown in the unadjusted Trial Balance), and (3) Balance Sheet.

  Examine the requirements for measuring assets at fair value

Examine the requirements for measuring assets at fair value in the following accounting standards.

  Describes position after proposed stock split takes place

The company is contemplating a 2-for-1 stock split. Which of the following best describes your position after the proposed stock split takes place?

  Create a partial balance sheet of spain company

Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows: buildings $1,100,00; accumulated depreciation--buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depl..

  Find how much are the monthly payments

he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for 2 years charging 12 % interest. Find how much are the monthly payments?

  Find super''s accounts receivable turnover rate

Find Super's accounts receivable turnover rate for 2001 and bad debts emphasizes matching bad debts expense with revenue on the income statement

  Prepare the journal entry to record the sale

Prepare the journal entry to record the sale of any job(s) during the month and what is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of?

  Question 1below is the stockholders equity section of

question 1below is the stockholders equity section of mission company. use this information to answer the following

  What lower profitability is cause by factor

What should you do? What if you really believe lower profitability is caused by factors outside your control? Would this make the false reporting acceptable?

  Record journal entries that reflect of the information

Record journal entries that reflect all of the above information and a local business donated medical supplies to Wakefield with a value of $40,000. Prepare journal entry for receipt of these supplies.

  Calculate the overhead controllable variance

The predetermined overhead rate is $6 per direct labor hour. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed. Calculate the overhead controllable variance.

  Analyze a target of a friendly acquisition and a hostile

CFOs and controllers are leaders in the analysis process of mergers and acquisitions. Can they use the same approach in analyzing a target of a friendly acquisition and a hostile take-over?

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