User Account

All Pages

Provide the entry to record the transaction in adeline books

Assignment Help Financial Accounting
Reference no: EM132672640

ABC Company traded a used equipment for a newer model with Adeline, a dealer.

Old equipment:

Original cost 1,000,000

Accumulated depreciation 500,000

Trade-in value 400,000

New equipment:

List Price 1,600,000

Cash Price without trade-in 1,350,000

Cash Payment with trade-in 950,000

Required:

Problem 1. What is the initial carrying amount of the new equipment acquired by ABC Company?

Problem 2. Describe and compute for the amount to be presented as component of profit or loss as a result of the transaction in ABC's statement of comprehensive income.

Problem 3. If the fair value of the old equipment cannot be determined reliably, would your answer be the same in number 1? If "yes", why? If "no", give the correct amount.

Problem 4. Provide the entry to record the transaction in Adeline's books

Reference no: EM132672640

Questions Cloud

How much employee benefit expense should be recorded here : The book value of the shares was $3,500. The shares had a fair value of $4,900. How much employee benefit expense should be recorded here?
Identify the potential dangers of allowing the media : Identify the potential dangers of allowing the media to use exit polling data to project a winner before an election is over.
How The Constitution Protects Individual And Group Rights : Explain why the separation of powers and the system of checks and balances are important for our democracy.
Why is understanding statistics important : Why is understanding statistics important?
Provide the entry to record the transaction in adeline books : Provide the entry to record the transaction in Adeline's books. What is the initial carrying amount of the new equipment acquired by ABC Company?
Discuss advantages-disadvantages of having elected policy : Discuss advantages and disadvantages of having elected policy makers frequently consult public opinion data.
What problems come with the legalization of marijuana : What Problems come with the legalization of Marijuana
Greater regulations on campaign donations : Campaign finance reforms enacted in 2002 banned the use of soft money in national elections. However, a recent Supreme Court decision lifted the ban on corporat
What constitutes the study of political science : What constitutes the study of political science? Then compare and contrast three major assumptions of the traditional versus behavioral approach to the study of

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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