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Mann, Inc., which owes Doran Co. $800,000 in notes payable with accrues inerest of 72,000, is in financial difficulty. To settle the debt, Doran agress to accept from Mann equipment with a fair value of $760,000, an original cost of $1,120,000, and accumulated depreciation of $260,000. Compute the gain or loss to Mann on the settlement of the debt. Compute the gain of loss to Mann on the transfer of the equipment. Prepare the journal entry on Mann's books to record the settlement of this debt. Prepare the journal entry on Doran's books to record the settlement of the receivable.
You are required to calculate Written down value of eachasset and show working of complete depreciation for the year endingon December 2007.
(b) Compute the revenue to be recognized in fiscal year 2014 for each of the three operating divisions of Van Hatten in accordance with generally accepted accounting principles.
when a company receives notice from the bank that a check is nsf explain the process required by the accountant of the
The company plans to sell 22,000 units of Product WZ in June. The finished goods inventories on June 1 and June 30 are budgeted to be 100 and 400 units, respectively. Budgeted direct labor costs for June would be:
charley companys assembly department has materials cost at 3 per unit and conversion cost at 6 per unit. there are 9000
How can process costing assist in addressing the problem facing Universal Industries?
on january 1 2010 guzman company purchased a machine costing 150000. the machine is in the macrs 5-year recovery class
How much revenue should Hudson record in September?
molina medical supply company is trying to decide whether or not to continue distributing hospital supplies. the
When a corporation has both common stock and preferred stock outstanding:
You buy an 8% annual coupon bond from CARRIS Inc. that has a 25 year maturity and a required return of 12%. The par value is $1,000. You sell the bond five years later when the required return is 10%. What is the ending value of the bond when ..
in december 2008 jens company established its predetermined overhead rate for jobs produced during year 2009 by using
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