User Account

All Pages

What amount should watkins record the new truck

Assignment Help Accounting Basics
Reference no: EM132789730

Problem 1: Watkins Ltd. acquired a new delivery truck and traded in its old delivery truck with an original cost of $50,000. On the date of the exchange, the old truck had a fair value of $ 20,000, and its net book value (carrying value) was $ 19,000. In addition, Watkins paid $ 65,000 cash for the new truck, which had a list price of $ 90,000. At what amount should Watkins record the new truck for financial accounting purposes?

A. $ 90,000
B. $ 65,000
C. $ 85,000
D. $ 84,200

Reference no: EM132789730

Questions Cloud

What amount of the notes payable that baron should classify : Under IFRS, on the December 31, 2020 statement of financial position, the amount of the notes payable that Baron should classify as current liabilities is
What the land should be capitalized at : $45,000 from the sale of scrap when an existing building on the property was removed from the site. Based on these facts, the land should be capitalized at
How should these expenses be reflected : Victor made unanticipated major repairs to the plant equipment at a cost of P600,000. How should these expenses be reflected
Improve the performance of operation : Explain how a Left Hand Right Hand Chart can be used to improve the Performance of an operation.
What amount should watkins record the new truck : Cash for the new truck, which had a list price of $ 90,000. At what amount should Watkins record the new truck for financial accounting purposes?
Compute the expected contribution margin : If Buffo plans to produce and sell 3,000 units next month, compute the expected contribution margin
Describe the employer contributions : You have just been advised, Describe the employer contributions that are specific to the province of Québec, their rates and thresholds where available
What is the financial advantage of discontinuing bilge pump : Thalassines Kataskeves, S.A., of Greece makes marine equipment. What is the financial advantage (disadvantage) of discontinuing the bilge pump product line
What is meant by reliability of evidence : What is meant by reliability of evidence and list the characteristics of evidence that affects its reliability. The explanations should be provided with example

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