User Account

All Pages

What amount should wilson record for land on june 30

Assignment Help Financial Accounting
Reference no: EM131894577

Taft Inc. borrowed $1,000,000 from Wilson Company on July 2, year 8. As part of the loan agreement, Taft granted Wilson a security interest in land that originally cost $750,000 when it was acquired by Taft in year 1. The land had a fair value of $900,000 on July 2, year 8. In June year 9, Taft defaulted on its loan to Wilson, and the land was transferred to Wilson in full settlement of the debt on June 30. The land had a fair value of $950,000 on June 30, year 9. What amount should Wilson record for land on June 30, year 9?

Reference no: EM131894577

Questions Cloud

Explain the causes of delinquent behavior : Labeling theory suggests that people come to identify and behave in ways that reflect how others label them" (Crossman, 2018).
What is the rate of return on the trust fund : Your grandfather placed $5,000 in a trust fund for you. In 35 years, the fund will be worth $10,000. What is the rate of return on the trust fund
Analyze the impact of uncertainties : Present the scenarios used to analyze the impact of uncertainties. Describe the process used to develop the final set of scenarios, as well as other scenarios.
Determine the five-step problem-solving process : Identify the problem, Gather Information, Create Alternatives, Choose and Alternative and Take Action, and Evaluate and Revise as Needed.
What amount should wilson record for land on june 30 : The land had a fair value of $950,000 on June 30, year 9. What amount should Wilson record for land on June 30, year 9?
What amount of cash should be paid to the holders : On the first semiannual interest date, what amount of cash should be paid to the holders of these bonds for interest
What is the size of the key in the triple des : Use the literature and find out how we can change DES to triple DES with only two keys. What is the size of the key in the triple DES?
Inaugural addresses of lincoln and kennedy : How do the ideas of power and responsibility change between the inaugural addresses of Lincoln and Kennedy
What are the corresponding marketing objectives : Recall the stages of the product life cycle (PLC) and the marketing objectives for each stage. Where does Pokémon Go fit in the PLC.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Translation-local currency is the functional currency

On January 1, 2008, a U.S. company purchased 100% of the outstanding stock of Ventana Grains, a company located in Latz City, New Zealand. Translate the financial statements into dollars assuming that the local currency of the foreign subsidiary was ..

  Manufacture the headlights

The Peluso plant has the equipment and labor force required to manufacture the headlights. The design engineer estimates that each headlight requires $4 of direct materials and $3 of direct labor

  Prepare journal entries for the transactions listed

Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.

  What is the amount of capital in excess of par

What was the amount of retained earnings at the beginning of the year?

  Illustrate which is cheaper for the company to buy or lease

The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.

  Prepare a table of entities and activies

Prepare a table of entities and activies. -  Draw a context diagram - Draw a physical data flow diagram - Prepare an annotated table of entities and activities.

  Determine the amount of intra- entity at the end

Jasper inc holds 30% of the outstanding voting shares of kinson co. and appropriately applies the equity method of accounting. Amortization associated with this investment equals 11,000 per year. For 20x1 , Kinson reported earings of 100,000 and paid..

  Prepare a schedule to show balance jenkins should report

For the year ended December 31, 2011, Bolivar reported net income of $312,000 and paid cash dividends of $96,000. Required: Prepare a schedule to show the balance Jenkins should report as its Investment in Bolivar Co. at December 31, 2011.

  Uses a multicolumn purchases journal

Minn-Dak Growers Ltd. uses a multicolumn purchases journal. In recording a particular invoice the bookkeeper enters the correct amount of $670 in the Accounts Payable Cr. column and incorrectly enters $620 in the Purchases Dr. column. How will this e..

  Separate schedule included with the statement of cash flows

Which of the following is a noncash investing and financing activity that should be disclosed in a separate schedule included with the statement of cash flows?

  Calculate the total dividends and the per-share dividends

Prairie Fire Snowmobile Corp. manufactures and sells snowmobiles in Wisconsin, Minnesota and the Dakotas. A publicly owned corporation, the company’s outstanding stock consisted of 5,000 shares of 10%, $20 par cumulative Preferred Stock and 10,000 sh..

  Nice lawn calculate payroll narrative

Nice Lawn has an automated process for calculating payroll. On the appropriate date, the accounting system automatically calculates the gross pay, withholdings, and net pay for each employee. What are the activities in the Nice Lawn Calculate Payroll..

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