User Account

All Pages

What are the exchange journal entry for each company

Assignment Help Financial Accounting
Reference no: EM132786005

Question - Two operational assets were exchanged between Abla Ltd. and Merri Ltd. The initial accounts of the two companies reflected the following:

 

Abla Ltd.

Merri Ltd.

Operational assets

$12,000

$8,000

Accumulated depreciation

8,800

5,000

The market value of Abla's asset was reliably determined to be $4,000; no reliable estimate could be determined for Merri's asset. A cash difference of $1,000 was paid by Abla to Merri.

Required - What are the exchange journal entry for each company? Assume that the assets were dissimilar.

Reference no: EM132786005

Questions Cloud

Analyze the impact of the eitc on individual labour : Analyze the impact of the EITC on an individual labour force participation decision, assuming that the individual was not working in the absence of the EITC
How much is total cash collected during August : SalaRita's sales are 32% cash and 68% credit. Of the credit sales, 40% of credit sales are collected in the month of sale, How much is total cash collected
How does relate to groups in the united state : Are we a society that accepts others based on class? Specifically, "people of color"? Did "privilege" manifest itself among those you chose as passengers
Technology influence on society : Research and describe how technological advancements during your lifetime have changed how the industry or field operates.
What are the exchange journal entry for each company : The market value of Abla's asset was reliably determined to be $4,000; What are the exchange journal entry for each company
How do you think a living wage should be calculated : Many campus and advocacy groups are currently involved in struggles for a "living wage." How do you think a living wage should be calculated?
Investigate how statistical and probability techniques : Investigate how statistical and probability techniques can be used to solve engineering problems - Describe what the scatter graph is indicating
Parameters of the friedman theory of money demand : Describe the situation situational application of price ceiling and price floor that render the market ineffective
Re-shaped the financial services and commerce : Access to mobile phone has re-shaped the financial services and commerce, especially during COVID-19 pandemic.

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