What is the journal entry

Assignment Help Financial Accounting
Reference no: EM133253461

When a company that mines platinum sells the metal for $575,000, what is the journal entry to show the sale and the cost of the sale if the platinum had a value of $360,000?

Reference no: EM133253461

Questions Cloud

What are some of the myths you have heard about stds : Human Sexuality Psychology Question - What are some of the myths you have heard about STDs/STIs and why do you think people still believe them
Capital budgeting analysis for firm : Celestila Moonn is looking at the capital budgeting analysis for her firm. Her firm, SchoolStreet, is considering at upgrading the firm's production capacity in
Identify appropriate outcome measures : Identify appropriate outcome measures and study designs applicable to epidemiological sub-fields such as infectious disease, chronic disease
Create journal entries to record : On July 15, 2021, Giles, Inc. purchases a debt security of Mavis Company for $8,000 as an available-for-sale debt security. On December 31, 2021, the investment
What is the journal entry : When a company that mines platinum sells the metal for $575,000, what is the journal entry to show the sale and the cost of the sale if the platinum had a value
Producing financial statements for year one : On January 1, Year One, Alba Company buys debt investments of Johnson and Johnson for $13,000. By the end of the year, the investment had risen in value to $16,
What are some factors and causes of nationalism : What are some factors and causes of Nationalism, along with reasons why, according to Walt?
What reason does the text give for them : What reason does the text give for them? What can be done for it as treatment? How do you think society views this particular issue
Who were the federalists and anti-federalists : In a 3-4 page paper address the following questions: Who were the Federalists and Anti-Federalists? What arguments are presented in The Federalist Papers

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a statement of cash flows for the crosby corporation

Prepare a statement of cash flows for the Crosby Corporation using the general procedures indicated in Table 2-10.

  Find the operating break even point in number of CD

If Barry estimates that at a minimum he can sell 2,000 CDs per month, should he go into music business? Find the operating break even point in number of CDs

  What is the amount and character of fuentes gain or loss

Fuentes Company sold its warehouse for $1,000,000. The company paid $1,400,000 for the building several years ago and over the years had properly claimed $216,000 of depreciation using the straight-line method. What is the amount and character of Fue..

  How much interest revenue was recorded

The Facts Company has a year end of December 31 and appropriately accrued interest revenue at that time. How much Interest Revenue was recorded

  How much does rebecca need to save annually to achieve

Rebecca, Assuming that she could earn a 4% after-tax and after-inflation rate of return on their investments, did she save enough?

  Calculate the available funds at end of eleven years

After 5 years, no further deposits are made. The balance earns interest in the same account for 6 more years. Calculate the available funds at end of 11 years

  What shall be paid last in the liquidation of partnership

What shall be paid last in the liquidation of the partnership? Those owing to general partners for their capital contribution./ Those owing to creditors

  What is goodwill resulting from this business combination

Strong Company has had poor operating results in recent years and has a $160,000 net operating loss carry-forward. Leader Corp. pays $700,000 to acquire Strong and is optimistic about its future profitability potential. The book value and fair value ..

  What is the share price now

If you bought this share, what are the expected dividend yield, the capital gains yield and the expected total return for 1999? What is the share price now

  Determine lump sum payment granddaddy mac would receive.

Assuming a discount rate of 2%, determine the lump sum payment Granddaddy Mac would receive. How do you know this answer is correct?

  What the ending balances for the deferred tax accounts are

Depreciation for accounting purposes was 10% (straight-line method), In a deferred tax worksheet, the ending balances for the deferred tax accounts are

  Find the total cost that michelle paid to buy the shares

Find Michelle's rate of return on the sale (that is, the return on investments). Find the total cost that Michelle paid to buy the shares.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd