User Account

All Pages

What is the recorded value of the new truck

Assignment Help Accounting Basics
Reference no: EM132103848

Question - Cliff Company traded in an old truck for a new one. The old truck had a cost of $120,000 and accumulated depreciation of $36,000. The new truck had an invoice price of $109,000. Huffington was given a $80,000 trade-in allowance on the old truck, which meant they paid $29,000 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck?

Reference no: EM132103848

Questions Cloud

What is the ending balance of work in progress : Allocated $ 25,000 of raw materials as direct materials, and $ 6,000 as indirect materials. What is the ending balance of Work in Progress
What is the quantity price and spending variance : What is the quantity, price, and spending variance for the paper? Please be sure to indicate whether the variances are favorable or unfavorable
Business opportunity of 3d printing in hk : Business opportunity of 3D printing in HK and the world Word limit: 400 No. Of Referencing: 2 (in Harvard style, must be in 2008-2018)
Calculate the depreciation schedule for straight line : A New machine was purchased for $28,000 and it has a salvage value of $4,000. Calculate the depreciation schedule for straight line
What is the recorded value of the new truck : Cliff Company traded in an old truck for a new one. The old truck had a cost of $120,000, what is the recorded value of the new truck
Describe the primary components of the interface standards : Describe the primary components of the interface standards (metaphors, actions, icons, objects, and templates)
Prepare compound journal entry to record typical income tax : Pretax accounting income and taxable income for the year 2016 is $27,000,000. Prepare a compound journal entry to record Typical's income tax expense
Write specifications for a function that computes the change : Write specifications (documentation) for a function that computes the change, if any, that you should receive.
What is the amount of depreciation expense : Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year

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