User Account

All Pages

What was the accumulated depreciation on the asset

Assignment Help Financial Accounting
Reference no: EM132489284

Question 1: Company A traded an asset with an original cost of $4,750,000, and a fair market value of $3,250,000 with Company B. In return, Company A received $1,250,000 in cash and another non-cash asset. Company A recorded a gain on this transaction of $125,000 since the exchange had commercial substance. What was the accumulated depreciation on the asset that Company A traded to Company B?

Option 1: $1,375,000

Option 2: $1,500,000

Option 3: $1,625,000

Option 4: $3,625,000

Option 5: Need more information

Reference no: EM132489284

Questions Cloud

How the business would record and adjusting entry : At month end, when preparing the financial statements, an inventory shows that $700 of office supplies is still on hand. The business would record
How the interest expense and the bonds payable reported : Show how the interest expense and the bonds payable should be reported on the December 31, 2020, annual financial statement
Discuss the importance of the qualitative characteristics : Discuss the importance of these qualitative characteristics and explain how each of the characteristic is useful in interpretation of the financial statements.
Determine the amount of interest expense to record : If Shamrock uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2017
What was the accumulated depreciation on the asset : $125,000 since the exchange had commercial substance. What was the accumulated depreciation on the asset that Company A traded to Company B?
Explain the concept of the reasonable person : Explain the concept of the reasonable person and explain why it is important in a case where negligence is alleged.
How technology has affected the field of health care : Create a presentation on how technology has affected the field of health care, specifically insurance and reimbursement
Prepare the journal entry to record any adjusting entries : Prepare the journal entry to record any adjusting entries needed at December 31, 2017. Assume that the sales of Grouper's product to this customer
Determine the amount of deficiency : Determine the amount of deficiency. Pharoah Corporation, having recently issued a $20,110,400, 15-year bond issue, is committed to make annual sinking

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are the best case and worst case scenarios

What is the base case NPV? What are the best case and worst case scenarios?

  Hd services showed a deferred tax

In 2015,HD had reported a deferred tax asset of 90 million with no valuation allowance. At December 31 2016, the account balances of HD services showed a deferred tax asset of 120 million before assesing the need for a valuation allowance

  Determine the overhead costnbsp from the given dataerte inc

determine the overhead costnbsp from the given data.erte inc. manufactures two models of high pressure steam valves the

  Perpetual inventory system-compute gross profit earned

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2013 purchases and sales transactions. Compute gross profit earned by the company for each of the four costing methods. Compute the cost assigned to endin..

  How much could barons sales increase

Fixed assets that used at 65% of capacity last year. In millions, by how much could Baron's sales increase before it is required to increase its fixed asset

  Weighted-average process cost system

Arizaga Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiber glass panels are attached to a canoe- shaped aluminium frame. The canoes are then transferred to the Waterproofing departm..

  Calculate washed waters capital expenditure

Calculate Washed Water's capital expenditure. Washed Water, a technology manufacturer that produces water purification products

  Amount is corporation

By what amount is Mr. Z’s tax liability reduced-By what amount is corporation TZ’s tax increased.

  Was the central services internal service fund created

City and County of Denver Proprietary Funds. Does the City and County of Denver report any internal service funds? If so, identify the internal service funds found in its financial statements and the primary purpose of each one. Was the Central Servi..

  Manufactures special chromed parts

Custom Chrome Inc. manufactures special chromed parts made to order and specifications of the customer. It has two production departments, Stamping and PLating, and two service departments, Power and Maintenance.

  Present value and multiple cash flows of a projectseaborn

present value and multiple cash flows of a project.seaborn co. has identified an investment project with the following

  What is harm of adjusting the timing of the sales

You are new accountant at the company and your boss orders you to backdate several sales invoices so that the sales are recognized in the previous fiscal year and not the current year. Assuming that the sales are legitimate, what is the harm of “adju..

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