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Presented below are two independent transactions. Both transactions have commercial substance Blue Spruce Co. exchanged old...
Exercise 9-15 Presented below are two independent transactions. Both transactions have commercial substance. 1. Sheffield Co....
Exercise 9-15
Presented below are two independent transactions. Both transactions
have commercial substance.
1.
Sheffield Co. exchanged old trucks (cost $64,000 less $19,000
accumulated depreciation) plus cash of $15,500 for new trucks. The
old trucks had a fair value of $41,300.
2.
Cheyenne Inc. trades its used machine (cost $11,880 less $3,960
accumulated depreciation) for a new machine. In addition to
exchanging the old machine (which had a fair value of $11,220),
Cheyenne also paid cash of $3,100.
Your answer...
*E9-18 Presented below are two independent transactions. Both transactions have com- mercial substance. 1. Global Co....
*E9-18 Presented below are two independent transactions. Both transactions have com- mercial substance. 1. Global Co. exchanged old trucks (cost £64,000 less £22,000 accumulated depreciation) plus cash of £17,000 for new trucks. The old trucks had a fair value of £37,400. 2. Rijo Ltd. trades its used machine (cost £12,000 less £4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of £9,000), Rijo also paid cash of £3,200. Instructions (a)...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Exercise 5-05 a-b (Part Level Submission) Presented below are transactions related to Blue Spruce Corp.. 1....
Exercise 5-05 a-b (Part Level Submission) Presented below are transactions related to Blue Spruce Corp.. 1. On December 3, Blue Spruce Corp. sold $593,100 of merchandise on account to Whispering Winds Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $386,700. 2. On December 8, Whispering Winds Co. was granted an allowance of $28,400 for merchandise purchased on December 3. 3. On December 13, Blue Spruce Corp. received the balance due from Whispering Winds Co....
Question 3 of 3 < > -/1 Presented below are selected transactions for Blue Spruce Company...
Question 3 of 3 < > -/1 Presented below are selected transactions for Blue Spruce Company during September and October of the current year Blue Spruce uses a periodic inventory system. Sept 1 2 5 15 16 17 25 30 Oct 1 2 3 Purchased merchandise on account from Hillary Company at a cost of $54,000, FOB destination, terms 1/15,6/30. The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase Returned for credit...
Problem 9-3A On January 1, 2019, Blue Spruce Company purchased the following two machines for use...
Problem 9-3A On January 1, 2019, Blue Spruce Company purchased the following two machines for use in its production process Machine A: The cash price of this machine was $56,500 Related expenditures included: sales tax S2 55 , shipping costs S10 insurance during shipping s installation and testing costs $90, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Blue Spruce estimates that the useful life of the machine is 5...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for the trade of certain nonmonetary assets The machines exchanged by Blue Company have a book value of $245,000 (cost $325.000 less accumulated depreciation of $80,000) and a fair value of $275,000. The trucks given up by Red Company have a book value of $ 260,000 (cost $ 350,000 less accumulated depreciation S 90.000 and a fair value of $ 290,000. In addition to the...
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (...
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bramble Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented below. Sept. 1 5 25 30 Invested $10,000 cash in the business. Purchased equipment for $11,000 paying $4,100 in cash and the balance on account. Paid $2,800 cash on balance owed for equipment. Withdrew $700 cash for personal use. Spruce's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, and No. 306 Owner's Drawings. Journalize...
Exercise 9-15
Presented below are two independent transactions. Both transactions
have commercial substance.
1.
Sheffield Co. exchanged old trucks (cost $64,000 less $19,000
accumulated depreciation) plus cash of $15,500 for new trucks. The
old trucks had a fair value of $41,300.
2.
Cheyenne Inc. trades its used machine (cost $11,880 less $3,960
accumulated depreciation) for a new machine. In addition to
exchanging the old machine (which had a fair value of $11,220),
Cheyenne also paid cash of $3,100.
Your answer...
*E9-18 Presented below are two independent transactions. Both transactions have com- mercial substance. 1. Global Co. exchanged old trucks (cost £64,000 less £22,000 accumulated depreciation) plus cash of £17,000 for new trucks. The old trucks had a fair value of £37,400. 2. Rijo Ltd. trades its used machine (cost £12,000 less £4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of £9,000), Rijo also paid cash of £3,200. Instructions (a)...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Question 3 of 3 < > -/1 Presented below are selected transactions for Blue Spruce Company during September and October of the current year Blue Spruce uses a periodic inventory system. Sept 1 2 5 15 16 17 25 30 Oct 1 2 3 Purchased merchandise on account from Hillary Company at a cost of $54,000, FOB destination, terms 1/15,6/30. The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase Returned for credit...
Problem 9-3A On January 1, 2019, Blue Spruce Company purchased the following two machines for use in its production process Machine A: The cash price of this machine was $56,500 Related expenditures included: sales tax S2 55 , shipping costs S10 insurance during shipping s installation and testing costs $90, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Blue Spruce estimates that the useful life of the machine is 5...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for the trade of certain nonmonetary assets The machines exchanged by Blue Company have a book value of $245,000 (cost $325.000 less accumulated depreciation of $80,000) and a fair value of $275,000. The trucks given up by Red Company have a book value of $ 260,000 (cost $ 350,000 less accumulated depreciation S 90.000 and a fair value of $ 290,000. In addition to the...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented below. Sept. 1 5 25 30 Invested $10,000 cash in the business. Purchased equipment for $11,000 paying $4,100 in cash and the balance on account. Paid $2,800 cash on balance owed for equipment. Withdrew $700 cash for personal use. Spruce's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, and No. 306 Owner's Drawings. Journalize...
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