Homework Answers
| Journal Entry for Client B- Has Commercial Substance | ||
| Account Tittle | Debit | Credit |
| Machinery | $95,000.00 | |
| Accumulated Depreciation- Machienry-Client B | $79,900.00 | |
| Cash | $26,500.00 | |
| Machinery- Client B | $153,500.00 | |
| Gain on sale of Machienry (bf) | $47,900.00 | |
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Send to Gradebook Question 1 View Policies Current Attempt in Progress You have two clients that...
I need help in the last one. You have two clients that are considering trading machinery...
I need help in the last one.
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected ill indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A Client B $ 105,700 $146,000...
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other....
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance to allow them to record gains. Here are the facts: Client A Client B Original cost $105,500 $144,500 Accumulated depreciation 44,800 30,000 Fair...
You have two clients that are considering trading machinery with each other. Although the machines are...
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A $106,800 38,300 95,000 (26,500) Client B...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing operations plus $3.120 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange Grouper Co. Monty Co. Equipment (cost) $29,120 Accumulated depreciation $29,120 19,760 13,000 3,120 10,400 16,120 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
6 Ch 10: Homework - PDR Updated Question 10 of 13 View Policies Current Attempt in...
6 Ch 10: Homework - PDR Updated Question 10 of 13 View Policies Current Attempt in Progress Teal Company exchanged equipment used in its manufacturing operations plus $3,840 in cash for similar equipment used in the operations of Flint Company. The following information pertains to the exchange. Teal Co. Flint Co. Equipment (cost) $35,840 $35,840 Accumulated depreciation 24,320 12,800 Fair value of equipment 16,000 19.840 Cash given up 3.840 PDR Updated uestion 10 of 13 Prepare the journal entries to...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Sweet Co. Indigo Co. $30,240 $30,240 Equipment (cost) Accumulated depreciation 20,520 10,800 Fair value of equipment 13,500 16,740 Cash given up 3,240 Part 2 Prepare the journal entries to record the exchange on the b0oks of both companies. Assume that...
Could somebody help me with this? Stellar Company exchanged equipment used in its manufacturing operations plus...
Could somebody help me with this?
Stellar Company exchanged equipment used in its manufacturing
operations plus $3,720 in cash for similar equipment used in the
operations of Pearl Company. The following information pertains to
the exchange.
Question 5 View Policies Current Attempt in Progress Stellar Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Pearl Company. The following information pertains to the exchange. Stellar Co. Pearl Co. Equipment (cost)...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2,...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
I need help in the last one.
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected ill indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A Client B $ 105,700 $146,000...
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance to allow them to record gains. Here are the facts: Client A Client B Original cost $105,500 $144,500 Accumulated depreciation 44,800 30,000 Fair...
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A $106,800 38,300 95,000 (26,500) Client B...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing operations plus $3.120 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange Grouper Co. Monty Co. Equipment (cost) $29,120 Accumulated depreciation $29,120 19,760 13,000 3,120 10,400 16,120 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
6 Ch 10: Homework - PDR Updated Question 10 of 13 View Policies Current Attempt in Progress Teal Company exchanged equipment used in its manufacturing operations plus $3,840 in cash for similar equipment used in the operations of Flint Company. The following information pertains to the exchange. Teal Co. Flint Co. Equipment (cost) $35,840 $35,840 Accumulated depreciation 24,320 12,800 Fair value of equipment 16,000 19.840 Cash given up 3.840 PDR Updated uestion 10 of 13 Prepare the journal entries to...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Sweet Co. Indigo Co. $30,240 $30,240 Equipment (cost) Accumulated depreciation 20,520 10,800 Fair value of equipment 13,500 16,740 Cash given up 3,240 Part 2 Prepare the journal entries to record the exchange on the b0oks of both companies. Assume that...
Could somebody help me with this?
Stellar Company exchanged equipment used in its manufacturing
operations plus $3,720 in cash for similar equipment used in the
operations of Pearl Company. The following information pertains to
the exchange.
Question 5 View Policies Current Attempt in Progress Stellar Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Pearl Company. The following information pertains to the exchange. Stellar Co. Pearl Co. Equipment (cost)...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
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