Homework Answers
Answer - (C) - The equipment will be debited at $9670 on the date of purchase.
Because at the time journalising the entry we do not consider the market value and depreciation would be charged from suggested value i.e $9900 and the debit amount will be $9670 ($9900 - $230)
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Steve owns 62% and Mark owns 38% of a partnership business. They purchase equipment with a...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
Multiple-Choice Exercise 7-1 Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost...
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Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
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PLEASE
HELP ME SOLVE #3 and #4
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $120,000 and equipment valued at $120,000 as well as $40,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner...
PLEASE HELP ME FIGURE OUT WHAT I'M DOING WRONG Steve Reese is a well-known interior designer...
PLEASE HELP ME FIGURE OUT WHAT I'M DOING
WRONG
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $120,000 and equipment valued at $120,000 as well as $40,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an...
Question: 1. An economic advantage of a business combination includes Acquiring duplicative assets Creating redundant management...
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ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The...
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2 through 8 please.
In addition to purchasing the franchise, Top Quality Appliance-Long Beach will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment. The business will purchase appliances from TQA and resell them in its store, primarily to local building contractors for installation in new homes Following is the chart of accounts for Top Quality Appliance-Long Beach. As a new business, all beginning balances are SO Top Quality Appliance-Long Beach...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
Multiple-Choice Exercise 7-1 Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost of trial runs 750 Installation costs 250 Sales tax 2,600 What is the cost of the equipment? Oa. $52,000 Ob. $54,600 Oc. $54,850 Od. $55,600 Multiple-Choice Exercise 7-2 The cost principle requires that companies record tangible capital assets at: Oa. fair value. Ob. book value. Oc. historical cost. d. market value. Multiple-Choice Exercise 7-3 When depreciation expense is recorded each period, what account is...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
PLEASE
HELP ME SOLVE #3 and #4
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $120,000 and equipment valued at $120,000 as well as $40,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner...
PLEASE HELP ME FIGURE OUT WHAT I'M DOING
WRONG
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $120,000 and equipment valued at $120,000 as well as $40,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an...
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise...
MERCHANDISING ACOUNTING Joe Blink an his brother Paul opened Blink's Partnership Company Merchandising business on July 1. The company applies the perpetual inventory system. July 1 Joe and Paul each invest $70,000 cash in a new partnership Purchased merchandise form Boden Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1 Purchased used truck from Carter for $8,000, paying $3,000 cash and the balance On account. Sold merchandise that cost $3,500 to Rivera's Co....
2 through 8 please.
In addition to purchasing the franchise, Top Quality Appliance-Long Beach will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment. The business will purchase appliances from TQA and resell them in its store, primarily to local building contractors for installation in new homes Following is the chart of accounts for Top Quality Appliance-Long Beach. As a new business, all beginning balances are SO Top Quality Appliance-Long Beach...
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