Homework Answers
Journal entry
| Small Computer | 3300 | |
| Accumulated depreciation-Trucks | 23760 | |
| Cash | 660 | |
| Trucks | 26400 |
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Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
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...
Send to Gradebook Question 1 View Policies Current Attempt in Progress You have two clients that...
Send to Gradebook Question 1 View Policies Current Attempt in Progress 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...
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 5 0.53/1 -Your answer is partially correct. Wildhorse Company purchased a heavy-duty truck on July...
Question 5 0.53/1 -Your answer is partially correct. Wildhorse Company purchased a heavy-duty truck on July 1,2014, for $28,920. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $ 5,640. The company uses the straight-line method. It was traded on August 1,2018, for a similar truck costing $45,314$15,724 was allowed as trade in value (also fair value) on the old truck and $29,590 was paid in cash. A...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 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 Entry" for the account titles and enter 0 for the amounts.)...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
Question 16 0.83/1 View Policies Hide Attempt History Raw Score Final Score Attempt # Time Used...
Question 16 0.83/1 View Policies Hide Attempt History Raw Score Final Score Attempt # Time Used Assistances Attempt 1 Fri, Nov 22, 2019, 2:59:13 PM (America/Chicago -06:00) 58% 58% Fri, Nov 22, 2019, 3:01:33 PM (America/Chicago -06:00) Attempt 2 83% 83% Current Attempt in Progress Your answer is partially correct. Carey Enterprises sold equipment on January 1, 2020 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make...
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...
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...
Send to Gradebook Question 1 View Policies Current Attempt in Progress 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...
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 5 0.53/1 -Your answer is partially correct. Wildhorse Company purchased a heavy-duty truck on July 1,2014, for $28,920. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $ 5,640. The company uses the straight-line method. It was traded on August 1,2018, for a similar truck costing $45,314$15,724 was allowed as trade in value (also fair value) on the old truck and $29,590 was paid in cash. A...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 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 Entry" for the account titles and enter 0 for the amounts.)...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
Question 16 0.83/1 View Policies Hide Attempt History Raw Score Final Score Attempt # Time Used Assistances Attempt 1 Fri, Nov 22, 2019, 2:59:13 PM (America/Chicago -06:00) 58% 58% Fri, Nov 22, 2019, 3:01:33 PM (America/Chicago -06:00) Attempt 2 83% 83% Current Attempt in Progress Your answer is partially correct. Carey Enterprises sold equipment on January 1, 2020 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make...
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...
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