Homework Answers
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Answer) Debit : Equipment $80,000 Since asset was created we will debit the Equipment account for its fair value |
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Question 7 (1 point) Maltese is a privately owned company. On September 3, Maltese exchanged 2.000...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset lives. The rate of replacement of fixed assets. The amount of sales generated per dollar of fixed assets. The decline in book value of fixed assets compared to capital expenditures. Question 21 (1 point) Maltese is a privately owned company. On September 3. Maltese exchanged 2.000 shares of its private common stock for equipment. There is no readily available estimate of the stock's fair...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $ 165,000 91.ee 88. see Phifer's Asset $185.000 99.99 74,500 To equalize the exchange. Phifer paid Robers $14.000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transactlon/event, select "No journal entry required" In the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 210,000 $ 230,000 Accumulated depreciation 127,000 135,000 Fair value 102,000 79,000 To equalize the exchange, Phifer paid Robers $23,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
On September 3, 2016, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2016, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 200,000 $ 220,000 Accumulated depreciation 119,000 127,000 Fair value 99,000 78,000 To equalize the exchange, Phifer paid Robers $21,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 155,000 $ 175,000 Accumulated depreciation 83,000 91,000 Fair value 85,500 73,500 To equalize the exchange, Phifer paid Robers $12,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer...
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $210,000 119,000 77,000 $190,000 111,000 96,000 To equalize the exchange, Phifer paid Robers $19,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No Journal entry...
Problem 10-1 Acquisition costs (LO10-1, 10-2, 10-3, 10-4] Tristar Production Company began operations on September 1,...
Problem 10-1 Acquisition costs (LO10-1, 10-2, 10-3, 10-4] Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ok 1. On September 1, the company acquired five acres of land with a building that will be used as a...
Same thing for 1-8 During a maternity leave of the full-time bookkeeper at a privately owned...
Same thing for 1-8
During a maternity leave of the full-time bookkeeper at a privately owned furniture repair business, a temporary employee was involved in the following transactions. 1. Work was completed on the order for one of the customers who had paid the full price in advance of $550 several months ago. At that time it was recorded as unearned revenue. The journal entry to record completing the work was a debit to Cash and a credit to Service...
Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions...
Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during Its first four months of operations. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): 1 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar pald $100,000 In cash for the...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land th...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset lives. The rate of replacement of fixed assets. The amount of sales generated per dollar of fixed assets. The decline in book value of fixed assets compared to capital expenditures. Question 21 (1 point) Maltese is a privately owned company. On September 3. Maltese exchanged 2.000 shares of its private common stock for equipment. There is no readily available estimate of the stock's fair...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $ 165,000 91.ee 88. see Phifer's Asset $185.000 99.99 74,500 To equalize the exchange. Phifer paid Robers $14.000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transactlon/event, select "No journal entry required" In the...
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $210,000 119,000 77,000 $190,000 111,000 96,000 To equalize the exchange, Phifer paid Robers $19,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No Journal entry...
Problem 10-1 Acquisition costs (LO10-1, 10-2, 10-3, 10-4] Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ok 1. On September 1, the company acquired five acres of land with a building that will be used as a...
Same thing for 1-8
During a maternity leave of the full-time bookkeeper at a privately owned furniture repair business, a temporary employee was involved in the following transactions. 1. Work was completed on the order for one of the customers who had paid the full price in advance of $550 several months ago. At that time it was recorded as unearned revenue. The journal entry to record completing the work was a debit to Cash and a credit to Service...
Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during Its first four months of operations. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): 1 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar pald $100,000 In cash for the...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
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