Homework Answers
Answer:-
| Sno | Particulars | Debit | Credit |
| 1 | Automatic A/c Dr | 56900 | |
| Accumulation A/c Dr | 20000 | ||
| To Equipment A/c | 62000 | ||
| To Cash A/c (8000+1100) | 9100 | ||
|
To Gain on Disposal A/c (47800-42000) |
5800 | ||
| 2 | Automatic A/c Dr | 51100 | |
| Accumulation A/c Dr | 20000 | ||
| To Equipment A/c | 62000 | ||
| To Cash A/c (8000+1100) | 9100 |
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E10.20 (LO 3) (Nonmonetary Exchange) Ashbrook Inc. has negotiated the purchase of a new piece of...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
610.17 (LO 3) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to...
610.17 (LO 3) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the ac- countant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Busytown Cor- poration gave the machine plus $340 to Dick Tracy Business Machine Company (dealer) in exchange for...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
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...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment...
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (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. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount...
Exercise 10-19 (Algo) Acquisition cost; multiple methods (LO10-1, 10-3, 10-4, 10-6] : Connors Corporation acquired manufacturing...
Exercise 10-19 (Algo) Acquisition cost; multiple methods (LO10-1, 10-3, 10-4, 10-6] : Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (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. The equipment was purchased on account for $37.000. Credit terms were 3/10. n/30. Payment was made within...
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6) Connors Corporation acquired manufacturing equipment...
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6) Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37.000. Credit terms were 3/10,n/30. Payment was made within the discount period...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independentsituations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Usse approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount period...
Chapter 3 "BIG" Project Instructions INSTRUCTI ONS AND TRANSACTI ONS FOR THE CHAPTER 3 "BIG" PROJECT...
Chapter 3 "BIG" Project Instructions INSTRUCTI ONS AND TRANSACTI ONS FOR THE CHAPTER 3 "BIG" PROJECT WORTH 100 POINTS NOTE: YOU MUST USE THE PROJECT WORKPAPERS (EXCEL FILE) PROVI DED IN D2L CONTENT / CHAPTER 3 FOLDER. NO OTHER FILES WILL BE ACCEPTED. On January 1, 2019, Bruce Wayne created a new Crime Watch agency called Batman's Watchdog Service. The following transactions occurred during the company's first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
610.17 (LO 3) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the ac- countant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Busytown Cor- poration gave the machine plus $340 to Dick Tracy Business Machine Company (dealer) in exchange for...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
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...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (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. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount...
Exercise 10-19 (Algo) Acquisition cost; multiple methods (LO10-1, 10-3, 10-4, 10-6] : Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (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. The equipment was purchased on account for $37.000. Credit terms were 3/10. n/30. Payment was made within...
Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6) Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37.000. Credit terms were 3/10,n/30. Payment was made within the discount period...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independentsituations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Usse approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount period...
Chapter 3 "BIG" Project Instructions INSTRUCTI ONS AND TRANSACTI ONS FOR THE CHAPTER 3 "BIG" PROJECT WORTH 100 POINTS NOTE: YOU MUST USE THE PROJECT WORKPAPERS (EXCEL FILE) PROVI DED IN D2L CONTENT / CHAPTER 3 FOLDER. NO OTHER FILES WILL BE ACCEPTED. On January 1, 2019, Bruce Wayne created a new Crime Watch agency called Batman's Watchdog Service. The following transactions occurred during the company's first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000...
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