2) When a company exchanges nonmonetary assets and a loss results, the company recognizes the loss:...
2) When a company exchanges nonmonetary assets and a loss results, the company recognizes the loss:
| a. |
a. only if the machine has a fair value >80% |
|
| b. |
b. never |
|
| c. |
c. immediately |
|
| d. |
d. if the exchange is non-perishable |
Homework Answers
The answer is-
When a company exchanges nonmonetary assets and a loss results, the company recognizes the loss:
|
c. immediately |
Add Answer to:
2) When a company exchanges nonmonetary assets and a loss
results, the company recognizes the loss:...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Q.1 Colaw Company exchanges equipment with Eaton Company and Mantle Company exchanges equipment with Fiero Company....
Q.1 Colaw Company exchanges equipment with Eaton Company and Mantle Company exchanges equipment with Fiero Company. The following information pertains to the exchanges: Colaw CompanyMantle Company Equipment (cost)$114,000$96,000 Accumulated depreciation50,00045,000 Fair market value of the equipment75,00042,000 Cash paid45,000-0- Instructions Prepare the journal entries to record the exchanges on the books of Colaw Company and Mantle Company. The transaction has commercial substance. Q.2 Dodd Delivery Company and Hess Delivery Company exchanged delivery trucks on January 1, 2011. Dodd's truck cost $84,000,...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000;...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
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...
thanks (b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent...
thanks
(b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent had or uttractions in nt of $1,100 itructions (a) Prepare the (b) Assuming pare the 0-21 (LOS) GR nt facility for 15 wrking order. Th During the cur (a) Becas al a batch of invoices with а со (b) The (c) The (d) TI STO-T (L04) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, ha c ierge to work in its accounting department. On the...
P10-9 (Non-Monetary Exchanges) On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset...
P10-9 (Non-Monetary Exchanges) On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as Asset A, and Wiggins' is referred to as Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Hyde, Inc. Cash received by Wiggins, Inc. Asset A £96,000 40,000 60,000 15,000 Asset B £110,000 47,000 75,000 15,000 Instructions (a) Assuming that the exchange...
In 2018, Vega Corporation and Sarkissian Company engaged in the following exchange of assets: Vega gave...
In 2018, Vega Corporation and Sarkissian Company engaged in the following exchange of assets: Vega gave up a small widget cutter with a cost of $40,000 and accumulated depreciation of $28,000 to acquire a deluxe widget cutter from Sarkissian Company. The deluxe widget cutter cost Sarkissian $100,000, has a book value of $25,000, and a fair value of $9,000. Vega also paid Sarkissian $2,000 cash. Vega acquired a delivery truck from Sarkissian in exchange for a packaging machine. The machine...
Problems 485 5 P10-s (Non-donetary- Exchanges) Holyfield Corporation wishes to exchange a machine used in its...
Problems 485 5 P10-s (Non-donetary- Exchanges) Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry. 1. Dorsett Company offered to exchange a similar machine plus 23,000. (The exchange has commercial 2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance 3. Liston Company offered to exchange a similar machine but wanted 3,000 in addition to Holyfield's 4. In addition, Holyfield contacted Greeley...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for the trade of certain nonmonetary assets The machines exchanged by Blue Company have a book value of $245,000 (cost $325.000 less accumulated depreciation of $80,000) and a fair value of $275,000. The trucks given up by Red Company have a book value of $ 260,000 (cost $ 350,000 less accumulated depreciation S 90.000 and a fair value of $ 290,000. In addition to the...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
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...
thanks
(b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent had or uttractions in nt of $1,100 itructions (a) Prepare the (b) Assuming pare the 0-21 (LOS) GR nt facility for 15 wrking order. Th During the cur (a) Becas al a batch of invoices with а со (b) The (c) The (d) TI STO-T (L04) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, ha c ierge to work in its accounting department. On the...
P10-9 (Non-Monetary Exchanges) On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as Asset A, and Wiggins' is referred to as Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Hyde, Inc. Cash received by Wiggins, Inc. Asset A £96,000 40,000 60,000 15,000 Asset B £110,000 47,000 75,000 15,000 Instructions (a) Assuming that the exchange...
Problems 485 5 P10-s (Non-donetary- Exchanges) Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry. 1. Dorsett Company offered to exchange a similar machine plus 23,000. (The exchange has commercial 2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance 3. Liston Company offered to exchange a similar machine but wanted 3,000 in addition to Holyfield's 4. In addition, Holyfield contacted Greeley...
specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for the trade of certain nonmonetary assets The machines exchanged by Blue Company have a book value of $245,000 (cost $325.000 less accumulated depreciation of $80,000) and a fair value of $275,000. The trucks given up by Red Company have a book value of $ 260,000 (cost $ 350,000 less accumulated depreciation S 90.000 and a fair value of $ 290,000. In addition to the...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago