Homework Answers
Hey Dear,
Hope you are also doing well. Please feel free to ask any of your doubts.
And please excuse my bad hand writings.
Have a Wonderful Day...
Add Answer to:
A company traded an old forklift for a new forklift, receiving a $10,500 trade-in allowance and paying the remaini...
Instead of computing using trade-in allowance, compute for receiving cash for disposal of long term assets....
Instead of computing using trade-in allowance, compute for receiving cash for disposal of long term assets. A company traded an old forklift for a new forklift, receiving a $10,500 trade-in allowance and paying the remaining $37,200 in cash. The old car cost $39,000 and straight-line accumulated depreciation of $27,200 had been recorded as of the exchange date under the assumption it would last five years and have a $5,000 salvage value. a. What was the book value of the old...
Gilly Construction trades in an old tractor for a new tractor, receiving a $25,500 trade-in allowance...
Gilly Construction trades in an old tractor for a new tractor, receiving a $25,500 trade-in allowance and paying the remaining $76,500 in cash. The old tractor had cost $99,000, and straight-line accumulated depreciation of $53,750 had been recorded to date under the assumption that it would last eight years and have a $13,000 salvage value. Answer the following questions assuming the exchange has commercial substance. 1. What is the book value of the old tractor at the time of exchange?...
Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100...
Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $15,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $16,100, what is the gain...
Hunter Saling Company exchanged an old sailboat for a new one. The old sailboat had a...
Hunter Saling Company exchanged an old sailboat for a new one. The old sailboat had a cost of $270,000 and accumulated depreciation of $81,000. The new sailboat had an invoice price of $299,000. Hunter received a trade in allowance of $191,000 on the old sailboat, which meant the company paid $108,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what amount of gain or loss should be recorded on this exchange?
Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a...
Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $300,000 and accumulated depreciation of $150,000. The new sailboat had an invoice price of $326,000. Hunter received a trade in allowance of $166,000 on the old sailboat, which meant the company paid $160,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what amount of gain or loss should be recorded on this exchange?
Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a...
Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $160,000 ad accumulated deprecaition of $100,000. The new sailboat had an invoice price of $270,000. Hunter received a trade allowance of $70,000 on the old sailboat, which meant the company paid $200,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what amount of gain or loss should be recorded on this exchange?
Asset Traded for Similar Asset A printing press priced at a fair market value of $492,300...
Asset Traded for Similar Asset A printing press priced at a fair market value of $492,300 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $216,600, what is the amount of cash given? b. Assuming that the book value of the press traded in is $194,900, what is the gain...
2) The Romeo company exchanged its used bottle capping machine for a new bottle capping machine....
2) The Romeo company exchanged its used bottle capping machine for a new bottle capping machine. The old machine cost $14,000, and the new one had a cash price of $19,000. Romeo had taken $12,000 depreciation on the old machine and was allowed a $500 trade-in allowance, What gain or loss should be recorded on the exchange a) No gain or loss b) $500 gain c) $1,500 loss d) $1,500 gain e) $4,500 gain u inoma ototomonte for 20 and...
Exercise 9.7 Accounting for Trade-ins (LO9-5) Willis Bus Service traded in a used bus for a...
Exercise 9.7 Accounting for Trade-ins (LO9-5) Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $50,900. Accumulated depreciation at the time of the trade-in amounted to $35,400. The new bus cost $77,500 but Willis was given a trade-in allowance of $10,600. a. What amount of cash did Willis have to pay to acquire the new bus? b. Compute the gain or loss on the disposal for financial reporting purposes.
On the issue of exchange (trade-in) of old asset for a new one, pre-FASB153's rule was...
On the issue of exchange (trade-in) of old asset for a new one, pre-FASB153's rule was based on exchange of similar and dissimilar assets, where gains on similar trade-ins are deferred (if cash was paid), much like how they are treated for taxes. FASB153 (implemented as a part of the harmonization effort with international standards) changed that. What is the key criteria used to evaluate these transactions in order to determine whether a gain (losses are always recognized in these...
Instead of computing using trade-in allowance, compute for receiving cash for disposal of long term assets. A company traded an old forklift for a new forklift, receiving a $10,500 trade-in allowance and paying the remaining $37,200 in cash. The old car cost $39,000 and straight-line accumulated depreciation of $27,200 had been recorded as of the exchange date under the assumption it would last five years and have a $5,000 salvage value. a. What was the book value of the old...
Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $15,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $16,100, what is the gain...
Asset Traded for Similar Asset A printing press priced at a fair market value of $492,300 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $216,600, what is the amount of cash given? b. Assuming that the book value of the press traded in is $194,900, what is the gain...
2) The Romeo company exchanged its used bottle capping machine for a new bottle capping machine. The old machine cost $14,000, and the new one had a cash price of $19,000. Romeo had taken $12,000 depreciation on the old machine and was allowed a $500 trade-in allowance, What gain or loss should be recorded on the exchange a) No gain or loss b) $500 gain c) $1,500 loss d) $1,500 gain e) $4,500 gain u inoma ototomonte for 20 and...
Most questions answered within 3 hours.
-
The phylum Protista has often been referred to as a junk drawer
of classification. Explain what...
asked 1 minute ago -
The average amount of money spent for lunch per person in the
college cafeteria is $7.09...
asked 3 minutes ago -
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 22 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 26 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 29 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 41 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 46 minutes ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 47 minutes ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 46 minutes ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 1 hour ago -
A random sample of 120 observations produces a mean of
38.2 from a population with a...
asked 1 hour ago -
The average area of land burned by forest fires every year in
Canada is 2.5 million...
asked 1 hour ago