Question
Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $4,755 in cash for similar equipment used in the operations of Tony LoBianco Company.
Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $4,755 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange.
| Carlos Arruza Co. | Tony LoBianco Co. | |||||
| Equipment (cost) | $44,380 | $44,380 | ||||
| Accumulated depreciation | 30,115 | 15,850 | ||||
| Fair value of equipment | 19,813 | 24,568 | ||||
| Cash given up | 4,755 | |||||
(4 entries for Carlos Arruza and 5 entries for Tony Lobianco)
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Practical Guide To Auditing SAP Systems
Authors: Martin Metz, Sebastian Mayer
1st Edition
3960126409, 978-3960126409
