Question
please read carefully and show work :) Q12 A company bought new heating system for $50,000 and was given a trade-in of $2100 on an
please read carefully and show work :)
Q12
A company bought new heating system for $50,000 and was given a trade-in of $2100 on an old heating system, so the company paid $47,900 cash with the trade-in. The old system had an original cost of $44,500 and accumulated depreciation of $40,900. If the transaction has commercial substance, the company should record the new heating system at:
$2100. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$50,000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$51,500. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$3600. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$47,900.
The following information is taken from Reagan Company's December 31 balance sheet:
If net sales for the current year were $603,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
Q23 On April 12, Hong Company agrees to accept a 60-day, 10%, $5400 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company?
A company had net sales of $30,300 and ending accounts receivable of $3900 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)
Athena Company provides employee health insurance that costs $14,100 per month. In addition, the company contributes an amount equal to 4% of the employees' $141,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started