Entry by cheng for the receipts of the properties

Assignment Help Accounting Basics
Reference no: EM13155704

Cheng company has recently decided to accept a proposal fro the city of bel aire that publicly owned property with a large warehouse located on it will be donated to cheng if cheng will build a branch plant in bel aire. The appraised value of the property is 490,000 and of the warehouse is 980000. Prepare the entry by cheng for the receipts of the properties.

Reference no: EM13155704

Questions Cloud

Calculate basis of norman partnership interest : Immediately after the formation, calculate the basis of Norman's partnership interest.
What is the volume of the dry gas at stp : A 141-mL sample of gas is collected over water at 22°C and 753 torr. What is the volume of the dry gas at STP?
Executive share option scheme : what difference would it make to the cost of the option if the executive were able to change the firm's dividend policy so as to stop the firm from paying out any dividends during the term of the option
Calculate the profits of these firms in either case : If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms? Calculate the profits of these firms in either case (a and b).
Entry by cheng for the receipts of the properties : The appraised value of the property is 490,000 and of the warehouse is 980000. Prepare the entry by cheng for the receipts of the properties.
Annotative bibliography : Im having a lot of trouble with writing an annotative bibliography. I just dont understand how to form it. how do i get started? should i do all of my research for the topic first?
Explain the extinction coefficient : A solution of a dye absorbs light of wavelength 480 nm, and for this absorption, the extinction coefficient is 18600 L/mol/cm. A sample of the dye of unknown concentration is placed in an optical cell of path length 1 cm
Determine the ph change : A buffer solution contains 0.386 M NH4Cl and 0.316 M NH3 (ammonia). Determine the pH change when 0.064 mol HBr is added to 1.00 L of the buffer
Reject if z is lower critical value-upper critical value : Using = .05, what is the critical value for the test statistic? (+ or -). State the rejection rule: Reject H0 if z is the lower critical value or the upper critical value.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Determining annual financial statements

The company prices its inventory at the lower of cost or market. If the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?

  Prepare a cash inflow budget

Signal Florists (SF) operates a retail flower shop. Their sales for October total $5,000. They have projected revenue for the next three months as follows: Prepare a cash inflow budget for December, January, and February.

  Net short-term capital gain

During 2010, Gorilla Corporation has net short-term capital gains of $120,000. Net long-term capital losses of $365,000, and taxable income from other sources of $900,000. Prior year's transaction included the following:

  What was the account balance at the end of specific year

At the end of the sixth year, the account balance was transferred to a bank paying 10%, and annual deposits of $80,000 were made at the end of each year from the seventh through the tenth years. what was the account balance at the end of the tenth..

  Investments section of the balance sheet

(a) Common stock of E Company (10% ownership) held as available-for-sale securities, cost $120,000, fair value of $115,000 & (b) common stock of F Company (30% ownership) cost $215,000, equity of $250,000. Prepare the investments section of the ba..

  Concept regarding sole shareholder

Ted is the sole shareholder of a C corporation, and Sue owns a sole proprietorship. Both businessed were started in 2010, and each business sustained a $5,000 net capital loss for the year. Which of the following statements is correct?

  Why did the ethical dilemma arise

What will be the implications of the decision of the manager to lay off the 3 experienced sales executives?

  Unfavorable variance from budget

Ritz-Carlton is a management company for the underlying hotel owners. If the Ritz-Carlton Laguan Niguel had an unfavorable variance from budget greater than 5% allowed and greater than the othe rhotels, then the most probably cause for the shortfa..

  Treatment of investment interest

Discuss the treatment of Barb"s investment interest that is disallowed in 2006. What election could Barb make to increase the amount of her investment interest deduction for 2006? 205.

  Franklin taxable income

The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):

  Contrasting the different types of accounting

Write a 700- to 1,050-word paper in APA format comparing and contrasting the different types of accounting, namely accrual, cash flow, and fund accounting. Be sure to consider the following:

  Question related to tax treatment

H owns 50% of the stcok of Y corporation and has a basis for that stock of $25,000. His wife W owns the remaining 50% of the stock at a basis of $25,000. H has all his stock redeemed for its fair market value of $250,000. What is H's tax treatment..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd