Equipment with an estimated market value

Assignment Help Financial Accounting
Reference no: EM131219330

Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in Trang’s accounting records to record this acquisition is

Reference no: EM131219330

Questions Cloud

Entered into sales contract with the defendant : Amar entered into a sales contract with the defendant, Karinol, for the purchase of electronicwatches. The contract was silent as to shipping terms. However, the contract did have a notation in it stating that the goods were to be delivered to a loca..
Claimed to be the sole owner of the painting : In 1987 R.H. Love Gallery owned the title to a painting entitled Marlton’s Cove. The gallery sold 50 percent of the painting to Altman Fine Arts, a New York art dealer, and 50 percent to Andre Lopoukhine, a Boston art dealer. In 1989, plaintiff Morgo..
The decision of the eighth circuit court of appeals : John is a resident of Minnesota. Her 2015 federal income tax return is currently under audit. John and the Internal Revenue Service Agent assigned to his case have resolved all issues in his case except one. If John filed a petition in tax court, is ..
The business is organized as general partnership : Jane and Suzan are interested in organizing a new interior decorating business as 80-20 owners. Jane will contribute $80,000 in exchange for an 80% ownership interest and Suzan will contribute $20,000 for a 20% owners hip interest. Assuming the busin..
Equipment with an estimated market value : Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $40,000 due in 30 days. The amou..
What is her current marginal tax rate : Campbell, a single taxpayer, earns $190,500 in taxable income and $4,200 in interest from an investment in State of New York bonds. How much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current m..
What are the consequences of actions : At the end of the current month, Gil Frank prepared a trial balance for College App Services. The credit side of the trial balance exceeds the debit side by a significant amount. Gil has decided to add the difference to the balance of the miscellaneo..
Annual comparative financial statement : Analyze a comparative annual financial statement of a domestic publicly-held corporation listed on either NASDAQ or the NYSE using internet sources not actually from a bank or financial institution.

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Calculate internal rate of return on the diagnostic machine

General Hospital is planning to add a new diagnostic machine which should improve its quality of certain blood tests. The machine under consideration has a cost of $61,044 and is expected to save the hospital $7,610 each year. The machine has an expe..

  What portion of the reduced tax rate benefits

If no special allocations are made, what portion of the reduced tax rate benefits of Sec. 11(b) can be claimed in the current year by the affiliated group? In future years?

  Prepare the adjustments made at december

Prepare the adjustments made at December 31, 2008 and 2009. Prepare the necessary journal entry to recognize 2009 interest to date and the first interest payment on January 31, 2009.

  Is the expansion a good investment

What share price would you expect after the announcement? (Assume that the new expansion does not change Cooperton's risk.) Is the expansion a good investment?

  How many tickets must be sold to reach break-even

Use the contribution margin ratio CVP formula to compute Peyton Travel's break-even sales in dollars. If the average sales price of a ticket is $660.00; how many tickets must be sold to reach break-even

  Prepare a flexible budget report for october

Prepare a monthly manufacturing overhead flexible budget for each increment of 3,000 direct labor hours over the relevant range for the year ending December 31, 2014.

  Records available when preparing its bank reconciliation

Bob Company has the following records available when preparing its bank reconciliation for the month of March 2013:

  What is the market required return on this investment

Virgo Airlines will pay a $4 dividend next year on its common stock, which is currently selling at $100 per share. What is the market's required return on this investment if the dividend is expected to grow at 5% forever

  Elucidate how much overhead was applied

Greer company's standard predetermined overhead rate is $8 per direct labor hour. For the month of June, 26,000 actual hours were worked, and 27,000 standard hours were allowed. Normal capacity hours were 28,000. Elucidate how much overhead was..

  What would be your monthly payment

1) If you were to borrow 9,600 over five years at 0.14 compounded monthly, what would be your monthly payment? Your uncle promises to give you $600 per quarter for the next five years. How much is his promise worth right now if the interest rate is 0..

  Portion earning a simple interest rate

Jo invested $63,000. A portion earning a simple interest rate of 5% per year and the rest earning a rate of 7% per year. After one year the total interest earned on these investments was 3890 dollars. How much money did he invest at each rate?

  Working capital management

The question is regarding working capital management involving computation of inventory needed and How much inventory can ABC purchase without violating its debt agreement if their total current assets equal $20 million?

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