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1. Nonmonetary Exchange McArthur Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $7,000 plus trade-in, f.o.b. factory. McArthur Inc. paid $7,000 cash and traded in used equipment. The used equipment had originally cost $62,000; it had a book value of $42,000 and a secondhand market value of $45,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100.
(a) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
(b) Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
The requirements for effectively liquidating a corporate entity under Missouri state law. Using the internet as your sole research source, prepare a paper discussion (your opinion) on how an entity incorporated in Missouri state is liquidated,..
Financial statement analysis to include vertical and horizontal analysis of financial statement line items and ratios.
"I would like to use LP, but it's a technique that operates under conditions of certainty. My plant doesn't have that certainty; it's a world of uncertainty. So LP can't be used here." Do you think this statement has any merit? Why or why not? ..
Kasten Inc. provides paid vacations to its employees. At December 31, 2010, 30 employees have each earned 2 weeks of vacation time. The employees' average salary is $500 per week.
However, income statements do not reveal every aspect of a company's performance. Identify and describe two limitations of income statements.
a. What is Tina's current year taxable income and income tax liability? b. Tina would like to lower her tax by incorporating Timely Turn Tables. How much income tax will she save if she incorporates TTT and pays herself a salary of $40,000?
during 2012 robin wright tool company purchased a building site for its proposed research and development laboratory at
Greener Grass Company (GGC) competes with its main rival, Better Lawns and Gardens (BLG), in the supply and installation of in-ground lawn watering systems in the wealthy western suburbs of a major east-coast city. Last year, GGC's price for the typi..
A U.S. firm has received a large amount of cash inflows periodically in Swiss francs as a result of exporting goods to Switzerland. It has no other business outside the U.S. It could best reduce its exposure to exchange rate risk by:
Award Plus has just received a special one-time-only order for 2,000 medals at $98 per medal. Accepting the special order would not affect the company's regular business.
1. when does gaap require the use of a debt service fund?2. are there instances when a governmental entity is not
webster training service wts provides instruction on the use of computer software for the employess of its corporate
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