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Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $10,164 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) $94,864 $94,864 Accumulated depreciation 64,372 33,880 Fair value of equipment 42,350 52,514 Cash given up 10,164 a. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) b.Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
The company expects to sell 10% of its merchandise for cash. Of sales on account, 58% are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare a s..
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and th..
Parent Corporation acquired 75 percent of Signature Company's voting stock on January 1, 201X, at underlying book value. The fair value of the noncontrolling interest was equal to 25 percent of the book value of Signature at that date. Parent uses th..
Identify the features common to the gift tax formula and the estate tax formula. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
Select an accounting scandal from the listing provided in class.
the pizza company makes two types of frozen pizzas pepperoni and cheese. the pizza company allocates overhead to these
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..
Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used to test a client's payroll system.
What would be his weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)?
guay corp a start up company provided services that were acceptable to its customers and billed those customers for
In the year 2007, the company is estimating its property tax to be $3,600 for the year.
swanton company currently sells 3 products and details of revenues and costs are given below. the company is thinking
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