A company purchased a machine valued at 66000 it traded in

Assignment Help Accounting Basics
Reference no: EM13482720

A company purchased a machine valued at $66,000. It traded in an old machine for a $9,000 trade-in allowance and the company paid $57,000 cash with the trade-in. The old machine cost $44,000 and had accumulated depreciation of $36,000. This transaction has commercial substance. What is the recorded value of the new machine?

a. $ 8,000.

b. $ 9,000.

c. $57,000.

d. $65,000.

e. $66,000.

Reference no: EM13482720

Questions Cloud

Rational expressio a rational expression is a fraction of : a rational expression is a fraction of two polynomials. if you need to add or subtract two rational expressions how
Rational expressio a rational expression is a fraction of : a rational expression is a fraction of two polynomials. if you need to add or subtract two rational expressions how
Prepare ais journal entry to record the issuance of the : ai corporation issued 90210 shares of 20 par value cumulative 8 preferred stock on january 1 2007 for2527500. in
Compute taxable income and income tax payable for 2011 : the following information has been obtained for the gockercorporation.1. prior to 2010 taxable income and pretax
A company purchased a machine valued at 66000 it traded in : a company purchased a machine valued at 66000. it traded in an old machine for a 9000 trade-in allowance and the
According to the net present value method of capital : investments quick and slow cost 1000 each are mutually exclusive and have the following cash flows. the firms cost of
Also bottom line is it better to pay healthcare premiums : my old job allowed me to have my health insurance premiums deductedfrom my paycheck with before tax dollars. my new job
The income statement line item that shows the performance : the income statement line item that shows the performance of operating activities without consideration of financing is
Jorge company bottles and distributes b-lite a diet soft : jorge company bottles and distributes b-lite a diet soft drink. the beverage is sold for 50 cents per 16-ounce bottle

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain in general terms the accounting treatment

Accounting Homework:   Explain in general terms the accounting treatment to changes in terms of existing loans.  What should be the accounting treatment of the modification to Blueberry's note?

  Should catalina report and then cancel those three sales

Catalina works for a regional sales branch of a large pharmaceutical company. Individual employees as well as individual goals, he or she receives a large bonus check at the end of the year.

  What is the basic assumption underlying the percentage of

chang constructions entered into a fixed-price contract withtravels hotels on 1 jan 1993 to construct a 4-storey

  Per unit selling price for product

The 30,000 units can be sold at this stage for $750,000. Alternatively, it can be further processed at a $450,000 total additional cost and be converted into 6,000 units of Product B and 12,000 units of Product C. Per unit selling price for Produc..

  Would board-designated net assets be reported

Describe which net assets are included in each category. Would board-designated net assets be reported as temporary restricted net assets?

  Highly automated flexible manufacturing facility

A corporation operates a highly automated flexible manufacturing facility. The capital-intensive nature of the corporation's operations makes internal control over the acquisition and use of fixed assets important management objectives.

  Unadjusted interest expense account

The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded.

  Long-run profitability of a segment

In a segmented contribution format income statement, what is the best measure of the long-run profitability of a segment?

  Define cost per equivalent unit for conversion costs

There were 20,000 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs. A total of $585,900 in conversion costs were incurred in the department during the month. What would..

  Equivalent unit of production respect to direct materials

Compute the department's equivalent units of production with respect to direct materials under each of three separate assumptions.

  Discuss whether the modification costs would qualify

Green Corporation made extensive modifications to a portion of a building so that it could be used to conduct product research. Discuss whether the modification costs would qualify as research and experimental expenditures.

  Noncumulative-nonparticipating preferred stock

Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.

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