Assuming that the exchange lacks commercial substance

Assignment Help Accounting Basics
Reference no: EM131032345

Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair value of the old equipment were $81,100 and $91,800, respectively.
Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of:

a. $(10,700).
b. $29,000.
c. $ 0.
d. $ 10,700.

Reference no: EM131032345

Questions Cloud

Identify the different business structures : Identify the different business structures. Write a 350 word explanation of how each business structure might and might not be advantageous.
The vital administration process : Which are the attributes of the vital administration process?
Define three current area of focus in curriculum development : From the e-Activity, discuss at least three current areas of focus in curriculum development in either your specified subject area or an area of interest or K-12 (include grade or age level). Then discuss how those areas could impact curriculum de..
Social responsibilities to stakeholders : What are some of the social responsibilities to stakeholders?
Assuming that the exchange lacks commercial substance : Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of:a. $(10,700).b. $29,000.c. $ 0.d. $ 10,700.
Epidemiologic and observational studies : According to a commentary in the Journal of the American Medical Association: Thus, vitamin E enters the category of therapies that were promising in epidemiologic and observational studies but failed to deliver in adequately powered randomized co..
New features expand the scope of the product : New features expand the scope of the product, often making a big marketing splash, getting a version bump, and resulting in some press releases. The new and upcoming medicines should be included. explain the process
Key ethical problems raised by the adelphia : Key Ethical Problems Raised by the Adelphia Communications Case
Analyze the survey sample you have selected for your group : Analyze the survey sample you have selected for your group. The best way to do this will be to convene a meeting every week and discuss how you could apply the analytical techniques covered in your classes so faron the survey data

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fixed costs are determined at the normal

1) Fixed costs are determined at the "normal"/"planned" volume level. At any other level of volume, total fixed costs don't change (so by default, fixed costs per unit are different at any different volume).

  Fixed assets are the primary asset of old line

problem 3property plant and equipment 36 pointsbackgroundfixed assets are the primary asset of old line manufacturing

  American chip corporations fiscal year-end is december 31

american chip corporations fiscal year-end is december 31. the following is a partial adjusted trial balance as of

  Seaside needed additional space and purchased a warehouse

seaside needed additional space and purchased a warehouse to remodel and the land around it. prior to arranging

  Journal entries to correct the cash account

Journal entries to correct the cash account

  Briefly discuss organizational and behavioural difficulties

Briefly discuss the organizational and behavioural difficulties, if any, inherent in this situation. As Hamid Jones, what would you advise the CEO of Solar Sparks to do in this situation

  Conduct research on the issue of the accounting processes

Conduct research on the issue of the accounting processes that are necessary in combining the accounts of a subsidiary with a parent. List and describe some of the processes that you found are necessary.

  Use the cm ratio to determine the break-even point in sales

stratford company distributes a lightweight lawn chair that sells for 80 per unit. variable expenses are 40.00 per unit

  Dentify the financial statements on which each

Set up a table with the following headings. Identify the financial statements on which each of the preceding components appears by placing a check mark in the appropriate column.

  Compute the average manufacturing cost

Compute the average manufacturing cost of each sewing machine assuming direct materials are $175 per machine

  Determine the cost of this purchase for the purpose

Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..

  When your authors use the expression the watchdog of

question 1 in which order does the accounting process continue in its cycle?1.accounting process?accounting

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