User Account

All Pages

Determine the fair market value of company b tractor

Assignment Help Accounting Basics
Reference no: EM131711685

Question - In 2017, Company A and Company B entered into an agreement to exchange machinery. Per the agreement, Company A provided a forklift to Company B in exchange for Company B's tractor. To complete the exchange, Company B paid Company A $15,000 cash. Each company reported the machines as fixed assets on their respective balance sheets. Information about the machines for each company is included in the tables below:

Company A's forklift Company B's tractor

Fair Market Value $150,000 ?

Original Cost $225,000 $190,000

Accumulated Depreciation $55,000 $70,000

Required - Determine the fair market value of Company B's tractor on the date of the exchange.

Reference no: EM131711685

Questions Cloud

Have you ever tried something multiple times and still fail : Have you ever tried something multiple times and still failed? How did you handle it? Were there situational issues, luck, or other outside factors involved?
Determine how to set up the analysis : Begin by identifying the independent variable. Study the data until it becomes clear how to set up the analysis. Analyze the data and write a conclusion.
Calculate the fbt liability for the fbt year : (i) Analyse the above transactions and determine whether there are any FBT or income tax implications. (ii) Calculate the FBT liability for the FBT year.
How has your thinking about categories : How has your thinking about categories such as the color-line, mestiza consciousness, borderlands, minority-majority sexuality, or ability-disability changed.
Determine the fair market value of company b tractor : To complete the exchange, Company B paid Company A $15,000 cash. Determine the fair market value of Company B's tractor on the date of the exchange
What are the credentials or areas of expertise of the author : Review and Evaluate To critically review the article, ask the following questions: What are the credentials/areas of expertise of the author?
Discuss focus on one negative consequence of globalization : Describe what you think should be done to improve this situation, focus on one negative consequence of globalization
Determine the appropriate inventory valuation : The company decided to employ the dollar-value LIFO method for reporting its inventory. Determine the appropriate inventory valuation at 12/31/14
Discuss positive benefits or more negative consequences : Do you believe that globalization brings more positive benefits or more negative consequences to the world

Reviews

Write a Review

Accounting Basics Questions & Answers

  Revenue recognition for a computer hardware company

Caltron Computers, Inc. is a publicly held company with a total market capitalization in excess of $450 million. Caltron manufactures minicomputer systems that are designed to achieve the power of a mainframe at a fraction of the cost. The minicomput..

  Acc identify the errors that you found in your review

You are the owner of your very own accounting practice. You are employed to assist Dominic Leonardo (owner of Dominic Consulting) in setting up QuickBooks for his company and his free Intuit Accountant File Transfer account. At month end, you receive..

  Prepare the adjusting journal entry to record bad debt

Prepare the adjusting journal entry to record bad debt expense for the year.

  Provide the entries the company will make

Provide the entries the company will make for the following transactions: Purchase of the patent on 1/1/2016

  Determine the basis and return effects for partner

Carla, Linda, and Terry form a partnership. Carla contributes machinery (that was purchased in 2006 and has an adjusted basis of $45,000 and a fair market value of $70,000) in return for a 35% interest in capital and profits.

  Three-column table format for the candidate information

Prepare a memo (or e-mail if your instructor directs) to Mr. Becker with all the information he needs in the most readable format. Consider using a three-column table format for the candidate information.

  Summary of how the student''s cultural competency has changed

summary of how the student's cultural competency has changed

  What is the balance in the investment in harrison account

On January 1, Pucket company paid 1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment.

  On march152011birkshire energy obtained a nine-month

on march152011birkshire energy obtained a nine-month working capital loan from the first national bank of oglesby. the

  What is the amount of under- or over-applied overhead

Actual direct labor hours for 2015 were 100,000, and actual overhead was $1,520,000. What is the amount of under- or over-applied overhead for the year

  To be classified as an equity method security the investor

to be classified as an equity method security the investor must typically own at least a certain percentage of the

  How should this transaction be reported on the statement

Preston Corp. acquires a piece of land by signing a $60,000 promissory note and making a down payment of $20,000. How should this transaction be reported on the statement of cash flows?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd