User Account

All Pages

Discuss midwest chicken recognize on the exchange

Assignment Help Accounting Basics
Reference no: EM131796229

China Inn and Midwest Chicken exchanged assets. Midwest Chicken received equipment and gave a delivery truck. The fair value and book value of the delivery truck given were $28,600 and $31,400 (original cost of $35,400 less accumulated depreciation of $4,000), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,600 in cash from China Inn.

1. At what amount did Midwest Chicken record the equipment?

2. How much gain or loss did Midwest Chicken recognize on the exchange?

Reference no: EM131796229

Questions Cloud

Complete the budgeted income statement : Complete the budgeted income statement, linking the numbers from the supporting budgets to the income statement.
Post the identity of your adolescent client : What about the adolescent who participates in unhealthy eating practices to achieve a desired body image? The one who is sexually active?
How should matt treat the sale of stock on his return : On Sept, 15, 2011, Matt sold the 4,000 shares of stock for $120,000. How should Matt treat the sale of stock on his 2011 return
Total number of times the target is hit : The ith marksman fires ni times, hitting the target each time with probability p, independently of his other shots and the shots of the other marksmen.
Discuss midwest chicken recognize on the exchange : How much gain or loss did Midwest Chicken recognize on the exchange
Outline what type of leader and manager : Based on what you've learned, outline what type of leader/manager you want to become.
Calculate the budgeted rooms sale revenue : For each of the three months of June, July, and August, calculate the budgeted rooms sale revenue
Calculate the break-even point in total units : Aussie Sporting Company Pty Ltd produces. Calculate the break-even point in total units and the number of units of each type of ball that must be sold.
How might social media confirm or refute gender stereotypes : How might social media confirm or refute gender stereotypes? How might it serve as a channel for bullying?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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