User Account

All Pages

Make all entries that are necessary on April

Assignment Help Accounting Basics
Reference no: EM132635217

Question - Vaughn Co. had a sheet metal cutter that cost $108,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $16,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Vaughn also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used.

Required -

1. Calculate the gain or loss to be recognized by Vaughn Co.

2. Make all entries that are necessary on April 3, 2021.

Reference no: EM132635217

Questions Cloud

What is the journal entry to record the cash received : The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1
Conduct research on impact of medicare : Conduct research on the impact of Medicare over the past decade. Specifically look for recent literature on the Obama Administration Healthcare Act
Compute the cost of goods sold : Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Compute the Cost of goods sold
Some of most common forms of unethical behavior : What are some of the most common forms of unethical behavior in our workforce today? As our businesses have developed over the last 100 plus years,
Make all entries that are necessary on April : Vaughn Co. had a sheet metal cutter that cost $108,000 on January 5, 2016. Make all entries that are necessary on April 3, 2021
Create action plan-change management and strategic planning : What is the role of executives in the process of change management and strategic planning? How do issues with diversity and culture relate to change management?
What is one worldview depicted in movie : What is one worldview depicted in the movie? Which characters held that worldview (e.g., pantheism, theism, atheism)?
The management oversight risk tree analysis : The Management Oversight Risk Tree Analysis (MORT) can be used to discuss some of the areas where management may have failed but nothing really covers culture
Question - Prepare the journal entries : Question - Prepare the journal entries. Issued shares of common stock to investors in exchange for $121,000 in cash

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