Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On April 1, 2014, Clark Company received a condemnation award of $375,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $50,000 and $350,000, respectively, when they were acquired. At April 1, 2014, the accumulated depreciation relating to the building amounted to $125,000. On August 1, 2014, Clark purchased a piece of replacement property for cash. The new land cost $70,000, and the new building cost $525,000.
Instructions
Prepare the journal entries to record the transactions on April 1 and August 1, 2014.
Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with and how any why attempts are made to influence the accounting standard setting process
A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used?
Medical Instruments produces a variety of electronic medical devices. Compute the materials variances for silver tubing and comment on their meaning.
If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2004, what are the dividends in arrears that should be reported on the December 31, 2007, balance sheet? How should these dividends be reporte..
In 2002, Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn,joint tenants with right of surviorship." Gordon predeceases Fawn in 2009 when the real estate is worth $2.9 million. Gordon and Fawn are husba..
Club Co. appropriately uses the equity method to account for its investment in Chip Corp. As of the end of 2008, Chip's common stock had suffered a significant decline in fair value, which is expected to be recovered over the next several months. ..
The ABC Corp. had net income before taxes of $400,000 and sales of $2,000,000. If it is in the 50% tax bracket its after-tax profit margin is:
prepare the journal entry (if any) to record the sale on January 2, 2012 shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to ricard?
Salter Inc.'s unit selling price is $50, the unit variable costs are $35, fixed costs are $125,000, and current sales are 10,000 units. How much will operating income change if sales increase by 5,000 units?
The Andersons retain you to compute their tax liability for 2007. They are expecting to pay less tax than usual for several reasons. First, both became 65 during the year.
How to you adjust a journal entry when is says "analysis of "company name" insurance policy shows $2,550 of coverage has expired"?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd