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1. Nonmonetary Exchange McArthur Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $7,000 plus trade-in, f.o.b. factory. McArthur Inc. paid $7,000 cash and traded in used equipment. The used equipment had originally cost $62,000; it had a book value of $42,000 and a secondhand market value of $45,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100.
(a) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
(b) Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
some accountants argue that variances should be written off directly to cost of goods sold. regardless of materiality
Provide journal entries for each transaction. Provide adjusting entries at the end of the year. Prepare and income statement at the end of the year.
assume that the average firm in your company industry is expected to a constant rate of 6 and that the dividend is 7.
Assume that a bank faces a balance sheet illustrated below, and the required reserve ratio is 20 percent.
Determine Douglas-Roberts' pension expense for 2011 and prepare the appropriate journal entries to record the expense.
Identify the inventory cost flow method used by each company. Which company probably has been reporting the higher gross profit?
1 if the projected benefit obligation for a pension plan exceeds the fair value of plan assets at time of adoption of
hanson company is constructing a building. construction began on february 1 and was completed on december 31.
The partners' relative interests in the Sec. 751 assets do not change as a result of the current distribution. Carlos's basis in the building is:
At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively.
Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?
Assume the same facts as in part a, except that Vito's liabilities are $800,000 before the forgiveness of debt. Assume the same facts as in part a, except that Vito's total liabilities are $625,000 before the forgiveness of debt.
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