User Account

All Pages

Prepare the journal entries to record the exchange on books

Assignment Help Accounting Basics
Reference no: EM131840077

Question - Santana Company exchanged equipment used in its manufacturing operations plus $2,340 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange.

Santana Co. Delaware Co.

Equipment (cost) $32,760 $32,760

Accumulated depreciation 22,230 11,700

Fair value of equipment 15,795 18,135

Cash given up 2,340

(a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.

(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.

Reference no: EM131840077

Questions Cloud

You add to the debt-to-equity ratio to get equity multiplier : what number do you add to the debt-to-equity ratio to get the equity multiplier?
How would you approach the situation : During an on-site survey, the program staff seems very anxious about how the survey is progressing.
What laws have historically governed the issues in the us : Describe several workplace discrimination issues that you would think are important to understand. What laws have historically governed these issues in the US?
What is the history and theory of systems : What is the History and Theory of systems Application to Organizational Learning?
Prepare the journal entries to record the exchange on books : Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance
Describe service process design and the service encounter : Describe service process design and the service encounter design.
Opportunities for innovation and synthesize challenges : Analyze opportunities for innovation and Synthesize challenges and provide solutions in situations of uncertainty in the case study
Understanding ethical theories : Identify which of the following ethical theories reflects your personal style and that you advocate the most.
Determine whether the sla still applies or becomes invalid : Determine whether the SLA still applies or becomes invalid. Propose what the organization should do to maintain the service delivery.

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