User Account

All Pages

Prepare the journal entry on gittian books

Assignment Help Accounting Basics
Reference no: EM131787818

Question - Gittian Co. owes $199,800 to City Inc. The debt is a 10 -year, 11% note. Because Gittian Co. is in financial trouble, City Inc. agrees to accept some property and cancel the entire debt. The property has a book value of $90,000 and a fair market value of $140,000.

a) Prepare the journal entry on Gittian's books for debt restructure.

b) Prepare the journal entry on City's books for debt restructure.

Reference no: EM131787818

Questions Cloud

Audit of inventory can be difficult for number of reasons : The audit of inventory can be difficult for a number of reasons: inventory is easily moved and can be stored at multiple locations,
Compute the total dollar profit or loss on mr michaels share : Compute the total dollar profit or loss on Mr. Michaels's shares one week, one month, and one year after the purchase. In each case compute the profit or loss.
Is there evidence that the performance of the classes differ : Both classes had the same instructor and covered the same content. Is there evidence that the performances of the classes differed?
How many different binz limos are available : (a) If no other options are considered, how many different Binz limos are available? (b) If, in addition, 5 option packages and 6 colors are available.
Prepare the journal entry on gittian books : Gittian Co. owes $199,800 to City Inc. The debt is a 10 -year, 11% note. Prepare the journal entry on Gittian's books for debt restructure
What was the initial cost to mitchell labs to go private : The management of Mitchell Labs decided to go private in 2002 by buying in all 3 million of its outstanding shares at $19.50 per share.
How many different selections of cones are possible : Baskin Robbins' logo uses "31" because their stores offer 31 flavors of ice cream cones in sizes small, medium, and large.
Discuss the different types of compensation : Discuss the different types of compensation. How can a compensation method be used to assist with employee retention?
What will be the immediate dilution in earnings per share : Dawson Motor Company has 6 million shares outstanding with total earnings of $12 million. The company is considering issuing 1.5 million new shares.

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