Record for the asset received

Assignment Help Accounting Basics
Reference no: EM13130299

Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair market value of $19,000. Boot of $4,000 is received by Armstrong Co.

1) What amount should Glen Inc. record for the asset received?

a. $15,000

b. $16,000

c. $19,000

d. $20,000

2) What amount should Armstrong Co. record for the asset received?

a. $15,000

b. $16,000

c. $19,000

d. $20,000

Reference no: EM13130299

Questions Cloud

Simplify complex fractions : Simplify the following expression as much as possible: Assume that all variables represent positive real numbers.
Find mean and variance of number of male students : If a class of 30 students is chosen at random from the university population, find the mean and variance of the number of male students.
General mathematics - percentage : The number of workers in the U. S. increased from 41.3 million to 44.4 million. What is the percent increase? Employees working from home increased from 23.5 million to 24.1 million. What is the percent increase.
What are the names of the two methods for treating : What are the names of the two methods for treating the pre-acquisition revenue and expense items of a subsidiary purchased during a fiscal period?
Record for the asset received : Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair m..
S research of an area of human rights : paper requires research of an area of human rights and create a written description in which you describe a situation where human rights are being violated. Use a variety of reliable resources. If you have access to Elements of Literature: Sixth Cour..
Illustrate what might this indicate : An examination of the cost records of the Williams Furniture Company reveals that the materials price variance is favorable but the materials quantity variance is unfavorable by a substantial amount. Illustrate what might this indicate?
How large must sample be for points of the true proportion : Estimated proportion is within 2.5 percentage points of the true proportion. A previous poll suggests that the proportion is 85%. How large must your sample be?
Define what products would you expect from the reaction : What products would you expect from the reaction of 1 mol of 1,3-butadiene and each of the following reagents? (If no reaction would occur, indicate that as well.)

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting principles

Juan's Taco Corporation has restauraunts in five college towns. Juan wants to expand into Austin and College Station and needs a bank loan to do this. Mr. Bryan, the banker,.

  How is the amount of the gift reported on the estate

On his deathbed, Chester gave his live-in caregiver $5,113,000 of listed bonds, incurring a gift tax liability of $35,000. After Chester died, the executor of his will filed a gift tax return and remitted the gift tax to the IRS. Assume Chester's ..

  Working with segmented income statement

In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.

  Determining linear equations

Supposing  that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.

  What was the balance in the cash account

On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?

  Accounting for income taxes

In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?

  What will jackson’s cash collections from sales

Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?

  Depreciation and payroll journal

Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..

  Balance sheet accounts of wickham corporation

The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.

  What amount cash provided by operating activities

During the year, Samuels Company reported net income of $300,000, including amortization of intangible assets of $66,000, depreciation of plant assets of $132,000, and amortization of premium on investment in bonds of $20,000. Applying the indirec..

  Expected contribution margin ratio and break even sales

Prepare an estimated income statement for 2008. What is the expected contribution margin ratio? Determine the break-even sales in units. Construct a cost-volume-profit chart indicating the break-even sales.

  Effective-interest method of amortization

Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd