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Smith and Jones each own tracts of land. Because of the location of their current operations, each would prefer to have the other's land. Smith and Jones agree to exchange tracts. Jones pays Smith $36,000 based upon the following data.
Instructions(a) Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance.(b) Prepare the journal entry to record the exchange on Smith's books, assuming the transaction does not have commercial substance.(c) Prepare the journal entry to record the exchange on Jones's books, assuming the transaction has commercial substance.(d) Prepare the journal entry to record the exchange on Jones's books, assuming the transaction does not have commercial substance.
the special products division of intermodular semiconductor systems has received a request for quotation from allied
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
explain the difference between the amount of net income and amount of net cash flow from operating activities.
you are the senior accountant responsible for recording accrued liabilities at the end of the companys fiscal year.
the need for managers to report on their accountability to resource providers has played a central role in shaping the
As the U.S considers the adoption of IFRS, changes exist between presentation and disclosure in current U.S GAAP and IFRS. Based on your research, what are some of the similarities and differences between U.S. GAAP and IFRS?
Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000. The journal entry would be to:
The company received a proposal from a foreign company to buy 6,000 units of Alder Company's product for $50 per unit. This is a one-time only order and acceptance of this proposal will not affect the company's regular sales.
thomas corporation recorded sales of 108300 during march. management expects sales to increase 5 in april another 2 in
Prepare the budgets for the year. Show data for each product. You do not need to prepare quarterly budgets sales
Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006
Regis Clothiers can borrow from its bank at 17 percent to take a cash discount. The terms of the cash discount are 3/19, net 45. Should the firm borrow the funds?
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