User Account

All Pages

What will be the accounting entry

Assignment Help Accounting Basics
Reference no: EM13147500

A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.0 million.

what will be the accounting entry?

Reference no: EM13147500

Questions Cloud

Determining amount of interest expense : The bonds mature on January 1, 2019. Solo paid $50,000 in bond issue costs. Solo uses straight-line amortization. The amount of interest expense for the year is:
Calculate the sample proportion for result : A random sample of 2000 students showed that 860 were in favour of more movies on campus. Calculate the sample proportion for this result? Give your answer as a decimal fraction to 2 decimal places.
What is the function of isomerase in glycolysis : What is the function of isomerase in glycolysis. What would happen if isomerase were not present? What would happen to the output of ATP and pyruvate from one molecule of glucose?
Determine the boiling point of a solution : Determine the boiling point of a solution of 22.5 g of fructose, C6H12O6 , in 294 g of phenol.
What will be the accounting entry : A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.0 million. what will be the accounting entry?
Some ways in which community policing is more easily : Describe some ways in which community policing is more easily facilitated today with the use of technology. In a minimum 200 word response, outline some methods that police departments use in order to open the lines of communication with the public. ..
Beginner model-abc costing : The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing?
Calculate the molar mass of the unknown compound : A 0.0355 g sample of an unknown molecular compound is dissolved in 1.000 g of liquid camphor at 200.0°C. Upon cooling, the camphor freezes at 157.7°C. Calculate the molar mass of the unknown compound.
Pose for an audit firm independence : List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given service can pose for an audit firm's independence.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Types of loans and equity available

Write a 750- to 1,050-word paper addressing the following: Define the following terms associated with the types of loans and equity available to a new business:

  Bonds payable premium payable expense

On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances: Unamortized Accrued Interest; Bonds Payable Premium Payable Expense:

  Audit functions in your organization

Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.

  Report of the income statement

Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2011 relative to its investment in Jill?

  What is an unasserted claim

What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.

  Selling the assets and paying the liabilities

After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?

  Internal rate of return on the investment in the tractor

The tractor-trailer would be used in the company's hauling business, resulting in additional net cash inflows of $24,000 per year. The internal rate of return on the investment in the tractor-trailer is closest to:

  Cost per equivalent unit for conversion costs

There were 13,000 units in the ending work in process inventory of the Welding Department that were 60% complete with respect to conversion costs. A total of $575,360 in conversion costs were incurred in the department during the month. The cost p..

  Return on the investment in the crane

Valdivieso Roofing is considering the purchase of a crane that would cost $137,885, would have a useful life of 9 years, and would have no salvage value. The use of the crane would result in labor savings of $23,000 per year. The internal rate of ..

  Company annual fixed costs

Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs the firm $3 to make and deliver each pizza.

  Change in accounting estimate

Which of the following should be reported as a change in accounting estimate?

  Prepare a memo to susan apple

Prepare a memo to Susan Apple, a tax partner for whom you are working, with the recommended treatment for the disputed income.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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