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4 years ago

Kerry, Inc., exchanged land and cash of $8,900 for equipment. The land had a book value of $64,000 and a fair value of $69,900.

Business

1 answer:

kipiarov [429]4 years ago

3 0

Answer:

Explanation:

The journal entry is shown below:

Equipment A/c Dr $78,800

To Gain on exchange A/c $5,900

To Land A/c $64,000

To Cash A/c $8,900

(Being the exchange is recorded and the remaining balance is credited to the gain on exchange account)

The equipment value is computed below:

= Fair value + exchange value

= $69,900 + $8,900

= $78,800

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T. Bina and M. Valley are partners with equal capital balances of $50,000 each. They agree to let R. Smith invest $20,000 in the

tensa zangetsu [6.8K]

Answer:

The journal entry to reflect Smith's new capital balance will include a credit to Smith, Capital in the amount of $30,000.

Explanation:

Step 1: Determine Smith's capital balance

Smith's new capital balance can be expressed as shown;

C=I+B1+B2

where;

C=new capital balance

I=Smith's capital investment

B1=T. Bina bonus amount

B2=M. Valley bonus amount

In our case;

C=unknown, to be determined

I=$20,000

B1=$5,000

B2=$5,000

Replacing;

C=(20,000+5,000+5,000)=$30,000

New capital balance=$30,000

Step 2: Record Smith's New Capital balance

Account Debit Credit

Cash 30,000

Smith 30,000

A credit to Smith, Capital in the amount of $30,000

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3 years ago

Holding a meeting late on friday afternoon just before closing an office may create _______ that will interfere with your messag

djyliett [7]

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4 years ago

Alex is starting a career in ux and wants to be able to specialize in a particular ux design role and focus on one project from

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A small start-up is a good fit for Alex.

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2 years ago

When all employees are exceedingly clear about what is expected from them, guidelines for task completion are clear and understo

dalvyx [7]

Answer:

The correct answer is letter "D": autocratic.

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3 years ago

A project manager has to manage tasks and identify schedule problems during the

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Duration of the project. from start to end

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