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3 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]3 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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Keys Printing plans to issue a $1,000 par value, 20-year noncallable bond with a 7.00% annual coupon, paid semiannually. The com

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Explanation:

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3 years ago

In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. It sells the pro

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Answer:

Units to be accounted for:

Beg WIP 300 units

started 2700 units

Total 3,000 units

Equivalent units

physical materials conversion

tranferred 2,850 2,850 2,850

ending 150 150 (20%) 30

total 3,000 2,700 2,880

Cost to be accounted for:

materials conversion

beg WIP 0 576

incurred 0 10,800

Total 0 11,376

Equivalent unis cost

materials zero

conversion: $11,376 / 2,880 = $3.95

Cost assigned for:

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ending work in process units

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Notice: Total cost to be asisgned for and assigned cost are the same.

Explanation:

1) We count the physical units

2) Then, we solve for the equivalent units which, under weighted average are:

transferred units + completion on ending work in process.

3) Now, we solve for equivalent unit cost:

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3 years ago

Melissa recently paid $610 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also

zavuch27 [327]

Answer:

A. $2,325

B. $2,325

C. $0; $1,715

D. $598.5

Explanation:

A. Calculation to determine the amount of the travel costs can Melissa deduct as business expenses

Round trip airfare $610

Conference registration fees $385

3 nights lodging $1,005

($335*3)

Meals $150

(300*50%)

Cab fare $175

Total deduction $2,325

Therefore the amount of the travel costs can Melissa deduct as business expenses will be $2,325

b. Calculation to determine What amount of the travel costs can Melissa deduct as business expenses

Based on the information given the amount of the TRAVEL COSTS that Melissa can deduct as BUSINESS EXPENSES will still be $2,325.

Round trip airfare $610

Conference registration fees $385

3 nights lodging $1,005

($335*3)

Meals $150

(300*50%)

Cab fare $175

Total deduction $2,325

c. Calculation to determine What amount of the airfare can Melissa deduct as a business expense

Based on the information given Airfare will NOT BE DEDUCTIBLE

Hence;

Total Airfare deductible = $0

Total expenses deductible = $2,325 - $610

Total expenses deductible = $1,715

d. Calculation to determine the amount of the travel costs can Melissa deduct as business expense

Registration fee $385

Mileage $43.5

($75*0.58)

Parking $170

Total deductible $598.5

Therefore the amount of the travel costs that Melissa can deduct as business expense is $598.5

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3 years ago