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Arturiano [62]
3 years ago
13

Haley's Hamburger's has just completed an exchange of some of their long-term assets with Barry's Burgerlicious. Haley's receive

s a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $31,000 and $24,000 (original cost of $35,000 less accumulated depreciation of $11,000), respectively. Since the delivery truck was worth $36,000, Haley's paid an additional $5,000 in cash to Barry's. Record this exchange for Haley's Hamburger's.
Business
1 answer:
Snezhnost [94]3 years ago
7 0

Answer:

Debit Delivery truck for $36,000

Debit Machinery acccumulated depreciatio for $11,000

Credit Machinery for $35,000

Credit Cash for $5,000

Credit Gains on disposal of Machinery for $7,000

Explanation:

The entries will be as follows in the book of Haley's Hamburger's

<u>Details                                                    Dr ($)             Cr ($)</u>

Delivery truck                                      36,000

Accumulated dep. - Machinery           11,000

Machinery                                                                  35,000

Cash                                                                             5,000

Gains on disposal of Machinery                               7,000

<em><u>To record an exchange of some long-term assets with Barry's Burgerlicious.</u></em>

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Rice Corp. recognizes revenue over time to account for long-term contracts and has the following information for the first year
trasher [3.6K]

Answer:

D.) $75,000

Explanation:

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Cost incurred to date=60,000

Estimated total cost=400,000

Contract price=500,000

Amount of revenue recognized= 60,000/400,000 * 500,000

=0-15 * 500,000

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Amount of revenue recognized in year 1 is $75,000

8 0
3 years ago
Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $4,050,000 and 265,000 shares of stock outst
PIT_PIT [208]

Answer: $16.60

Explanation:

The following information can be gotten from the question:

Total common equity = $4,050,000 Shares of stock outstanding = 265,000

Net Income = $450,000

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Based on the information given, the book value per share will be calculated as:

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6 0
3 years ago
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2015. At the time of purchase, the equipment is expecte
mariarad [96]

Answer:

Beaver Construction

1. Journal Entry:

April 1, 2015:

Debit Equipment $50,400

Credit Cash Account $50,400

To record the purchase of new equipment for cash.

2. December 31, 2015:

Debit Depreciation Expense-Equipment $5,400

Credit Accumulated Depreciation - Equipment $5,400

To record the depreciation expense for the period.

3. Adjusted balances of Accumulated Depreciation and Depreciation Expense at December 31, 2015:

a) Accumulated Depreciation - Equipment

Beginning balance       $0

Depreciation Expense $5,400

Ending balance            $5,400

b) Depreciation Expense-Equipment $5,400

Explanation:

The depreciation expense for equipment is $5,400 ($600 x 9) since the depreciation charge for each month is $600.  The equipment was used from 9 months from April 1 to December 31 in 2015.  This implies that only $5,400 will be charged to Income Statement for the period.

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3 years ago
Karl Metzger plans to invest $5,000 in a partnership with his brother to produce and sell handcrafted violins, zithers, and othe
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Answer:

A silent partner

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A silent partner is a partner whose liability is limited to the amount invested in the project. Also, a limited partner hardly takes part in the day to day running of the business.

I hope my answer helps you

8 0
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Answer:

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