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givi [52]
3 years ago
5

When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be reco

rded with the following entry (assuming the exchange was considered to have commercial substance)?
a. debit Cash and Machinery; credit Accumulated Depreciation and Machinery
b. debit Machinery and Accumulated Depreciation; credit Machinery, Cash, and Gain on Disposal
c. debit Cash and Machinery; credit Accumulated Depreciation
d. debit Machinery and Accumulated Depreciation; credit Machinery and Cash
Business
1 answer:
77julia77 [94]3 years ago
7 0

Answer:

b. debit Machinery and Accumulated Depreciation; credit Machinery, Cash, and Gain on Disposal

Explanation:

When machinery exchange and its value is greater than the book value so the journal entry is recorded which is shown below:

Machinery A/c Dr XXXXX

Accumulated depreciation A/c Dr XXXXX

            To Machinery A/c XXXXX

            To Cash A/c XXXXX

            To Gain on disposal A/c XXXXX

(Being the exchange is recorded)

Hence the most appropriate option is b.

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3 years ago
The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,
user100 [1]

The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Using this formula

Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory

Where:

Beginning Inventory=$32,000

Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000

Ending Inventory=$40,000

Let plug in the formula

Cost of goods sold=$32,000+$241,000-$40,000

Cost of goods sold=$233,000

Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Learn more here:

brainly.com/question/15708509

4 0
2 years ago
Oliver needs to purchase new equipment for his team in order to complete his
noname [10]

Answer:

The correct answer is C

Explanation:

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5 0
3 years ago
How do corporations raise money and resources to expand? Select THREE answers.
Firlakuza [10]

Answer:

A. <u><em>They request a bank loan. </em></u>

D. <u><em>They agree to sell stocks. </em></u>

E. <u><em>They issue bonds. </em></u>

<u><em /></u>

Explanation:

your welcome

3 0
3 years ago
Read 2 more answers
A firm owed accounts payable of $250,000 at the beginning of the year and $350,000 at the end of the year. This $100,000 differe
pshichka [43]

Answer and Explanation:

Since in the question it is mentioned that the account payable beginning balance is $250,000 and the ending balance of the account payable is $350,000 so here $100,000 different would rise the cash from operations

Therefore the same is to be considered as there is an increase in inflows of cash

So the difference would be rise the cash from operations

4 0
2 years ago
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