Answer:
The gain that Sheridan should recognize on this exchange is $135000
Explanation:
Where Exchange Transaction lacks commercial substance, the asset that is acquired is measured at the <em>Carrying Amount or Undepreciated Cost </em> of the asset given up.
The gain will then include an <em>further consideration acquired</em> on the exchange of an asset.
<u>Entries to record the exchange are as follows :</u>
Cash $135000 (debit)
New Asset at undepreciated cost $420300 (debit)
Cost of Old asset given up $420300 (credit)
Gain on exchange $135000 (credit)
Conclusion :
The gain that Sheridan should recognize on this exchange is $135000
Answer: $30,923
Explanation:
From the question, we are told that as part of an initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a sole proprietorship. Out of the amount, $1,367 is deemed completely worthless and for the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $848.
The amount debited to accounts Receivable for the new partnership will be the difference between the account receivable balance and the amount that was deemed worthless. This will be:
= $32,290 - $1,367
= $30,923
Therefore, the amount debited to Accounts Receivable for the new partnership will be $30,923
Hi there, I'm not answering this question, sorry.
Your task clearly states you must think of your own example and prove what you know. That's why.
Please, if you're coming onto the <em>Brainly</em> website, at least improve your questions.
Answer:
$508.63
Explanation:
For this question, we use the Present value formula that is reflected in the attached spreadsheet. Kindly find it below:
Provided that
Given that,
Future value = $1,000
Rate of interest = 14%
NPER = 15 years
PMT = $1,000 × 6% = $60
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after solving this, the present value is $508.63
Answer:
2000000
Explanation:
because that is what is left
