The acceptance ratio express

Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of $7,691,000, and accumulated depreciation o

VLD [36.1K]

Answer:

Hodge Co. Books

Debit : Building M $4,163,000

Debit : Accumulated Depreciation Building 24 $3,528,000

Credit : Cost of Building 24 $7,691,000

Fine Co. Books

Debit : Building 24 $4,283,000

Debit : Accumulated Depreciation Building 24 $4,796,000

Credit : Cost of Building 24 $9,079,000

Explanation:

Where an exchange transaction lacks commercial substance, the accounting standard IAS 16 requires that the Asset that is <em>acquired</em> is measured at the Carrying Amount of the <em>Asset given up</em>, and <u>no gain or loss</u> can be estimated reliably.

Carrying Amount is Cost of Asset <em>minus</em> Accumulated Depreciation

The Carrying Amounts for Building 24 and Building M can now be calculated as follows -

Carrying Amount :

Building 24 = $7,691,000 - $3,528,000 = $4,163,000

Building M = $9,079,000 - $4,796,000 = $4,283,000

Then, apply the Carrying Amounts as new cost of assets acquired for Both Companies as required by the standard.

5 0

3 years ago

On January 15, the end of the first biweekly pay period of the year, North Company’s payroll register showed that its employees

vodomira [7]

Answer:

The Journal entry is as follows:

Sales salary expense A/c Dr. $35,000

To FICA social security tax $2,170

To FICA medicare tax $507.50

To federal income tax $6,500

To medical insurance deduction $772.50

To union dues $120

To sales salaries payable $24,930

(To record the employee payroll for the period)

Notes:

FICA social security tax = $35,000 × 6.2%

= $2,170

FICA medicare tax = $35,000 × 1.45%

= $507.50

4 0

3 years ago

Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increa

Dafna1 [17]

Answer:

a) Incremental income after taxes:

•Additional sales--------------$156,000

•Accounts uncollectible

(5% of $156,000)-------------$7,800

• Annal revenue increment

(Ad sales-acts colectible)--$148,200

• Collection costs

(5% of $156,000)-----------------$7,800

• Production & selling costs

(73% of $156,000)-------------$113,880

• Annual income before tax

(Annual incremental rev -

Collection costs-prod.&sell

Costs)------------------------------$26,520

• Taxes at 20% -----------------$5,304

• Incremental income after

tax-----------------------------------$21,216

b) Incremental income on sales =

Incremental income/Incremental sales.

= (21216/156000)*100

= 13.60%

c) Receivable turnover =

Sales/Receivable

Receivables =

sales/receivable turnover

= 156000/3 = $52000

Based on the new average, incremental return will be:

(21216/52000) * 100

= 40.80%

4 0

4 years ago

True or False & Why? “Every time price goes up, demand goes up and every time price falls, demand falls too, and so on ad in

deff fn [24]

Answer: ▶False◀

Explanation:▶ realistically when prices fall, demand goes up. This is because everyone would buy something that cost less, than something that is expensive. Now when prices go up, demand usually goes down. This is because the consumer wouldn't want to buy something from ( ex:) retailer 1, who's products are too expensive. Than retailer 2, who's prices are very reasonable. People wouldn't want to demand something that has a price going up and up.

//Give thanks(and or Brainliest) if helpful (≧▽≦)//

8 0

3 years ago

The rusties market, a small antique shop, periodically runs advertisements in the local newspaper to keep its name before the pu

Aneli [31]

The Rustic Market, alittle antique shop, periodically runs advertisements within the local newspaper to keep its name before the public. this is often known as reminder advertising.

<h2>What is advertising?</h2>

Advertising may be a type of marketing communication in which a product, service, or idea is promoted or sold using an openly sponsored, non-personal message. Advertisement sponsors are typically businesses that want to market their products or services.

Brand advertising may be a type of advertising that helps consumers connect and build strong, long-term relationships over time. Businesses that use brand advertising hope to realize long-term positive recognition.

Advertising has three main goals: to tell , persuade, and remind. Informative advertising raises brand, product, service, and idea awareness. It publicizes new products and programs and may educate people about the features and benefits of new and existing products.

To know more about advertising :

brainly.com/question/1658517

#SPJ4

5 0

2 years ago

The acceptance ratio express​

The acceptance ratio express