1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexandr1967 [171]
3 years ago
8

Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $252,000 (original

cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete the exchange which has commercial substance. Required:
Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
vfiekz [6]3 years ago
7 0

Answer:

Explanation:

General Journal

Dr Cr

Equipment - new 348,000

Accumulated depreciation 300,000

Cash 68,000

Equipment - old 552,000

Gain 28,000

Workings:

Equipment – new ($280,000 + 68,000) = $348,000

Gain ($280,000 – 252,000) = $28,000

You might be interested in
Financial literacy is the set of skills and knowledge needed to make __________ about money matters. A.informed decisions B.unin
JulsSmile [24]
Financial literacy is the set of skills and knowledge needed to make INFORMED DECISION about money matters.  The correct option is A.
Financial literacy refers to an education that empowers one with knowledge and understanding about how to manage money in an efficient manner. It enables one to make financial decisions that are based on facts and not emotions. Financial literacy involves acquiring skills in making appropriate financial decisions which can involve any of the following: budgeting, insuring, investing, tax planning, retirement, etc.
3 0
3 years ago
G4S is a company that provides security services. Saving lives is not the employees' primary job. Which of the following options
professor190 [17]

Answer: A

Cross training

Explanation:

Cross training involves teaching an employee the the skills required to execute the task he/she was employed for and also the skills required to perform a different job function. G4S is a security firm and the primary job function of its recruit will be protecting life but there might be case of an injured individual that need quick medical help, in such cases an employee is required to know basic first aid. Hence the need for cross training.

3 0
2 years ago
I have an interview on Thursday how do i answer the question “ Tell me about yourself” and “ Why do you want to work here”
omeli [17]
I see this job as a opportunity to contribute to an forward thinking industry. I feel that that my skills would be something great to share with the team .
4 0
3 years ago
At December 31, 2021 and 2020, P Co. had 58,000 shares of common stock and 5,800 shares of 5%, $100 par value cumulative preferr
Finger [1]

Answer:

$10.19 per share

Explanation:

With regards to the above, the basic earnings per common share is seen below;

Preferred dividend = Shares × Par value × Shares percentage

= 5,800 × $100 × 5%

= $29,000

So, basic earning per share = (Net income - Preferred dividend) ÷ Common shares

= ($620,000 - $29,000) ÷ 58,000

= $10.19 per share

Therefore, for 2021, basic earnings per common share amounted to $10.19

6 0
3 years ago
Jamestown's location made it a poor choice for settlement because it __________.
Mashcka [7]
Was horrible for growing crops if I remember correctly
3 0
2 years ago
Other questions:
  • The appropriate cost accounting system to use when inventory items are produced on an assembly line is
    5·1 answer
  • When an MNC needs to finance a portion of a foreign project within the foreign country, the best method to account for a foreign
    10·1 answer
  • A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as paym
    5·1 answer
  • 1. The pre-emptive right of a common stockholder is the right toa. share proportionately in corporate assets upon liquidation.b.
    10·1 answer
  • Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 9,500 C
    10·1 answer
  • Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $49,0
    9·1 answer
  • When Congress passed the Sarbanes-Oxley Act of 2002, it imposed greater regulation on public companies and their auditors and re
    5·1 answer
  • Selected financial information for Feemster Company for 2012 follows. Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise
    13·1 answer
  • Rogers Manufacturing's overhead at year-end was underapplied by $5,800, a small amount given the firm's size. The year-end journ
    7·1 answer
  • Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $64,000 cash immediately
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!