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OLga [1]
3 years ago
6

Sheffield Corporation exchanged 2750 shares of Pharoah Company common stock, which Sheffield was holding as an investment, for e

quipment from Flint Corporation. The Pharoah Company common stock, which had been purchased by Sheffield for $50 per share, had a quoted market value of $59 per share at the date of exchange. The equipment had a recorded amount on Flint's books of $143000. What journal entry should Sheffield make to record this exchange
Business
1 answer:
AveGali [126]3 years ago
6 0

Answer: Please refer to Explanation

Explanation:

When recording Equipment here the value of the shares at current value should be used and not the cost of the equipment.

DR Equipment $162,250

CR Investment in Pharaoh Company $137,500

CR Gain on Exchange $24,750

(To record Exchange of shares for Equipment)

Workings.

Investment in Pharaoh Company.

= 2,750 shares * $50(purchase price)

= $137,500

Gain on Exchange

= 2,750 shares * (Market Price - Purchase Price)

= 2,750 shares * ( 59 - 50)

= $24,750

Equipment.

= Investment in Pharoah Company + Gain on Exchange

= 137,500 + 24,750

= $162,250

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Where can you go in the Banking Center to review downloaded bank feed transactions that have already been matched to existing transactions in QuickBooks Online?

a. For Reviewed tab

Explanation:

In QuickBooks online, you have the Reviewed tab where you can download at least the last 90 days of transactions, made with your bank or credit card. QuickBooks is also able to categorize all the downloaded transactions you have done. In the reviewed tab you can find all the accepted bank transactions.

5 0
3 years ago
Is evrything the consumer must surrender in order to recieve the benefits of theowningusing a product
BabaBlast [244]

Consumer cost is everything the consumer must surrender in order to receive the benefits of owning/using the product.

Customer cost includes the price of a product as well as the expenditures associated with its purchase, use, and aftercare. Purchase expenses are made up of the expenditures associated with product research, information collecting, and information acquisition.

The price of a product is only a small portion of its overall cost to the consumer. The additional costs of delivery, use, and ultimately disposal of the goods fall on the consumer. The overall consumer cost is the sum of these expenses (TCC).

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5 0
2 years ago
A firm is considering moving from the United States to Mexico. The firm pays its U.S. workers $30.00 per hour. Currently, U.S. w
Rama09 [41]

Answer: $6.00

Explanation:

From the question, we can see that the productivity in the United States is (45/9) = 5 times higher than that of Mexico.

Therefore, the wages in Mexico should be 5 times lower than the wages paid to the workers in the United States. This will be:

= $30.00 / 5

= $6.00

Therefore, in order for the firm to reduce its wage cost per unit of output by moving to Mexico, the wages in Mexico must be below $6.00 per hour.

4 0
3 years ago
A straight bill of lading is most likely to be used under which of the following circumstances?
Lina20 [59]

A straight bill of lading is most likely to be used when the shipment is to an affiliate.

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A straight bill of Lading is a non-negotiable invoice of lading. it's miles used when the goods which can be being brought are already paid for or are donations or presents and don't require a charge. The usage of this, the consignee is delivered the products via the delivery business enterprise upon presentation of identification.

The difference between a straight bill of lading and a reserve invoice of lading is the fee fame of the products being shipped. An instant invoice of lading is issued when the goods have been paid for in advance by way of the consignee to the shipper.

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4 0
2 years ago
Greene owns a parking lot that yielded net income of $26,000 during the current year. The only other transactions that he had du
saw5 [17]

Answer: A. Zero because all the gains offset the losses.

Explanation:

Based on the information given in the question, the net capital gain/loss for the current year will be:

First and foremost, we should note that the net income of $26,000 will not be added to our calculations.

Then, we then add the gain on capital assets from the options a-d given and subtract from the capital loss. This will be:

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= $13000 + $4000 + $6000 - $23000

= $23000 - $23000

= 0

Note that $23000 was subtracted because it was the only loss incurred on the capital asset from the options.

8 0
4 years ago
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