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3 years ago

Who wants points answer in this question points for 10 points ;)

Business

2 answers:

wariber [46]3 years ago

8 0

yesExplanation: yes thank you so much

SpyIntel [72]3 years ago

4 0

Answer:

OK Thanks for the free points

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Timmons Company traded machinery with a book value of $360,000 and a fair value of $600,000. It received in exchange from Lewis

Yanka [14]

Answer:

amount of gain recognize is $24000

Explanation:

Given data

Timmons book value = $360,000

Timmons fair value = $600,000

Lewis fair value = $540,000

Lewis book value = $570,000

cash = $60,000

to find out

amount of gain recognize

solution

we know that here that cash is receive in exchange

so no commercial substance but gain is recognize

so we find gain that is

gain = fair value - book value

gain = 600000 - 360000

so gain is $240000

and

we say cash % for fair value is

cash % for fair value = cash / fair value

cash % = 60000 / 600000

cash% is 10% for fair value

so that here recognized gain recognize is given as

gain recognize = gain × cash %

gain recognize = 240000 × 10%

gain recognize = 24000

so amount of gain recognize is $24000

7 0

4 years ago

a. Total assets of Charter Company equal $710,000 and its equity is $425,000. What is the amount of its liabilities

Liula [17]

Answer:

the amount of its liabilities is $285,000

Explanation:

From the Accounting Equation, we know that :

Assets - Liabilities = Equity

Therefore,

Liabilities = Assets - Equity

= $710,000 - $425,000

= $285,000

4 0

3 years ago

Let's say that you make the the following journal entry: Debit Inventory $2,000 Credit Cash $2,000 How does this journal entry a

koban [17]

Answer:

No net affect: There is both an increase in Assets and a decrease in Assets

Explanation:

The journal entry is as follows

Inventory Dr $2,000

To Cash $2,000

(Being the inventory is purchased for cash is recorded)

This journal entry states that the inventory is purchased for cash. The inventory is purchased that increases the asset and on the other side the cash is paid for the purchase of increased which decrease the asset

So, there is no impact on the asset side or accounting equation

8 0

3 years ago

The LFH Corporation makes and sells a single product, Product T. Each unit of Product T requires 1.5 direct labor-hours at a rat

lora16 [44]

Answer:

$441,000

Explanation:

Budgeted direct labor cost = Budgeted production * Hours per unit * Rate per hour

Budgeted direct labor cost = 28,000 units * 1.5 DLH * $10.50

Budgeted direct labor cost = $441,000

So, budgeted direct labor cost for June would be $441,000

5 0

3 years ago

Which of the following relationships holds between the value of all production in a country and the total income of the country?

adell [148]

Answer:

They both are equal

Explanation:

Total production of a country is known as a gross domestic product which is the market value of all the good produced in a country in a specific period of time. These goods and services help a country to generate income. If 100 is the total production of a country it means the total income of a country will be generated based on these 100 units.

6 0

3 years ago