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oksano4ka [1.4K]
3 years ago
11

Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co.

had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 2014. On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $700,000. The fair value of the Kurtz contract was $8,400,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Colt's books at
Business
1 answer:
vlada-n [284]3 years ago
7 0

Answer:

the amount after the exchange is $6,300,000

Explanation:

The computation of the amount after the exchange is as follows;

= Book value + cash paid

= $5,600,000 + $700,000

= $6,300,000

Since it has no commerical substance so no loss or no gain is recorded

hence, the amount after the exchange is $6,300,000

Therefore the same is to be considered

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Company X developed a highly innovative product and began exporting it. Both domestic and international markets became aware of
Delicious77 [7]

Answer: the correct answer is (A) international product life cycle

Explanation:

International product life cycle is based on the theory of product life cycle that basically states that a product cycle has four stages: introduction, growth, maturity and decline.

4 0
3 years ago
Your current account balance is $215. you have $322 of expenses each month. your income is $444 per month. how long will it take
sladkih [1.3K]
It will take me at least or approximately 7 months to accumulate a balance of $1000 in my account
6 0
3 years ago
Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workwee
juin [17]

Answer:

                                  Dr.         Cr.

Salaries Expense   $8,000

Salaries payable                   $8,000

Explanation:

Four days of the week passed until December 31. So, the accrued expense will be as follow:

Payroll for 5 days = $10,000

Payroll for 1 days = $10,000 / 5  = $2,000

Payroll for 4 days = $2,000 x 4  = $8,000

Accrued Expense of $8,000 should be recorded and a liability will be made against this expense as payment has not been made.

5 0
3 years ago
Total stockholders' equity represents :
Ganezh [65]

Answer:

c. a claim against a portion of the total assets of an enterprise.

Explanation:

The statement of stockholder's equity comprises common stock, preferred stock, and retained earnings.  

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

And, the ending balance of the common stock = Beginning balance of common stock + issued shares  

In this the accounting equation is used which is shown below:  

Total assets = Total liabilities + stockholder equity  

The debit and credit side of the balance sheet should always be equal and balanced. So, its claims against the portion of the total assets

5 0
3 years ago
West company declared a $0.50 per share cash dividend. the company has 190,000 shares issued, and 10,000 shares in treasury stoc
Damm [24]
To record the dividend declaration
   Ordinary Share Capital   $90000
          Dividend Payable         $90000
to record payment
     Dividend Payable         $90000
           Cash                            $90000

The amount is derived from the shares issued and outstanding so, the 190000 issued is deducted by 10000 treasury shares because treasury shares are reacquired by the company so it is not an outstanding share, then just multiply the answer with the dividend per share to arrive at $90000

190000-10000shares * $.50 =$90000
4 0
3 years ago
Read 2 more answers
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