Business, 15.04.2020 01:26 Brainly264

Splish Company exchanged equipment used in its manufacturing operations plus $4,320 in cash for similar equipment used in the operations of Blossom Company. The following information pertains to the exchange. Splish Co. - Blossom Co. Equipment (cost) - $40,320 - $40,320 Accumulated depreciation - 27,360 - 14,400 Fair value of equipment - 18,000 - 22,320 Cash given up - 4,320a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 19:30

What would be the input, conversion and output of developing a new soft drink

Answers: 3

Answer

Business, 21.06.2019 23:00

You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)

Answers: 1

Answer

Business, 22.06.2019 19:00

The market demand curve for a popular teen magazine is given by q = 80 - 10p where p is the magazine price in dollars per issue and q is the weekly magazine circulation in units of 10,000. if the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue?

Answers: 1

Answer

Business, 22.06.2019 20:40

Aggart technologies is considering issuing new common stock and using the proceeds to reduce its outstanding debt. the stock issue would have no effect on total assets, the interest rate taggart pays, ebit, or the tax rate. which of the following is likely to occur if the company goes ahead with the stock issue? a. the roa will decline.b. taxable income will decline.c. the tax bill will increase.d. net income will decrease.e. the times-interest-earned ratio will decrease

Answers: 1

Answer

You know the right answer?

Splish Company exchanged equipment used in its manufacturing operations plus $4,320 in cash for simi...

Questions