subject
Business, 07.05.2021 19:20 brown62

Hamilton, Inc. owned a building that was destroyed in a fire on August 1, 2019. The building had a cost of $400,000 and accumulated depreciation of $150,000 as of the date of the fire. The company received insurance proceeds of $450,000 for the building and used that money plus additional funds to purchase another building for $500,000. Which of the following would be included in the journal entries to record the above transactions?
a. Debit - Building $100,000
b. Credit - Gain $200,000
c. Debit - Loss $250,000
d. Credit - Building $450,000

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 21:00
You have just been hired as a financial analyst for barrington industries. unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. so, your first job will be to recreate the firm's cash flow statement for the year just ended. the firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. it earned $5 million in net income during the year but paid $800,000 in dividends to common shareholders. throughout the year, the firm purchased $5.5 million of machinery that was needed for a new project. you have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 6% interest rate. what was the firm's end- of-year cash balance? recreate the firm's cash flow statement to arrive at your answer
Answers: 1
question
Business, 21.06.2019 23:00
How supply and demand work together to reach the equilibrium price in the marketplace? give at least a paragraph. you!
Answers: 3
question
Business, 22.06.2019 13:00
Creation landscaping has 1,000 bonds outstanding that are selling for $1,280 each. the company also has 2,000 shares of preferred stock outstanding, currently priced at $27.20 a share. the common stock is priced at $37.00 a share and there are 28,000 shares outstanding. what is the weight of the debt as it relates to the firm's weighted average cost of capital?
Answers: 1
question
Business, 22.06.2019 14:30
If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided
Answers: 1
You know the right answer?
Hamilton, Inc. owned a building that was destroyed in a fire on August 1, 2019. The building had a c...
Questions
question
English, 26.02.2020 20:19
Questions on the website: 13722367