For questions 2-4, use the following information. A company is disposing of an asset with a cost of$74,000 and associated accumulated depreciation of $69,000.2. Write the entry if the company trades the asset for a new asset with a cost of $82,000 and thedealer provides a $7,000 trade-in.3. Write the entry if the company gives the asset to an employee.4.Write the entry if the company sells the asset for $10,000.hare. W

Assuming the fair value of the new asset received is equal to its cost ($82,000):Journal…

Answered: 3. Write the entry if the company gives…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is the correct Basic Accounting Equation Oa ASSET + LIABILITIES= STOCK HOLDER'S EQUITY O b. ASSET= LIABILITIES + STOCK HOLDER'S EQUITY C LIABILITIES =ASSETS + STOCK HOLDER'S EQUITY Od ASSETS =LIABILITIES
Do you add or subtract total retained earnings with paid in capital when accounting stock?
When using the equity method of accounting, when is revenue recorded on the books of the investor company?a. When the fair value of the affiliate stock increases.b. When a dividend is received from the affiliate.c. When the affiliate company reports net income.d. Both b and c above.
8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra asset
.What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation? Group of answer choices a. Organization Expense b. Additional Paid-in Capital c. Organization Costs d. Common stock
When a company pays interest on preferred stock, that activity is usually classified as: a. operating b. financing c. investing
Treasury stock is: Canceled as soon as it is acquired. O A current asset. O Included in issued shares. Stock owned by the Treasurer of the company.
which of the following balances can the paid in capital treasury stock account not have zero balance debit balance credit balance both a and b
6. Unrealized gains and losses on investments in trading securities are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra asset
Treasury stock should be reported in the financial statements of a corporation as a(n) Oa. investment Ob. liability Oc. current asset Od. deduction from stockholders' equity
Property or services received in exchange for capital stock should be recorded at the par or stated value of the shares issued. True or False
a simple stockholders equity account when common stock is issued

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3. Write the entry if the company gives the asset to an employee. 6 stock