Byrde Company purchased truck. The seller asked for $14,200, but Byrde paid or
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![1. Byrde Company purchased a
truck. The seller asked for
$14,200, but Byrde paid only
$13,200 after negotiation. The
owner of Byrde Company
believes he got a great deal
and the truck is really worth
$18,200. What amount does
Byrde record on its financial
statements for the truck?
2. Snell Company performs and
completes services for a client
in May and bills the client
$4,200. In June, the client
makes a partial payment of
$1,900 cash for the services.
In July, the remaining $2,300
cash is paid. Determine the
monthly revenue recorded in
May, June, and July for this
service.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38ad3496-3cfd-4c8c-a8c7-93b3e36a649d%2F042ece04-0fd3-4081-ac34-18b4d9e02c70%2Fcrwe9u_processed.jpeg&w=3840&q=75)
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- Byrde Company purchased a truck. The seller asked for $11,400, but Byrde paid only $10,400 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $15,400. What anmount does Byrde record on its financial statements for the truck?Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $37,500 cash C. $30,000 cash If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 B. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 C. fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.
- Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form.FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere. How is the $30,000 journalized? Select an answer: as a credit to Assetsas a liabilityas revenueas cost of goods soldStillwater Designs is a private company and outsources production of its Kicker speaker lines. Suppose that Stillwater Designs provided you the following transactions: a. Sold a warehouse for 750,000. b. Reported a profit of 100,000. c. Retired long-term bonds. d. Paid cash dividends of 350,000. e. Obtained a mortgage for a new building from a local bank. f. Purchased a new robotic system. g. Issued a long-term note payable. h. Purchased a 40% interest in a company. i. Reported a loss for the year. j. Negotiated a long-term loan. Required: Classify each of these transactions as an operating activity, an investing activity, or a financing activity. Also, indicate whether the activity is a source of cash or a use of cash.
- Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $35,500 cash C. $27,000 cash If an amount box does not require an entry, leave it blank.Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $44,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $33,500 cash C. $29,000 cash If an amount box does not require an entry, leave it blank. А. С. B.Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
- A company sells an office desk. You are provided with the following information: The original cost of the desk was $3,000. The desk is sold for $1,000. . . The value of the desk is $1,500. The opening UCC balance in Class 8 is $18,000 A new desk is purchased for $2,000. What amount is recorded as a disposition in Class 8? • O O a. $3,000 O b. $1,000 O c. $1,500 O d. d. $18,000 $2,000Sellco established a car dealership in a town. This dealership is popular as no other town nearby has a showroom. The owner of this dealership wanted to sell and retire. Purchaseco came forward to buy this dealership for a price of $380,000 On the date of sale the balance sheet of Sellco is as under: Assets Cash Accounts Receivable Inventory Furniture Buildings Accounts Receivable Inventory Furniture Buildings Loans payable Income tax payable 64,400 34,200 Accounts Payable Loans Payable 245,100 Income tax payable 94,600 Salaries payable 244,900 Retained earnings 683,200 The fair market values of the assets and liabilities revealed the following: Liabilities 28,900 214,300 72,600 366,800 255,300 10,400 Please find out thegoodwill / bargain purchase amount and also prepare the journal entry on the day of acquision 106,300 249,600 12,100 6,800 308,400 683,200Reynolds Construction (RC) needs a piece of equipment that costs $200. RC can either lease the equipment or borrow $200 from a local bank and buy the equipment. Reynolds's balance sheet prior to the acquisition of the equipment is as follows: Current assets: $300 Debt: $400 Net Fixed Assets: 500 Equity: 400 Total assets: 800 Total claims: 800 a. (1) What is RC's current debt ratio? (2) What would be the company's debt ratio if it purchased the equipment? (3) What would be the debt ratio if the equipment were leased and the lease was not capitalized? (4) What would be the debt ratio if the equipment were leased and the lease were capitlaized? Assume that the present value of the lease payments is equal to the cost of the equipment. b. Would the company's financial risk be different under the leasing and purchasing alternatives?
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