Ashvinn Current Attempt in ProgressMarigold Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of$3,564. Marigold also paid $540 in the transaction.Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit

ExplanationLet's break down the transaction into steps for clarity:Step 1: Determine the book value…

Answered: Current Attempt in Progress Marigold…

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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Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Blue Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Blossom Co. $40,880 27,740 18,250 4,380 Blue Co. Account Titles and Explanation Blossom Company: $40,880 14,600 22,630 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Debit DO Credit M
Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standalone selling price for the Internet service. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)
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On January 1, 2023, AMI Corporation purchased the non-cash net assets of Sheffield Ltd. for $8,175,500. Following is the statement of financial position of Sheffield Ltd. from the company's year-end the previous day: Sheffield LTD. Statement of Financial Position As at December 31, 2022 Cash Accounts receivable Inventory Property, plant, and equipment (net) Land Accounts payable Common shares Retained earnings As part of the negotiations, AMI and Sheffield agreed on the following fair values for the items on Sheffield's statement of financial position: Accounts receivable Inventory Property, plant, and equipment Land $670,000 561,000 2,510,000 2,110,000 2,550,000 $8,401,000 $311,000 2,560,000 5,530,000 $8,401,000 Accounts payable $559,900 2,270,000 1,955,000 3,600,000 300,400
SA Electrical received a debit card payment of R2 300,00 from A Zulu in full settlement of his account. Receipt no. 1024 was issued. The supporting document that SA Electrical will use to record the transaction in the correct subsidiary journal will be: Select one: O a. duplicate receipt O b. duplicate deposit slip O c. original receipt O d. duplicate invoice
Attempt Sheridan Ltd. factors receivables with a carrying amount of £220,000 to Warren Company for £176,000 and guarantees all credit losses. Prepare the appropriate journal entry to record this transaction on the books of Sheridan Ltd. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media Debit Credit
Part A: Prepare the July 1 entry for Flounder Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Flint Corp. has the following securities (all purchased in 2023) in its investment portfolio on December 31, 2023: 2,570 Anderson Corp.common shares, which cost $49,344; 10,700 Munter Ltd. common shares, which cost $580,700; and 6,700 King Corp. preferred shares, which cost $256,400. Their fair values at the end of 2023 were as follows: Anderson $50,980; Munter $570,200; and King $256,500. In 2024, Flint completed the following transactions: On January 15, sold 2,570 Anderson common shares at $21 per share less fees of $2,290. 2. On April 17, purchased 1,350 Castle Ltd. common shares at $34.20 per share plus fees of $2,120. 1. The company adds transaction costs to the cost of acquired investments and deducts them from cash received on the sale of investments. On December 31, 2024, the fair values per share of the securities were as follows: Munter $68; King $26; and Castle $22. Flint's accounting supervisor tells you that all these securities have fair values that can be readily…
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Do has commercial and lacks commercial substance please using the same template as first pic
On January 1, 2020, Pharoah Ltd. entered into a purchase commitment contract to buy 12,900 oranges from a local company at a price of $0.60 per orange any time during the next year. The contract provides Pharoah with the option either to take delivery of the oranges at any time over the next year, or to settle the contract on a net basis for the difference between the agreed-upon price of $0.60 per orange and the market price per orange for any oranges that have not been delivered. As at January 31, 2020, Pharoah Ltd. did not take delivery of any oranges, and the market price for an orange was $0.55. Assuming that Pharoah Ltd. follows IFRS, how should Pharoah Ltd. account for this purchase agreement if it fully intends to take delivery of all 12,900 oranges over the next year? Prepare any required journal entries at January 1 and January 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"…
Sheffield Inc factors receivables with a carrying amount of $233,500 to Joffrey Company for $178,600 on a with recourse basis. The recourse provision has a fair value of $2.870. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Sheffield Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries Account Titles and Explanation Debit Credit

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