Cutshall Industries Inc. exchanged old equipment and $22,500 cash for similar equipment. The book value and the fair value of the old equipment were $95,600 and $110,200, respectively. Assuming that the exchange has commercial substance, what is the gain or loss to be recorded by Cutshall Industries Inc.?
Q: Given correct answer general accounting
A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) measures how…
Q: Hii tutor give me Answer
A: Concept of Budgeted Price per UnitThe budgeted price per unit represents the expected selling price…
Q: General Accounting question
A: Image.Explanation.To determine the percent return on the investment in Global Tech's stock, we first…
Q: None
A: Step 1: Formula Cash flow cycle = Average age of inventory + Average age of accounts receivable -…
Q: What is the gross profit margin?
A: The question requires the determination of the gross profit margin.Gross profit margin shows the…
Q: Anjali Brewery has estimated budgeted costs of $72,600, $78,900, and $85,200 for the manufacture of…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: given answer of this General accounting question
A: Step 1: Define Annual Rate of Interest (Compound Interest Rate) is the percentage rate at which an…
Q: Nitin Sweets believes its advertising expenditures are too high and wants to cut $600,000 from the…
A: **Step 1: Calculate the Lost Gross Margin** - **Estimated loss in sales:** **12,000 units** -…
Q: I need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.
A:
Q: provide correct answer general accounting
A: Step 1: Definition of Days' Sales in ReceivablesDays' sales in receivables, also known as the…
Q: What are the direct materials price variance
A: Concept of Standard PriceThe standard price refers to the predetermined or budgeted cost of direct…
Q: answer plz
A: To calculate the total cost of the job when it is completed in October, we need to consider the…
Q: hi expert please help me
A: Step 1:To calculate applied overheads per unit we need to manufacturing overheads per unit. In this…
Q: can you please solve this
A: To determine the new level of accounts receivable, we can use the Days Sales Outstanding (DSO)…
Q: Choose best general account options
A: Correct Answer:a. It can be used as the price at which to sell a product. Explanation:A standard…
Q: What is the gross profit percentage
A: Gross profit percentage is calculated using the formula: Gross Profit Percentage = (Gross Profit /…
Q: can you please solve this
A: Step 1:First, calculate the total equity: Total equity = Contributed capital + Retained earnings…
Q: A company has net sales of $125,000, cost of goods sold of $50,000, operating expenses of $35,000,…
A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…
Q: correct answer general accounting
A: Step 1: Definition of Total CostsIn the context of accounting, the total cost for firm can be…
Q: i want to this question answer General accounting
A: Step 1: Define Simple interest grows linearly, while compound interest grows exponentially. The…
Q: What percentage of sales is expected to be returned on these general accounting question?
A: To find the percentage of sales expected to be returned, we need to determine the estimated sales…
Q: help me to solve this questions
A: Step 1: Definition of Section 1245 and Section 1231 GainsSection 1245 Ordinary Income: This applies…
Q: SUB: FINANCIAL ACCOUNTING
A: Step 1: Calculation of net incomeSales = $1.62 million or $1,620,000Profit margin ratio = 4.8%Net…
Q: provide correct answer of this General accounting question
A: Given data: Revenue: $250,000 Operating Expenses: $150,000 Tax Rate: 15% on profit before…
Q: Accounting question
A: Percent Return=((Ending Price−Beginning Price)+Dividends/Beginning Price))×100Given:Beginning Price…
Q: Tutor provide answer please
A: To determine the **net income**, we use the formula:Net Income=Total Revenue−Total ExpensesGiven…
Q: No WRONG ANSWER
A: ROA = (Net Income / Total Assets) * 100We are givenNet Income: $72,000Total Assets: $360,000…
Q: 4 POINTS
A: Net income is calculated by subtracting expenses from revenues. From the information…
Q: Accounting problem
A: To calculate how much of the $5,170 payment is applied to the principal, we need to first determine…
Q: Hii expert please given correct answer general accounting question
A: Step 1: Define After-Tax YieldAfter-tax yield represents the actual return an investor receives on a…
Q: Hello tutor provide answer this financial accounting question
A: Step 1: Define Gain or Loss on Asset DisposalWhen a company sells an asset, it records either a gain…
Q: Accounts payable:30000, interest payable:30000
A: Explanation of Trial Balance: A trial balance is a bookkeeping worksheet that lists all accounts…
Q: What was it's net income for 2024? General Accounting
A: To calculate Global Tech Solutions' net income for 2024, we use the formula for percentage…
Q: Financial Accounting Question please answer
A: Let's go step by step to solve both parts. Given data:Owners' equity = $400,000Net income =…
Q: financial accountiong
A: Step 1: Definition of Cash Cycle (Cash Conversion Cycle - CCC)The cash conversion cycle (CCC)…
Q: Expert of general accounting answer
A: Step 1: Definition of DepreciationDepreciation is the process of allocating the cost of a tangible…
Q: General accounting
A: Step 1: Define Cash CycleIn the context of finance and accounting, there are two kinds of cycles…
Q: Give me Answer
A: The question asks you to calculate the total number of cleaning supply units that Silver Star Cinema…
Q: How many unit did the company sell in 2009 ?
A: Step 1: Definition of Absorption CostingAbsorption costing, also known as full costing, is a costing…
Q: What is the capital gain yield? General accounting
A: The capital gains yield can be calculated using the dividend discount model (DDM) for a stock with…
Q: Accounting 23
A: Concept of Beginning InventoryThe Beginning Inventory refers to the amount of raw materials…
Q: Calculate the sales volume variance
A: Explanation of Sales Volume Variance:Sales Volume Variance measures the difference in expected and…
Q: Solve this financial accounting Problem
A: Explanation of Return on Equity (ROE): Return on Equity (ROE) measures a company's ability to…
Q: provide correct answer general accounting
A: To calculate the cash collected from customers, we use the formula: Cash Collected = Beginning…
Q: What is the balance of the Buildings account
A: Concept of Total AssetsTotal Assets refer to everything a company owns that has economic value and…
Q: Overhead rate and the amount applied for February
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a rate used by…
Q: Davenport Industries is working on its direct labor budget for the next two months. Each unit of…
A: Explanation of Direct Labor Hours: Direct labor hours represent the time workers spend directly…
Q: Kim Manufacturing has a net profit margin of 6.2% on sales of $62.4 million. It has a book value of…
A: Step 1: Calculate Net IncomeNet Income=Net Profit Margin×Sales =6.2%×62.4 million=3.8688 millionStep…
Q: plea helpmeet me this question
A: The statement of stockholders' equity provides information about changes in a company's equity…
Q: What was this company's average collection period for 2023 on these general accounting question?
A: Step 1: Define Average Collection PeriodThe Average Collection Period measures the average number of…
General Accounting Question provide answer
Step by step
Solved in 2 steps
- Foxtrot Co. exchanged equipment and $17,100 cash for similar equipment. The book value and the fair value of the old equipment were $81,000 and $91,700, respectively. Assuming that the exchange lacks commercial substance, Foxtrot would record a gain/(loss) on exchange of assets in the amount of: Multiple Choice $(10,700). $0. $10,700. $27,800.Keach Company traded machinery with a book value of $285,000 and a fair value of $270,000. It received in exchange from Marlin Company a machine with a fair value of $300,000. Keach also paid cash of $30,000 in the exchange. Marlin's machine has a book value of $285,000. The transaction lacks commercial substance. What amount of gain or loss should Keach recognize on the exchange? O $30,000 gain $-0- $1.500 loss $15,000 lossPlease explain aboug your asnwer. Sheridan Corp. exchanged similar pieces of equipment with Elongo Corp. No cash was exchanged. Since this exchange will not significantly change the economic position of either company, this transaction lacks commercial substance. At this time, the carrying amount of Sheridan's asset is $37300, while the carrying amount of Elongo’s asset on their books is $33500. However, it has been reliably determined that the fair value of Sheridan’s asset is $37500, while the fair value of Elongo’s asset is $36800. Given these facts, at what amount should Sheridan record the asset it receives from Elongo? $37300 $36800 $37500 $33500
- Hoyle Company traded machinery with a book value of $680,000 and a fair value of $720,000. In exchange, it received a machine with a fair value of $800,000. Hoyle also paid cash of $80,000 in the exchange. What amount of gain or loss should Hoyle recognize on the exchange (assuming the exchange lacks commercial substance)? Hart Corporation owns machinery with a book value of $570,000. It is estimated that the machinery will generate future cash flows of $600,000. The machinery currently has a fair value of $420,000. How much asset impairment loss should Hart recognize?Hinrich Company traded machinery with a book value of $120,000 and a fair value of $200,000. It received in exchange from Noach Company a machine with a fair value of $180,000 and cash of $20,000. Noach's machine has a book value of $190,000. The transaction lacks commercial substance. What amount of gain should Hinrich recognize on the exchange? O $-0- O $8.000 $20,000 O $80,000Grabrille Inc. and Lucy Company have an exchange with no commercial substance. The asset given up by Gabrille has a book value of P120,000 and a fair value of P135,000. The asset given up by Lucy has a book value of P220,000 and a fair value of P200,000. Cash of P65,000 is received by Lucy. What amount should Gabrille record for the asset received? a. 200,000 b. 110,000 c. 185,000 d. 135,000
- Vaughn Inc. and Cullumber Co. have an exchange with no commercial substance. The asset given up by Vaughn Inc. has a book value of $61000 and a fair value of $96000. The asset given up by Cullumber Co. has a book value of $126000 and a fair value of $111000. Boot of $31000 is received by Cullumber Co.What amount should Vaughn Inc. record for the asset received? $126000 $96000 $111000 $92000Bryant Inc. and Rizzo Co. have an exchange that lacks commercial substance. The asset given up by Bryant Inc. has a book value of $36,500 and a fair value of $48,000. The asset given up by Rizzo Co. has a book value of $50,000 and a fair value of $40,000. Boot of $5,000 is received by Rizzo Co. What amount should Bryant Inc. record for the asset received?On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Phifer's Asset $ 155,000 75,000 71,500 To equalize the exchange, Phifer paid Robers $8,000 in cash. Original cost Accumulated depreciation Fair value Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet
- Jersey Inc. and Texas Co. have an exchange with no commercial substance. The asset given up by Jersey Inc. has a book value of $160,000 and a fair value of $200,000. The asset given up by Texas Co. has a book value of $260,000 and a fair value of $280,000. Boot of $80,000 is received by Texas Co. What amount should Jersey Inc. record for the asset received?Subject :- AccountingDial Co. and Safeguard Inc. engage in an exchange of nonmonetary assets that LACKS commercial substance. Dial gives up an asset with a book value of $20,000 and a fair market value of $19,000. Safeguard gives up an asset with a book value of $12,000 and a fair market value of $15,000. Safeguard also paid $4,000 cash boot. What amount should SAFEGUARD record for the asset received and for the gain or loss? O $16,000 and $3,000 gain O $16,000 and $0 gain/loss O $15,000 and $0 gain/loss O $19,000 and $3,000 gain