Kerry, Inc., exchanged land and cash of $7,700 for equipment. The land had a book value of $52,000 and a fair value of $56,.700. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. (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 Record the exchange of assets. Hote: Enter debits befera ciedis. Transaction General Journal Debit Credi

Kerry, Inc., exchanged land and cash of $7,700 for equipment. The land had a book value of $52,000 and a fair value of $56,.700. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. (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 Record the exchange of assets. Hote: Enter debits befera ciedis. Transaction General Journal Debit Credi

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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2. What is the gain on sale of machinery on December 20?
Consolidated Balance Sheet Working Paper, Identifiable Intangibles International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments. All amounts are in thousands. Cash paid to GP shareholders $10,000 2,400 Cash paid to consultants and lawyers Fair value of new IA stock issued, 1,000 shares, $4 par 72,000 1,800 500 Stock registration fees, paid in cash Fair value of earnings contingency The earnings contingency, if paid, will occur three years subsequent to the acquisition. The balance sheet accounts of GP and IA, just prior to the acquisition, are as follows: International Auto (in thousands) Current assets Fixed assets, net Trademarks Current liabilities Long-term liabilities Common stock, par value Additional paid-in capital Retained earnings Accumulated other comprehensive income Treasury stock Total Book Value Dr (Cr) $60,000 840,000 178,000 (50,000) (700,000)…
Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…
Consider the following information from Alliance Data Systems Corporation 2009 10K.On October 30, 2009, the Company assumed the operations of the Charming Shoppes’ credit card program, including the service center operations associated with Charming Shoppes’ branded card progams, portfolio and securitization master trust. The transaction consisted of purchasing existing accounts and the rights to new accounts along with certain other assets that are required to support the securitization program including retained certificates and interests, cash collateral accounts, and an interest-only strip, totaling a combined $158.9 million. The Company obtained control of the assets and assumed the liabilities on October 30, 2009, the acquisition date. The reults of operations for this acquisition have been included since the date of acquisition and are reflected in the Private Label Services and Private Label Credit segments.The Company engaged a third-party specialist to assist it in the…
Hello, I'm having issues with the books problem questions. The problem is looking for the "Consolidated balance of accounts receivable" If the method is needed, we've been told to use Entity approach method.
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Do has commercial and lacks commercial substance please using the same template as first pic
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Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…
Listed below is a selection of accounts found in the general ledger of Marshall Corporation as of December 31, 2026: Accounts receivable Research & development costs Goodwill Internet domain name Organization costs Initial operating loss Prepaid insurance Non-competition agreement Radio broadcasting rights Customer list Premium on bonds payable Video copyrights Trade name Notes receivable Instructions List those accounts that should be classified as intangible assets.