the bronco corporation exchanged land for equipment. the land had a book value of $121,000 and a fair value of $152,000. bronco paid the owner of the equipment $11,000 to complete the exchange which has commercial substance. required: what is the fair value of the equipment? prepare the journal entry to record the exchange.

Answers

Answer 1

Fair value of the equipment is $141,000. The journal entry to record the exchange is: Equipment $141,000, Land $121,000, Cash $11,000, and Gain on Exchange $11,000.

To determine the fair value of the equipment, we need to use the fair value of the land as a basis for the exchange. Since the fair value of the land was $152,000, we can assume that the fair value of the equipment is also $152,000 minus the cash payment of $11,000, which equals $141,000.

The journal entry to record the exchange would be:

Equipment                    $141,000

Land                              $121,000

Cash                              $11,000

Gain on Exchange        $11,000

The Equipment account is debited for the fair value of the equipment received, which is $141,000. The Land account is credited for its book value of $121,000.

The Cash account is credited for the cash payment of $11,000. Finally, the Gain on Exchange account is credited for the difference between the fair value of the land and its book value, which is $31,000 ($152,000 - $121,000).

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Related Questions

Gayne Corporation's contribution margin ratio is 16% and its fixed monthly expenses are $45,500. If the company's sales for a month are $302,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expenses do not change

Answers

The best estimate of the company's net operating income is $2,820.

The contribution margin ratio is defined as the contribution margin divided by sales. We can use this formula to find the contribution margin:

Contribution margin ratio = contribution margin / sales

Solving for the contribution margin, we get:

Contribution margin = contribution margin ratio x sales

Contribution margin = 0.16 x $302,000

Contribution margin = $48,320

The net operating income can be calculated by subtracting the fixed expenses from the contribution margin:

Net operating income = contribution margin - fixed expenses

Net operating income = $48,320 - $45,500

Net operating income = $2,820

Therefore, the required answer is $2,820.

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Need help what’s the answer

Need help whats the answer

Answers

Answer: C

Explanation: The demand curve of Iphone cases falls due to the increase of the iphones price. Hope this helps.

the void keyword is used to declare that a method does not return any value True False

Answers

Answer:

True

Explanation:

A void has not value therefore a void function can't return an integer or any other type cause it returns nothing.

during her recent performance appraisal, veasna learned that her manager thinks she has a good attitude and emerging leadership potential. veasna’s manager seems to be using a _____ appraisal.

Answers

An appraisal is used to evaluate an employee's performance on the job. The performance appraisal type that was used when Veasna learned that her manager thinks she has a good attitude and emerging leadership potential is;

360-degree

360-degree performance appraisal is the type where employees who are subjected to performance appraisal are given feedback by the person who performed the appraisal.

We see this in the case of Veasna who received positive feedback from her manager. She can then feel encouraged and work harder.

Summarily, the 360-degree performance appraisal was used for Veasna.

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In trading account freight belongs to which side debit or credit?

Answers

Answer:

Explanation:

In trading account, freight belongs to the debit side. It is a direct expenses on purchases and manufacturing operation

Freight is the cost incurred in transporting an item to its final destination when the terms are FOB shipping point. It is treated as part of the cost of merchandise and recorded in the inventory if the merchandise has not been sold.

Increase  in the cost of freight are recorded on the debit side while decrease are recorded on the credit side.

A woman sells her home for $450,000. She had purchased it for $300,000 and has lived there for three years. How much will she owe to IRS due to the gain on the sale.

Answers

Answer:

Everything

Explanation:

Drag the tiles to the correct boxes to complete the pairs.
Match the method of exchanging information with its description.
IM
blog
message board
wiki
facilitates discussion and polls
arrowRight
enables only the author to exclusively post and edit articles
arrowRight
enables any number of users to publish and edit content
arrowRight
provides a platform for real-time communication
arrowRight

Answers

IM (Instant Messaging): provides a platform for real-time communication, allowing users to exchange messages and have conversations in real-time.

Blog: provides enables only the author to exclusively communication post and edit articles, typically on a specific topic or theme. Blog posts are usually displayed in reverse chronological order.

Message Board: facilitates discussion and polls among a group of users who share a common interest. Provides users can post messages, communication ask questions, and respond to each other's posts.

Wiki: enables any number of users to publish and edit content collaboratively, often provides on a specific topic or theme. Wikis are designed to promote collaboration and knowledge-sharing among a group of users.

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Which of the following would be an example of a WANT?

Answers

Want is like you go to the store and you like a toy you want it

How is chinese food made soo gosh darn good?​

Answers

Answer:

Worm noodles

Explanation:

Answer:

I wish I knew. salt i guess

Explanation:

Which statement best describes the relationship between credit and debt
when you use a credit card?
A. Your debt decreases as you use your credit card more.
B. Your credit decreases as you lower your debt.
C. Your credit stays the same as you lower your debt.
D. Your debt increases as you use your credit card more.

Answers

Answer:

D. Your debt increases as you use your credit card more

When you make a purchase something with a credit card, you are borrowing money from someone else. This puts you in debt. You will build up more debt from purchases until you pay the total amount due.

Hope this helps :)

Your debt increases as you use your credit card more is the statement best describes the relationship between credit and debt when you use a credit card. Thus, option (d) is correct.

What is credit card?

A bank will issue plastic or metal "credit cards" as forms of payment. When using a credit card, also known as a payment card, charges are made against a line of credit instead of the account holder's cash deposits. The credit card is more convenient as compare to cash.

By using credit card more frequently, the debt grows. They must pay the minimum amount due on credit card each month by the balance's due date in order to use one, at least.

Therefore, option (d) is correct.

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Which statement is true for a short-term goal?

A.
It is usually complex.
B.
It usually requires one to exert a lot of effort.
C.
It is usually related to the bigger things that you want to achieve.
D.
It usually takes less than a year to achieve.

Answers

Answer:

I would say D because it sounds more reasonable for me

The ledger of Skysong, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

The ledger of Skysong, Inc. on March 31 of the current year includes the selected accounts below before
The ledger of Skysong, Inc. on March 31 of the current year includes the selected accounts below before

Answers

Answer: See Image Below

The ledger of Skysong, Inc. on March 31 of the current year includes the selected accounts below before

The adjusting entries for Skysong, Inc. for March is prepared from the given   selected accounts before adjusting entries have been prepared.

What are adjusting entries?

Adjusting entries are journal entries that are typically made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for making adjusting entries for unearned and accrued revenues.

The adjusting entries are as follows:-

No.   Date           Account Tiles and Explanation       Debit        Credit

1.      March 31        Depreciation expense                      756

                       Accumulated Depreciation expense                        756

2.     March 31    Unearned Rent revenue                        5580

                            Rent revenue                                                        5580

3.     March 31      Interest Expense                                360

                            Interest payable                                                   360

4.    March 31        Supplies Expense                            1935

                               Supplies                                                             1935

5.    March 31       Insurance Expense                             1080

                            Prepaid Insurance                                                    1080

Therefore, the adjusting entries are prepared on March 31.

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brooks is tasked with creating an effective training and development strategy for his employer. how should he begin?

Answers

The burden of developing a successful training and development strategy for his employer falls to Brooks. He should start by evaluating the organizational needs and capabilities.

A general plan to accomplish one or more long-term or overall goals in the face of uncertainty is known as a strategy. The term was first used in the 6th century C.E. in Eastern Roman terminology, and it wasn't until the 18th century that it was translated into Western vernacular languages in the sense of the "art of the general," which included several subsets of skills including military tactics, siegecraft, logistics, etc.

From that point forward, and up to the 20th century, the term "strategy" grew to mean "a comprehensive means to try to attain political aims, including the threat or actual use of force, in a dialectic of wills" in a military battle, in which both opponents interact.

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Drag each label to the correct location on the image.

Match the activities with the relevant accounting principles.

a document backs a
transaction

a practice eliminates the
bias of the accountant

a company maintains the
same accounting practices
across accounting periods

an auditor approves
the authenticity of a
transaction

/ Objectivity

/ Consistency

Answers

Here is the correct matching:

a document backs a transaction - Objectivitya practice eliminates the bias of the accountant - Objectivitya company maintains the same accounting practices across accounting periods - Consistencyan auditor approves the authenticity of a transaction - Objectivity

What are these accounting principles.

In accounting, objectivity is the principle of relying on verifiable evidence and eliminating personal bias. This includes having supporting documents for transactions and ensuring that auditors assess authenticity without bias.

Consistency is another principle that requires maintaining the same accounting practices across periods to allow for meaningful comparisons. These principles contribute to accurate and reliable financial reporting.

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a firm's earnings per share increased from $10 to $12, dividends increased from $4.00 to $4.80, and the share price increased from $80 to $90. given this information, it follows that

Answers

Investors may anticipate future growth because they believe the company is performing well.

What is the role of investors?

By providing capital to companies and other entities in exchange for a return on their investment, investors play a crucial role in the economy. Investors can generate income or capital gains by buying and selling securities like stocks, bonds, and mutual funds, which can aid them in achieving their financial objectives. By favouring businesses and initiatives that are most likely to produce a high return on investment, investors not only contribute funding but also aid in the efficient allocation of resources. By using their voting rights and attending shareholder meetings, they can also affect how businesses behave. Overall, by directing capital to areas where it can be used most effectively, investors play a critical role in fostering economic growth, innovation, and development.

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WILL GIVE BRAINLY!!!!!!!!

A shift in demand may occur within a community in all of the following cases, except a change in __________.

A. birthrate
B. immigration
C. political leadership
D. age demographic

Answers

Answer:

C. political leadership

Explanation:

A shift in the demand curve occurs in many cases except for a change in political leadership.

What do you mean by demand?

Demand refers to the ability, or willingness to buy a product, goods, or services.

A change in birthrate, immigration, and age demographic are the reasons for shifting in demand but a change in political leadership does not affect the demand.

Therefore, C is the correct option.

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Split your data in two: from Jan’92 to Dec’07 and from Jan’10 to Jan’17. Run a regression analysis for both data sets. What can you conclude? What do the parameters tell you?

Answers

Without access to the specific data and the variables being analyzed, it is not possible to provide a more detailed explanation of the regression results or draw specific conclusions.

To split the data into two sets, you will need to separate the observations from Jan'92 to Dec'07 and Jan'10 to Jan'17. Once the data is split, you can perform a regression analysis on each set. The regression analysis will help you determine the relationship between the variables in each data set.

The parameters of the regression analysis will provide insights into the significance and impact of the variables. Specifically, the parameters will indicate the direction (positive or negative) and magnitude of the relationship between the independent and dependent variables.

By analyzing the regression results for both data sets, you can draw conclusions about the relationship between the variables in each time period. This analysis will help you identify any significant trends or changes in the relationship between the variables over time.

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Which government policy will create the following results?
- Price level falls
- Real GDP falls
- Unemployment rises

Answers

Answer:

Any type of government policy that restricts free trade and the movement of capital can trigger the aforementioned consequences. Thus, the limitation of companies to obtain economic benefits can make them decide to close their activities, leaving employees on the street (increasing unemployment), reducing the country's economic production (causing the country's real GDP to decrease), and ultimately, generating monetary lags due to lack of economic production, generating devaluations that lower the international price level of the country's products.

Scott, Mark, and Joe want to buy into a restaurant franchise. Joe is an accountant. Mark has previous restaurant experience as a server and manager. Scott is an attorney. In order to open this franchise, they must commit to opening 3-5 stores and are required to have $10 million in liquid assets (Cash is a highly liquid asset followed by the banking accounts, checkable account, short-term promissory notes, treasury bills and other government bonds. ) They currently do not have the required liquid assets. Which business organization will be the best for this situation and how will they solve their money problems?

Answers

Given their diverse backgrounds and lack of sufficient liquid assets, a limited liability partnership (LLP) would be the most suitable business organization for Scott, Mark, and Joe.

This type of partnership allows for individual liability protection while still allowing for shared profits and management responsibilities. To address their money problem, the group can explore various options. One option would be to seek out investors who are willing to contribute the necessary funds in exchange for a percentage of ownership and profits.

Another option would be to secure a loan from a financial institution or private lender. In order to increase their chances of approval, they can develop a comprehensive business plan that outlines their strategies for success and projected financial performance.

Additionally, Scott, Mark, and Joe could also consider alternative means of financing such as crowdfunding or seeking out grants or subsidies from government agencies or non-profit organizations. It may also be beneficial for them to seek guidance and advice from a financial advisor or business consultant to help them make informed decisions and develop a strong financial plan for their franchise venture.

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Which is better net or gross income?

Answers

From an employer's perspective, gross income is a more useful measure because it helps them determine the total cost of hiring an employee.

The answer to whether net or gross income is better depends on your perspective and your financial goals. Gross income is your total income before taxes and deductions, while net income is what you have left after taxes and deductions are taken out.

However, from an employee's perspective, net income is more important because it is the amount they take home after taxes and other deductions.

In terms of financial planning, both net and gross income are important. Gross income can help you understand your earning potential and negotiate a salary, while net income helps you understand how much money you actually have available to save, invest, or spend.

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in this situation, if blair sued, he could potentially recover monetary damages. monetary damages are also known as .

Answers

As Nigel is in breach of contract, in the given situation, if Blair sued, he could potentially recover monetary damages. Monetary damages are also known as legal damages. The correct answer is option C.

Legal damages are a type of compensation awarded to a party that has suffered a loss or harm as a result of another party's breach of contract or wrongdoing.

In this case, if Blair were to sue Nigel for breach of contract, he could potentially be awarded legal damages in an amount that would compensate him for the difference between what he paid for the watch and what the watch was actually worth.

Equitable damages, also known as non-monetary damages, are a type of compensation awarded to a party to rectify a wrong or harm suffered by that party, but which cannot be easily quantified in monetary terms. Punitive damages are a type of damages awarded to punish a party for egregious or malicious behavior.

Nominal damages are a small amount of money awarded to a party to recognize that they have suffered a legal wrong, but where the actual harm suffered is minimal.

Liquidated damages are a pre-agreed amount of damages that the parties agree to in advance, in the event of a breach of contract.

So, the correct answer is option C. Legal damages.

The complete question is -

Suppose Nigel sells Blair a watch for $200. Nigel tells Blair it is an antique Rolex he inherited from his dead grandfather, but in fact, it is a fake; he bought it on the streets of New York City. The fake watch is worth $50, but if it had been a genuine antique Rolex, it would be worth $600. In this scenario, Nigel is in breach of contract and could be sued.

In this situation, if Blair sued, he could potentially recover monetary damages. Monetary damages are also known as ___________.

A. equitable damages

B. punitive damages

C. legal damages

D. nominal damages

E. liquidated damages

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In the event of a fire, what is the best way to determine if a door is safe to open?
a.
Avoid touching it except to kick it open
b.
Check it for heat with your forearm
c.
Check it for heat with the back of your hand
d.
Check it for heat by grabbing the doorknob

Answers

c. check it for heat with the back of your hand

ANSWER: Check it for heat with the back of your hand.

EXPLANANTION: This way if the door is hot, you'll have a burn on the back of your hand instead. It won't be fun, but you can still use the hand and grab things.

In an extreme case, if the door were to be too hot and you grabbed it with your palm and fingers, it could melt the flesh and stick  to the hot door. That would be very painful and you may permanently lose function in your hand or have to have it amputated (removed.)

The four sources of sales training include all of the following EXCEPT?-HR training-Corporate-sponsored training-Training provided by commercial vendors-Certification programs

Answers

The following options that show us about the aspect that not included in the sources of sales training is HR training. It is because the HR training is functioned for Hr professional.

In the term of organization and management, Human resource training programs generally can be defined as a specialized courses that teach HR professionals how to successfully onboard new employees. The human resources management programs also including the ways to teach the HR to know about talent management, and effectively collect, store, and analyze performance data.

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which theory posits that people choose how hard or how long to work toward something based on perceptions about whether that work will eventually result in desired rewards?

Answers

Victor Vroom's expectancy theory is one such management theory focused on motivation. According to Holdford and Lovelace-Elmore (2001, p. 8), Vroom asserts, "intensity of work effort depends on the perception that an individual's effort will result in a desired outcome

Victor Vroom's expectancy theory is one such management theory focused on motivation.

What about Victor Vroom's expectancy theory?

According to Holdford and Lovelace-Elmore (2001, p. 8), Vroom asserts, "intensity of work effort depends on the perception that an individual's effort will result in a desired outcome.

Vroom's expectancy theory explains that to achieve maximum pleasure, one most device alternatives which could be a product of our "conscious choices." The theory was initiated by the famous psychologist Victor Vroom.

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Suppose the value of all the stocks in a fund's portfolio is currently $500,000. The fund has $450,000 in liabilities and has sold 2,500 shares of its fund to investors. Find the NAV.

Answers

Answer:

Well your currency will come up due to the investors only if it is a great good market platform The liabilities you must take time to pay them back it might cause interest and money building vlaues or taxes or possibly jail time

Explanation: I really hope i helped

If he fund has $450,000 in liabilities and has sold 2,500 shares of its fund to investors. The NAV is $20.

Net asset value

Using this formula

NAV = (Assets - Liabilities) / Total number of outstanding shares

Let plug in the formula

NAV=($500,000-$450,000)/2500 shares

NAV=$50,000/2500 shares

NAV=$20

Therefore the net asset value is $20.

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What is Strategy? by Harvard Business Review . Article summary

Answers

Strategy, as defined by the Harvard Business Review, refers to a plan or approach that organizations employ to achieve their long-term goals.According to the Harvard Business Review, strategy is a plan or strategy used by organisations to accomplish their long-term objectives.

It involves making choices and allocating resources to gain a competitive advantage in a specific market or industry. A well-defined strategy provides guidance for decision-making, helps align actions with objectives, and enables organizations to adapt to changes in the business environment. By formulating a clear strategy, businesses can effectively position themselves and differentiate from competitors, ultimately leading to sustained success.Businesses may successfully position themselves and set themselves apart from rivals by developing a defined strategy, which eventually leads to long-term success.

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Trevor is a small-business owner who usually purchases his janitorial supplies from the store that is located across the street from his office. What is Trevor's buying behavior most likely to be based on?

Answers

Trevor's buying behavior is most likely based on convenience and proximity.

Convenience is a crucial factor that influences consumer behavior, especially for routine purchases like janitorial supplies.

The fact that the store is located across the street from Trevor's office makes it easily accessible and convenient for him to purchase the supplies he needs. This proximity saves him time and effort that would otherwise be spent traveling to other stores.

Trevor may prioritize convenience and opt for the nearby store to meet his immediate needs without any significant disruptions to his workday. Additionally, familiarity with the store and its offerings may also play a role in Trevor's buying behavior.

Being a small-business owner, Trevor may have developed a relationship with the store, finding comfort and reliability in their products and services. Overall, convenience and proximity are likely driving factors for Trevor to choose the store across the street as his preferred source for janitorial supplies.

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A network security device that monitors incoming and outgoing network traffic and decides whether to allow or block specific traffic based on a defined set of security rules.

Answers

Answer:

Firewall.

Explanation:

Firewall can be defined as a network security device that monitors incoming and outgoing network traffic and decides whether to allow or block specific traffic based on a defined set of security rules.

Simply stated, a firewall is a network security protocol that monitors and controls inbound and outbound traffic based on set aside security rules.

A firewall is used to control access to a computer or network, as it creates a barrier between a computer or a network and the internet in order to protect against unauthorized access.

Basically, it is a network security device or security system pre-installed on most computers to essentially inspect data being transmitted to or from a computer.

Hence, firewalls are typically bidirectional, it checks all sent and received data and only allow authorized traffic through.

Answer:

Firewall.

Explanation:

Hope this helps

ACTUAL EXPLANATIONS ONLY PLEASE // You project revenue to start at $5,000 for the first month and grow by $200 each month thereafter. You project expenses
to begin at $7,000 per month and grow by $50 per month. In what month will you break even (revenue equal to expenses)?

Answers

Answer:

13.33

Explanation:

We have to write 2 equations to set equal to each other.

The first one will look like this:

200x + 5,000

The x will go with the 200 because the project revenue grows by $200 each month thereafter the start of $5,000.

The second equation will look like this:

50x + 7,000

The project begins at $7,000 and grows by $50 every month so the x will go with the 50.

Now, set them equal to each other

200x + 5,000 = 50x + 7,000

Solve

150x + 5,000 = 7,000

150x = 2,000

x = 13.333

Therefore, in the thirteenth month the project will breakeven.

Hope this helps!!

- Kay :)


Introduce CTEVT in short.​

Answers

Answer:

The Council for Technical Education and Vocational Training (CTEVT) constituted in 1989 (2045 BS) is a national autonomous body of Technical and Vocational Education and Training (TVET) sector committed for the production of technical and skillful human resources required to the nation.

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