Sheridan Company received $135000 in cash and a used computer with a fair value of $318000 from Carla Vista Co. for Sheridan Company's existing computer having a fair value of $453000 and an undepreciated cost of $420300 recorded on its books. The transaction has no commercial substance. How much gain should Sheridan recognize on this exchange, and at what amount should the acquired computer be recorded, respectively
Answers
Answer:
The gain that Sheridan should recognize on this exchange is $135000
Explanation:
Where Exchange Transaction lacks commercial substance, the asset that is acquired is measured at the Carrying Amount or Undepreciated Cost of the asset given up.
The gain will then include an further consideration acquired on the exchange of an asset.
Entries to record the exchange are as follows :
Cash $135000 (debit)
New Asset at undepreciated cost $420300 (debit)
Cost of Old asset given up $420300 (credit)
Gain on exchange $135000 (credit)
Conclusion :
The gain that Sheridan should recognize on this exchange is $135000
Related Questions
The Simmons’ son is deceased. When their son was in college, he took out a life insurance policy valued at $5,000, which was offered for free by the alumni association for nine months. The policy gave the option of continuing as a $25,000 policy after the initial coverage for an amount to be determined at a later date. Acceptance of the additional coverage was to be done by paying the premium, which the son did. Shortly before the policy expired, he received a letter offering him the additional coverage and stating the amount of the premium. He had been injured the day before he received the letter and died several weeks later without regaining consciousness. His lawyer later returned the premium, and the Simmons then filed for the $25,000. The insurance company refused to pay. Can the parents recover from the insurance company?
Answers
If all other parameters are assumed to be constant such as the specific terms of the policy, the cause of death, or the circumstances surrounding the payment of the premium, then yes, the parents can recover from the insurance company on the basis of the Insurance Contract which was satisfied by their son by the payment of the premium.
What is the rationale for the above response?When approached with the lens of the legalities involved for a contract to stand, especially in insurance, note that the following terms were met:
Offer and Acceptance; and Payment of Premium.The prompt above indicates that "Acceptance of the additional coverage was to be done by paying the premium, which the son did." So as far as the coverage of $25,000 is concerned, the parents can recover the same.
What they cannot recover is the additional coverage besides the $25,000 which was offered and which the son could not consummate by paying an additional premium.
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Please answee this question!! Its urgent
Answers
Rich people in some countries are now working for more hours on average than poor people. One reason for this is thought to be that well-paid jobs provide more job satisfaction. Gaining enjoyment from work can lead to high labour productivity.
What is a possible opportunity cost of working?
Answers
Answer:
13
Explanation:
because it is not cool ruemjdowmw
Answer:
Rich people in some countries are now working for more hours on average than poor people. One reason for this is thought to be that well-paid jobs provide more job satisfaction. Gaining enjoyment from work can lead to high labour productivity.
Explanation:
What is the total cost of ownership
Answers
According to entrepreneur, Keith J. Davis, Jr., young people must wait until they are older to become entrepreneurs.
True or False
Answers
Answer:
False
Explanation:
False
TB MC Qu. 13-81 (Algo) A customer has requested that ABC Corporation... A customer has requested that ABC Corporation fill a special order for 2,800 units of product S47 for $32 a unit. While the product would be modified slightly for the special order, product S47's normal unit product cost is $17.70: Direct materials $ 5.20 Direct labor 3.00 Variable manufacturing overhead 2.30 Fixed manufacturing overhead 7.20 Unit product cost $ 17.70 Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like modifications made to product S47 that would increase the variable costs by $1.30 per unit and that would require an investment of $16,000.00 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. The annual financial advantage (disadvantage) for the company as a result of accepting this special order should be:
Answers
Answer:
Financial advantage $40,560
Explanation:
A special order request is financially worthy if the sales revenue from the special order is over and above the relevant cost of producing it.
The relevant variable cost will be determined as follows
Unit variable cost =5.20+ 3 +2.30+ 1.30= 11.8
Special machine= 16,000
$
Sales from special order (2,800× $32) = 89,600
Variable cost ( 2800 × $11.8)= (30,000 ) (33,040)
Investment in special machine (16,000)
Financial advantage 40,560
Note that the fixed manufacturing overheads were not included in the analysis, simply because they are not relevant. In other words, whether or not the special order is accepted these fixed costs would be concurred either way.
Financial advantage $40,560
Do you think air Jordan's appreciate or depreciate in value?
Support your position with evidence from the video. Your
response should be a minimum of one paragraph.
Answers
In writing Paragraphs you must consider the structure of the Paragraphs, Paragraphs contain three main parts:
a topic sentence supporting sentences a concluding sentenceWhat are Paragraph?Generally, The video notes that some of the earliest Air Jordan models, such as the Air Jordan 1, have appreciated significantly in value over time due to their historical significance and limited availability. In contrast, newer models that are more widely available may not hold their value as well.
Additionally, the video discusses the importance of factors such as condition, rarity, and provenance in determining the value of a particular pair of Air Jordans. Shoes that are in pristine condition and have a unique backstory or connection to a particular athlete or event may command a higher price than those that are more common or well-worn.
Overall, it seems that the value of Air Jordans is highly dependent on a variety of factors and can fluctuate over time. While some models may appreciate in value due to their rarity and historical significance, others may depreciate if they are more widely available or do not have the same level of cultural cachet.
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What reason did the London court provide for its decision?
Historical research is fair game for fiction authors to use in their work.
Historical research can only be used with the original author’s permission.
Historical research is fair to use in nonfiction, but not in works of fiction.
Historical research is copyright protected and can never be shared or borrowed.
Answers
Answer:
A: Historical research is fair game for fiction authors to use in their work.
Explanation:
2021 edge
Answer:
A
Explanation:
Historical research is fair game for fiction authors to use in their work.
Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:
Date
Face Amount
Term
Interest Rate
1. Mar. 6 $75,000 60 days 4%
2. Apr. 7 40,000 45 days 6%
3. Aug. 12 36,000 120 days 5%
4. Oct. 22 27,000 30 days 8%
5. Nov. 19 48,000 90 days 3%
6. Dec. 15 72,000 45 days 5%
Required:
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year.
2. Journalize the entry to record the dishonor of Note (3) on its due date.
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a 360-day year.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.
Answers
Answer 23%
Explanation:
1. The (a) the due date and (b) the amount of interest due at the maturity of the six notes receivable by Water Closet Co. are as follows:
Due Date Interest at
Maturity
1. May 5 $500
2. May 22 $300
3. Dec 10 $600
4. Nov 21 $180
5. Feb 17 $360
6. Jan 29 $450
2. The Journal Entry to record the dishonor of Note 3 on December 10 is as follows:
December 10:
Debit Accounts Receivable $36,600
Credit Notes Receivable $36,000
Credit Interest Receivable $600
To record the dishonor of Note 3 on its due date.3. The adjusting Journal Entries to record the accrued interests on Notes 5 and 6 on December 31 are as follows:
December 31:
Debit Interest Receivable $168
Credit Interest Revenue $168
To accrue interest due on Note 5.Debit Interest Receivable $160
Credit Interest Revenue $160
To accrue interest due on Note 6.4. The Journal Entries to record the receipt of the amounts due on Notes 5 and 6 in January and February are as follows:
January 29:
Debit Cash $72,450
Credit Notes Receivable $72,000
Credit Interest Receivable $160
Credit Interest Revenue $290
To record the receipt of cash on note 6.February 17:
Debit Cash $48,360
Credit Notes Receivable $48,000
Credit Interest Receivable $168
Credit Interest Revenue $192
To record the receipt of cash on note 5.Data and Calculations:Date Face Amount Term Interest Rate Due Date Interest at
Maturity
1. Mar. 6 $75,000 60 days 4% May 5 $500
2. Apr. 7 40,000 45 days 6% May 22 $300
3. Aug. 12 36,000 120 days 5% Dec 10 $600
4. Oct. 22 27,000 30 days 8% Nov 21 $180
5. Nov. 19 48,000 90 days 3% Feb 17 $360
6. Dec. 15 72,000 45 days 5% Jan 29 $450
3. Accrued Interests on December 31:
Note 5: $168 ($48,000 x 3% x 42/360)
Note 6: $160 ($72,000 x 5% x 16/360)
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Juhasz Corporation makes a product with the following standards for direct labor and variable overhead: In August the company produced 7,900 units using 4,080 direct labor-hours. The actual variable overhead cost was $15,096. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for August is:
Answers
Answer: 520U
Explanation:
From the question, we are informed that in August the company produced 7,900 units using 4,080 direct labor-hours and that the actual variable overhead cost was $15,096.
The variable overhead rate variance for August will be:
= 4 × (4080-7900 × 0.5)
= 520 Underapplied
Multiple Choice
Which of the following describes one of the purposes of the S.A.F.E. Mortgage Licensing Act?
A. O To create a national database of mortgage professionals
B. O To ensure that licensing schemes among the states are all the same
C. To create one regulatory body to make licensing decisions among all states
D. O To create a licensing scheme for mortgage professionals for the first time ever
Submit
Answers
Answer: a. To create a national database of mortgage professionals
Explanation:
The worst crash rate involving fatalities is in the age group of drivers ...
A. ages 21 to 25.
B. ages 19 years old and younger.
C. ages 75 and older.
Answers
Answer:
The age group with the most fatal crashes is drivers between the ages of 25 and 34. There are nearly 1,000 more deaths per year among 25- to 34-year-olds than drivers under 25.
The age group with the worst crash rate involving fatalities is generally the 19 years and younger group. This is largely due to factors like inexperience and risk-taking behavior. However, statistics can vary and elderly drivers can also have higher crash rates.
Explanation:Based on statistical data, the age group with the worst crash rate involving fatalities is typically B. ages 19 years old and younger. This is often due to a combination of inexperience, risk-taking behavior, and lack of maturity. However, it's important to note that numbers can vary slightly depending on the region and the specific year being considered. It's also worth mentioning that older drivers, specifically those ages 75 and older, can also have higher crash rates due to factors such as declining health conditions and slower reaction times.
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Which of the following statements is most correct?
a.
Everyone is nervous on their first day.
b.
Everyone company has the same culture.
C.
Everyone drives to work.
d.
Everyone is a good listener.
Please select the best answer from the choices provided
• A
B
C
o D
Answers
Answer:
see below
Explanation:
A
Because for the last sentence, the more proper pronoun would be "their".
At the beginning of June, the Jones Company had two jobs in the Work in Process Inventory account. Job A had costs of $500 already on its job cost sheet. During June, Job A incurred additional costs of $750 and was completed. Job B had $350 on its job cost sheet at the start of June, and during the month another $600 was added. Job B was still not finished at the end of June. What was the Jones Company’s Work in Process Inventory account balance on June 30?
Answers
Answer:
Work in Process Inventory account balance on June 30 is $950.
Explanation:
Here i will calculate the balance of Work in Process Inventory account using missing figure technique in Work In Process T - Account.
Calculation of Work in Process Inventory account balance
Work In Process T - Account
Debit :
Beginning Work in Process (Job A) $500
Beginning Work in Process (Job B) $350
Manufacturing Costs incurred (Job A) $750
Manufacturing Costs incurred (Job B) $600
Totals $2,200
Credit :
Transferred to Finished Goods (Job A) $1,250
Ending Work In Process (Job B) (Balancing figure) $950
Totals $2,200
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Answers
Based on the cost of production by Stam Company, the overhead rate which is applied to the jobs are:
Data and Calculations:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $33,600 $41,900
Direct labor used (in March) $24,600 $20,300
Overhead applied (March) $12,300 $10,150
Costs during April
Direct materials used $139,000 $226,900 $102,000
Direct labor used $94,200 $161,500 $107,300
Overhead applied $55,600 $77,500 $52,500
($94,200 × 50%) ($161,500 × 50%) ($107,300 × 50%)
Job 306 - $47,100
Job 307 - $80,750
Job 308 - $53,650
The overhead rate applied for Job 306 in April is:
= Direct labor cost x 50%
= 94,200 x 50%
= $47,100
The overhead applied for Job 307 in April is:
= 161,500 x 50%
= $80,750
The overhead for Job 308 in April is:
= 107,300 x 50%
= $53,650
Hence, based on the cost of production by Stam Company, the overhead rate applied to the jobs are calculated above.
The given question is incomplete, the complete question is-
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 4. Prepare a schedule of cost of goods manufactured for the month end April 30. Stam Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured.
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Read "Would You Sign This Tax Return?" on page 1-20. Post your thoughts on why you would or would not sign the return as a preparer.
Answers
Answer:
Yes, I would sign the tax return because it would be a benefit and it will prepare you for upcoming events
Below is a graph of the Murphys' annual expenses. If the Murphys' gross annual household income is $85,420, how much will they pay in federal taxes?
a. $3,559.17
b. $8,542.00
c. $20,500.80
d. $29,897.00
Answers
The Murphys will pay $20,500.80 in federal taxes on an annual gross household income totaling $85,420. Thus, the correct answer is C.
Individual federal income tax rates in the United States are progressive, which means that as taxable income rises, so will the tax rate. Federal income tax rates vary from 10% to 37% and are levied at various income levels. Tax brackets are the income ranges within which the rates apply. Income in each tax group is taxed at the associated rate.
The federal tax rate is 24%, as shown in the pie chart (see the attachment). While the annual gross household income for the Murphys is $85,420. Hence, the amount that the Murphys will pay for federal taxes is:
= \(\frac{24}{100}\) x $85,420 = $20,500.80Hence, the correct answer to this question is C.
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Hi Def Video Co makes two types of digital DVD players, economy and deluxe, with the following per unit cost information:
$ECONOMY $DELUXE
DIRECT MATERIALS $50 $100
DIRECT LABOR $25 $25
MANUFACTURING OVERHEAD ? ?
TOTAL MANUFACTURING OVERHEAD ? ?
UNITS PRODUCED $8000 $2000
The company currently applies $1,000,000 in manufacturing overhead to these two products on the basis of direct labor hours. Both products require two hours of direct labor to make one. If the applied overhead rate is $50 per direct labor hour, what is the final manufacturing cost per unit of the Deluxe model?
A. 50
B. 175
C. 100
D 225
Answers
Final manufacturing cost per unit of the Deluxe model will be $225
Manufacturing overhead for Deluxe = 2 hours of direct labour * $50 per direct labour hour
= $100
The final manufacturing cost per unit of the Deluxe model = Direct materials + Direct labour + Manufacturing overhead
= $100 + $25 + $100
= $225
Manufacturing is the introduction or manufacturing of products with the assist of device, hard work, machines, gear, and chemical or biological processing or formulation. It's miles the essence of secondary zone of the economy.
Modern manufacturing includes all intermediate strategies concerned within the manufacturing and integration of a product's additives. Some industries, consisting of semiconductor and metallic manufacturers, use the time period fabrication rather.
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what is the important thing while we do business
Answers
hope it helps
pls mark me as brainliest
2. Ellen went to play golf last week at her favorite course. As she was approaching the first hole, she noticed (1 point)
something different about the flag. When she got closer, she noticed that the flag was advertising a new
bistro that had just opened up in town. This advertising scheme is an example of marketing
O viral
direct
O guerilla
0 sales
Answers
Answer:
B.
Explanation:
The flag is simple and direct on where the business is, and what it is about.
The type of marketing that is done based on the new Bistro that has been opened is the sales marketing.
What is sales marketing?This is a type of marketing that intends to sell goods and services and also increase revenue for a business.
The business wants to drive upo its sales so they are advertizing to get as much customers as they can.
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Claude received notice that his disability benefits had ended and that he must resume working. Is Claude entitled to a hearing?
Only if Claude can prove that the loss of his benefits involves a liberty or property interest.
Claude is entitled to a hearing whenever any benefits are terminated and he requests one.
Answers
Answer:
Claude is entitled to a hearing whenever any benefits are terminated and he requests one.
Explanation:
Benefits like we all know is the financial support offered to someone who is unable to carry out a specific function due to a given constraint. This constraints could be as a result of disability or an illness.
For Claude benefits to be cut off without actual investigation to evaluate if there is need for that was a wrong move. Claude is definitely entitled to a hearing regarding to that suspension of his benefits.
Answer:
Only if Claude can prove that the loss of his benefits involves a liberty or property interest.
Explanation:
Latasha is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because her pool sessions are helping her swim more quickly, Latasha plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Latasha's plan illustrate that her husband's advice does not?
a. People usually exploit opportunities to benefit themselves.
b. All costs are opportunity costs
c. Resources are scarce.
d. Many decisions are taken using marginal thinking
Answers
The principle that Latasha caters for that her husband does not is that d. Many decisions are taken using marginal thinking.
Marginal decision makingInvolves making decisions based on the marginal costs and benefits. A person will make a decision that has more benefits than costs.By swimming more, Latasha would make get the benefit of being better at something she is already good at. If all she does is swimming however, she would incur costs of losing out in the other activities which would surpass the benefits of being good in swimming alone.
In conclusion, option D is correct.
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Which of the following is true of the Siemens bribery scandal? a not selected option a It stopped before the investigation began. b not selected option b The CEO was involved and condoned it. c not selected option c It seemed to be a long-term pattern. d not selected option d It was a false accusation. e not selected option e The company never admitted it broke the law with its actions.
Answers
Answer:
The true statement about the Siemens bribery scandal is:
b The CEO was involved and condoned it.
Explanation:
The 2008 Siemens scandal was an organized and deliberate effort by the company to bribe government officials in order to secure supply contracts from national governments. It was a worldwide act perpetrated by senior management officials with a long-term pattern. The massive bribery attracted a fine of $160 billion. It seems that bribery is an "embedded business culture in the company."
The City of Houghton enacted an ordinance that forbids religious groups from distributing religious materials within the city limits of Houghton unless the distributor is granted a permit. Other types of materials can be distributed without a permit. What concerns do you have about the constitutionality of this ordinance?
Answers
The concerns that have about the constitutionality of this ordinance are Freedom of Religion, Content-Based Restrictions, Prior Restraint, Equal Protection and Unfettered Discretion.
Here are a few major concerns:
Religious Freedom: The First Amendment to the United States Constitution provides religious freedom, which includes the right to practise and express one's religious views. Content-Based limitation: By treating religious materials differently from other types of materials, the ordinance appears to impose a content-based limitation on communication. Prior constraint: Requiring religious organisations to seek a licence before disseminating religious materials is a type of prior constraint on speech. Equal Protection: If the ordinance treats religious groups differently than other groups or items, it may raise questions regarding legal equality. Unrestricted Discretion: If local officials have unrestricted discretion in choosing who gets a permit, there is a possibility of viewpoint discrimination or bias.For such more question on Restrictions:
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The only accurate statement about consequentalism is:
Answers
Answer:
is a class of normative, teleological ethical theories that holds that the consequences of one's conduct are the ultimate basis for any judgment about the rightness or wrongness of that conduct.
Most people in the US own stocks or bonds primarily through
Answers
Answer:
There 401k or other retirement accounts
Explanation:
most people are provided these through there jobs and are provided so they do not have to do any research themselves
Why is it important to include a person’s title when developing a reference sheet?
Answers
It is very important to include a person’s job title when developing a reference sheet because it shows the person’s position and level of experience in his field.
What is a Reference sheets?In context of recruitment, a reference sheets refers to the documents that specify the people who can vouch for our character. It is mostly important to include one's title when developing a reference sheet because it tells the hiring manager that we have relationships with people who are outstanding in a field.
These sheets are meant to help you get connections that will boost your probability of getting hired. So, the better the job titles of the people that are listed on the reference list, the more confidence you willhave in the hiring process. In most time, the Human Resource will wants to talk to the people who have the credibility to attest to your past performances and credentials.
So, this makes it very important to list those people whom you have worked with in a similar context. For instance, like listing one supervisor on your reference sheet rather than listing someone who is not related to you at work.
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If Sears Roebuck sells six times as many batteries as Firestone, and their difference in
sales is 250,000 batteries, how many batteries did each sell?
Answers
Let Sears batteries be S
and Firestone be F
Sales;
S = 6F
S - F = 250,000 batteries.
S = 250,000 + F
equate the 2 eqns,
250,000 + F = 6F
250,000 = 5F
F = 50,000 batteries.
then,
S = 6 * 50,000
S = 300,000 batteries.
Each sold 300,000 batteries for Sears Roebuck and 50,000 batteries for Firestone.
The amount of batteries sold by firestone is 50000, the amount sold by Sears is 300000.
How to solve for the differences in the sales of batterywe have 6X = number sold by Roebuck
X = number sold by Firesone
Then we have 6x - x = 5x
5x = 250,000
x = 250000/5
= 50000 this is the amount sold by Firestone
the amount sold by sear would be
6x = 6 * 50000
= 300000
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look at the screenshot
a,b, or c
Answers
Answer:
A
Explanation:
i don't know basta A ang napili ko
Which of the following would appear in the cash flows from investing activities section of the statement of cash flows?
a. Cash received from stock issued
b. Cash received from bonds payable
c. Depreciation expense on equipment
d. Cash paid for equipment
Answers
The correct answer is:
d. Cash paid for equipment
Cash flows from investing activities include transactions related to the acquisition or sale of long-term assets such as property, plant, and equipment. Cash paid for the purchase of equipment would be categorized as an investing activity because it involves the outflow of cash for the acquisition of a long-term asset.