Showing 1331 to 1340 of 5081 Questions
  • During 2014, Gattis Company completed the following transactions:Jan. 1 Traded in old office equipment with book value of $ 60,000 (cost of $ 140,000 and accumulated depreciation of $ 80,000) for new equipment. Gattis also paid $ 70,000 in cash. Fair value of new equipment is $ 135,000. Assume the exchange had commercial substance. Apr. 1

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  • During 2014, Global Packaging Plus Co. had the following transactions.Aug. 31 2014 Global traded-in furniture with a cost of $42,000 and accumulated depreciation of $25,800 recorded in the accounting records on this date. Global paid $56,400 in cash for a computer system that was estimated to have a three-year life and a $19,200 residual

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  • During 2014, Lawson’s Book Store paid $273,000 for land and built a store in Georgetown. Prior to construction, the city of Georgetown charged Lawson’s $1,300 for a building permit, which Lawson’s paid. Lawson’s also paid $15,300 for architect’s fees. The construction cost of $745,000 was financed by a long-term note payable, wi

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  • During 2014, Mora Corporation completed the following transactions: Jan. 1 Traded in old office equipment with book value of $ 40,000 (cost of $ 132,000 and accumulated depreciation of $ 92,000) for new equipment. Mora also paid $ 80,000 in cash. Fair value of new equipment is $ 122,000. Assume the exchange had commercial substance. Apr.

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  • During 2014, Orr Company incurred the following costs:Research and development services performed by Key Corporation for Orr … $150,000Design, construction, and testing of preproduction prototypes and models ……. 200,000Testing in search for new products or process alternatives ……………………… 175,000Required:How much res

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  • During 2014, Otaki Corporation reported net sales of $5,200,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,600,000.InstructionsCalculate the asset turnover ratio.

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  • During 2014, Richardson Satellite Systems, Inc., purchased two other companies for $8 million in cash. Also during 2014, Richardson made capital expenditures of $4.2 million in cash to expand its market share. During the year, Richardson sold its North American operations, receiving cash of $6.4 million. Overall, Richardson reported a ne

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  • During 2015, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.InstructionsCalculate the asset turnover.

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  • During 2017, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.InstructionsCalculate the asset turnover.

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  • During 20X4, the Evergreen Corporation entered into negotiations to buy Pine Company. During December 20X4, a final cash purchase price of $ 267,000 was agreed on. Evergreen will acquire all assets and liabilities of Pine Company, except for the existing cash balances of Pine.The 31 December 20X4 balance sheet prepared by Pine Company is

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