On January 1, 2010, Lombard Co. sells property for which it had paid $690,000 to Sergeant Company,
Question:
On January 1, 2010, Lombard Co. sells property for which it had paid $690,000 to Sergeant Company, receiving in return Sergeant’s zero-interest-bearing note for $1,000,000 payable in 5 years. What entry would Lombard make to record the sale, assuming that Lombard frequently sells similar items of property for a cash sales price of $640,000?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
The journal entry on Lombards books would be Notes R...View the full answer
Answered By
Jayshree Rathi
Hello Students!
This is Jayshree Rathi. I work on a number of renowned student-centric channels such as Chegg, coursehero, as a certified private tutor.
If you are looking for relevant and original content to complete your assignments, essays, and homework, then contact me and within the promised time, I will deliver you your personalized academic work and help you score the best.
4.80+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
On January 1, 2012, Lombard Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargents zero-interest-bearing note for $1,000,000 payable in 5 years. What entry...
-
On January 1, 2014, Lombard Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargent's zero-interest-bearing note for $1,000,000 payable in 5 years. What...
-
On January 1, 2019, Antorio SpA sells property for which it had paid 690,000 to Sargent Company, receiving in return Sargent's zero interest-bearing note for 1,000,000 payable in 5 years. What entry...
-
Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2020. This is Dawson Company?s first year of operations. Instructions a. Dawson elects...
-
The following information is from Samsung (www.Samsung.com), which is a leading manufacturer of consumer electronic products. Required 1. For each year, compute the percentage (rounded to one...
-
If the price of Iguana Handbags Inc. stock is $43, its required return is 20% and the last dividend was $3, what is its dividend growth rate? a) 17.4% b) 10% c) 12.2% d) 13% e) 11.7%
-
What is a codebook and what is it used for?
-
1. What aspects of U.S. and Indian culture may have been causes of Cokes difficulties in India? 2. How might Coca-Cola have responded differently when this situation first occurred, especially in...
-
Equivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 7,407 tons in beginning work in process inventory (90% complete) on October 1. During October, 82,300 tons were...
-
Tu Technology Co. manufactures CDs and DVDs for computer software and entertainment companies. Tu uses job order costing. On November 2, Tu began production of 5,700 DVDs, Job 423, for Cyclorama...
-
Because of calamitous earthquake losses, Bernstein Company, one of your clients oldest and largest customers, suddenly and unexpectedly became bankrupt. Approximately 30% of your clients total sales...
-
What is the fair value option? Where do companies that elect the fair value option report unrealized holding gains and losses?
-
Plaintiff grounds manager sued a manufacturer, Monsanto, alleging that herbicide use caused his non-Hodgkins lymphoma. The jury awarded the plaintiff \($39.3\) million in compensatory damages and...
-
List the changes that can be taken to ensure the success completion of data collection and transformation into BiiP system from Property Government Department after failure cause of short staff and...
-
My Goals & Habits Tracker as an Administrative Service Manager What worked well? What didn't work so well? How will your habits and goals change in the future? How will you track your progress toward...
-
The principle of justice focuses on how the costs and benefits of an action are distributed and whether the distribution is fair and equitable. Examine with examples the different justice approaches.
-
Activity 2 Identify the appropriate form of communication in each of the situations below Situation You have to take time off work. Invite someone to the movies Invite your boss to dinner Cancel an...
-
You found the dream job (the one for which the cover letter in class a couple of days ago), you were called back, and you were interviewed by the three Assistant Vice Presidents this morning. You had...
-
Consider the following differential equation: Assume a solution of the form: \(\tilde{u}(x)=c_{1} x+c_{2} x^{2}\). Calculate the unknown coefficients using the Galerkin method. Compare \(u(x)\) and...
-
a. Show that the expansion of q(x) in ascending powers of x can be approximated to 10 2x + Bx 2 + Cx 3 where B and C are constants to be found. b. Find the percentage error made in using the series...
-
Each segment of a typical 7-segment LED display is rated to operate at 10 mA at 2.7 V for normal brightness. Calculate the value of the current-limiting resistor needed to produce approximately 10 mA...
-
Beverly Crusher, a new staff accountant, is confused because of the complexities involving accounting standard-setting. Specifically, she is confused by the number of bodies issuing financial...
-
Beverly Crusher, a new staff accountant, is confused because of the complexities involving accounting standard-setting. Specifically, she is confused by the number of bodies issuing financial...
-
The following comments were made at an Annual Conference of the Financial Executives Institute (FEI). There is an irreversible movement towards the harmonization of financial reporting throughout the...
-
java code ReadFile Create-a linked list from an input file (input.txt) that contains an even number of first names. The number of items in the file is unknown. Split Create-a split function that...
-
Complete a method named findValue which accepts an IntArray and an Int value and returns whether the array contains the passed value. Your method should not modify the passed array. However, you...
-
Write program Sum.java that just prints the strings that it is given at the command line, one per line. If nothing is given at the command line, print "No arguments". Modify your program (Make a copy...
Study smarter with the SolutionInn App