Rural Tech Support pays $130,000 for a group purchase of land, building, and equipment. At the time
Question:
Requirement
1. Journalize the lump-sum purchase of the three assets for a total cost of $130,000. You sign a note payable for this amount.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (21 reviews)
Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBIT ...View the full answer
Answered By
Anum Naz
Lecturer and researcher with 10+ years of experience teaching courses in both undergraduate and postgraduate levels. Supervised 17 BA theses, 07 MA theses, and 1 Ph.D. dissertations. Edited and co-authored 2 monographs on contemporary trends in political thought. Published over articles in peer-reviewed journals.
4.80+
11+ Reviews
51+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Accounting questions
-
Rural Tech Support paid $ 130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $ 70,000, the building $ 56,000, and the...
-
Foley Distribution Service pays $140,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $75,000, the building s current...
-
Advanced Automotive pays $210,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $66,000, the buildings current market value...
-
On April 15, 2020, Barrow Technology sold 2,000 shares of BrownCorporation stock for $45,000. As part of the sale, Barrow paid6%in brokerage fees. When Barrow purchased the shares, it paid $25per 2...
-
Maritime Fisheries Ltd. provides the following data for the year ended June 30, 2017: Prepare the operating activities section of Maritime Fisheries Ltd.'s statement of cash flows for the year ended...
-
In Exercises 43 through 76, simplify the given expression as much as possible. Assume a, b, and c are positive real numbers. a -2 -3 C 2
-
Describe the purpose of certification and licensure, and list reasons for revocation of licenses.
-
1. The film sequence shows three people interacting in a work environment. Which aspects of organizational behavior discussed in this chapter appear in this sequence? 2. The three people in this...
-
Some observers of the hedge-fund industry have said that much of the apparent alpha produced by hedge funds is" just beta waiting to be discovered." PART A Provide an explanation of this statement....
-
Here are some photos of a cube-shaped exhibition area that is part of the Melbourne Museum on Exhibition Street. Google Earth allows you to view many prominent buildings in 3d. Imagine that you are...
-
This chapter lists the costs included for the acquisition of land. First is the purchase price, which is obviously included in the cost of the land. The reasons for including the other costs are not...
-
At the beginning of the year, Alaska Freight Airlines purchased a used airplane for $43,000,000. Alaska Freight Airlines expects the plane to remain useful for five years (4,000,000 miles) and to...
-
1. Employers bond employees who handle cash receipts because fidelity bonds reduce the possibility of employing dishonest individuals and a. Protect employees who make unintentional errors from...
-
On January 4th, Mark went to the hospital to have an appendectomy. His deductible is $2,500 and since it is the beginning of the year, he has not contributed anything to the deductible yet. The total...
-
Apercu Industries borrowed $92,350 for 200 days at 15% simple interest. Find the total interest they will pay (a) using bankers' rule and (b) using the exact method.
-
Based on the introductory in Public Finance, what do you think must be the main role of the government in our individual lives? Any references will do, as long as the answer is related to question...
-
Continuing with the Tesla theme, suppose Tesla announces a special dividend to be paid 3 months from now of $20 per share (they won't but let's pretend for the sake of the question). Assuming the...
-
Two equal magnitude point charges, one positive and one negative, are situated on an x - axis . Point P is located off the axis a distance r 1 from the positive charge q 1 and a distance r 2 from the...
-
How do cognitive biases affect organizational learning and the quality of decision making? What can be done to reduce their negative impact?
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
_______can be thought of as an ecosystem. a.A freshwater spring b.A rain forest c.A city d. All of the above
-
What are the most common cash outflows related to investing and financing activities?
-
What balance sheet account changes might you expect to find for a company that must rely on sources other than operations to fund its cash outflows?
-
From what source(s) should most companies secure the majority of cash inflows? Why?
-
What is the worst case running time of the following sudo codes, in 0- notation? Suppose that all arithmetic operations (including simple multiplication) take a constant amount of time. Justify your...
-
4. Let G be a pseudorandom generator with expansion factor (n) > 2n. In each of the following cases, say whether G' is necessarily a pseudorandom generator and explain why or why not. Here, "||...
-
Write the code for the del () method in the following doubly linked list class public class ObjDList { private Obj Node list; private Obj Node tail; public ObjDList() { list = null; tail = null; }...
Study smarter with the SolutionInn App