The hustin company acquires machinery from the south, Ask an Expert

Accounting

The hustin company acquires machinery from the south company in exchange for a $20,000 non-interest bering five year note on June 30, 2009. The note is due on June 30,2014. The machinery has a fair value of $11,348.54, is subject to straight-line depreciation, and has an estimated life of 10 years(no residual value). Fiscal year ends on June 30. How to prepare JE for every year (2009-2014)?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961154

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - convertible preferred stocklove company issued

Question - Convertible Preferred Stock Love Company issued LDDEI shares of convertible preferred stock, $1,000 par, for 103 (103% of face value) on June 30, 2014. Each preferred share was convertible into 10 shares of co ...

Question - hudson landscaping service bought equipment for

Question - Hudson landscaping service bought equipment for 10800 on January 1 2019. It has estimated useful life of five years and zero residual value. Hudson uses the straight line method to calculate depreciation and r ...

Question - pattys party planners had 1500 of supplies on

Question - Patty's Party Planners had $1,500 of supplies on hand on January 1 2017. During the year, they purchased $30,850 of supplies with cash. On December 31, 2017, they had $4,220 of supplies on hand. Patty's Party ...

Question - on january 1 2019 green inc issued stock options

Question - On January 1, 2019, Green Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, th ...

Question purpose of assignmentthis assignment is critical

Question: Purpose of Assignment This assignment is critical for students to gain a fundamental understanding of management's and auditor's responsibility for detecting errors, material fraud, and illegal acts. This assig ...

Question - alpha technology produces two products a high

Question - Alpha Technology produces two products: a high end laptop under the label Excellent Laptops and an inexpensive desktop under the label Outstanding Computers. The two products use two overhead activities, with ...

Question - on february 20 2017 coronado inc purchased a

Question - On February 20, 2017, Coronado Inc. purchased a machine for $1,440,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the straight- ...

Question the records of hetrick company and frear

Question: The records of Hetrick Company and Frear Corporation show the following information. Prepare journal entries, if required, to adjust the books of Hetrick Company or Frear Corporation, as noted. The fiscal year ...

Question - company appropriately used the installment

Question - Company appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include: Installment sales 750,000 900, ...

Question as a small business owner in todays

Question: As a small business owner in today's economy: • What three financial reports would you use on a regular basis? • What information would you find on each statement? • What decisions might each statement help you ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert