Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 10, Problem 26E
(a)
To determine
Determine the amount of cash given.
(b)
To determine
Determine the gain or (loss) on the exchange of equipment.
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Students have asked these similar questions
What is the total cash received from the financing of receivables and the amount of loss, respectively?
P1,420,000 and P150,000
P1,320,000 and P150,000
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P1,420,000 and P50,000
Analyze this transaction as an asset, liability, paid in capital or retained earnings(plus or a negative)
collected $235,000 in cash from credit customers.
Using the data given below, compute for the total amount of items that meet the definition of financial asset
Cash
P 100,000
Fair value through profit or loss securities
500,000
Investment in associate
2,000,000
Trade receivable
1,000,000
Inventories
800,000
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200,000
Investment in debt securities – FVTOCI
400,000
Investment in debt securities – AC
350,000
Land
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Machinery and equipment
1,500,000
Patents
250,000
Chapter 10 Solutions
Financial Accounting
Ch. 10 - ONeil Office Supplies has a fleet of automobiles...Ch. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Immediately after a used truck is acquired, a new...Ch. 10 - Keyser Company purchased a machine that has a...Ch. 10 - Is it necessary for a business to use the same...Ch. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQ
Ch. 10 - A building acquired at the beginning of the year...Ch. 10 - Equipment acquired at the beginning of the year at...Ch. 10 - A truck acquired at a cost of 69,000 has an...Ch. 10 - A tractor acquired at a cost of 420,000 has an...Ch. 10 - A building acquired at the beginning of the year...Ch. 10 - A building acquired at the beginning of the year...Ch. 10 - Equipment with a cost of 180,000 has an estimated...Ch. 10 - A truck with a cost of 82,000 has an estimated...Ch. 10 - On February 14, Garcia Associates Co. paid 2,300...Ch. 10 - On August 7, Green River Inflatables Co. paid...Ch. 10 - Equipment was acquired at the beginning of the...Ch. 10 - Equipment was acquired at the beginning of the...Ch. 10 - Prob. 7PEACh. 10 - Prob. 7PEBCh. 10 - On December 31, it was estimated that goodwill of...Ch. 10 - On December 31, it was estimated that goodwill of...Ch. 10 - Prob. 9PEACh. 10 - Prob. 9PEBCh. 10 - Prob. 1ECh. 10 - Prob. 2ECh. 10 - Northwest Delivery Company acquired an adjacent...Ch. 10 - Warner Freight Lines Co. incurred the following...Ch. 10 - Jackie Fox owns and operates Platinum Transport...Ch. 10 - Quality Move Company made the following...Ch. 10 - Tri-City Ironworks Co. reported 44,500,000 for...Ch. 10 - Convert each of the following estimates of useful...Ch. 10 - A refrigerator used by a meat processor has a cost...Ch. 10 - A diesel-powered tractor with a cost of 180,000...Ch. 10 - Prior to adjustment at the end of the year, the...Ch. 10 - A John Deere tractor acquired on January 4 at a...Ch. 10 - A storage tank acquired at the beginning of the...Ch. 10 - Sandblasting equipment acquired at a cost of...Ch. 10 - A building with a cost of 1,200,000 has an...Ch. 10 - Willow Creek Company purchased and installed...Ch. 10 - Equipment acquired on January 8, 2013, at a cost...Ch. 10 - Equipment acquired on January 6, 2013, at a cost...Ch. 10 - Prob. 19ECh. 10 - Prob. 20ECh. 10 - Apple Inc. designs, manufactures, and markets...Ch. 10 - Prob. 22ECh. 10 - Prob. 23ECh. 10 - The following table shows the revenue and average...Ch. 10 - Prob. 25ECh. 10 - Prob. 26ECh. 10 - Prob. 27ECh. 10 - On October 1, Bentley Delivery Services acquired a...Ch. 10 - The following payments and receipts are related to...Ch. 10 - Montes Coffee Company purchased packaging...Ch. 10 - Perdue Company purchased equipment on April 1,...Ch. 10 - New lithographic equipment, acquired at a cost of...Ch. 10 - The following transactions, adjusting entries, and...Ch. 10 - Prob. 6PACh. 10 - Prob. 1PBCh. 10 - Waylander Coatings Company purchased waterproofing...Ch. 10 - Prob. 3PBCh. 10 - New tire retreading equipment, acquired at a cost...Ch. 10 - The following transactions, adjusting entries, and...Ch. 10 - Prob. 6PBCh. 10 - Prob. 1CPCh. 10 - The following is an excerpt from a conversation...Ch. 10 - Tuttle Construction Co. specializes in building...Ch. 10 - Prob. 5CP
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- 5. Suppose Mr. Chen lends P500,000 cash to the entity. At the same, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account. Which of the following effects on the accounting equation is correct?Select one: a.Assets increase by P500,000 and liabilities increase by P500,000 b.Assets decrease by P100,000 and liabilities increase by P500,000 c.Assets increase by P400,000 and liabilities increase by P400,000 d.Assets increase by P400,000 and liabilities decrease by P500,000arrow_forward9. Which of the following shall not be classified as cash equivalent?a. Equity securities bought three months before year endb. Three months treasury billsc. 90 days money market instrumentd. Three year treasury bills bought 60 days before its maturity 10. Which of the following should be presented as part of investing activities of statement of cash flow?a. Issuance of bonds in exchange of equipmentb. Cash payment for securities held for tradingc. Cash receipts from sale of equipmentd. Cash receipts from sale of trading securities 11. Financing activities involves transactions related toa. Current assets used to pay current obligationb. Transactions between shareholders’ and entityc. Short term liabilities used to finance the company’s operationd. Assets used in production of entity’s product 12. Which of the following statements are true?I. Investing activities are presented using direct method in the statement of cash flows.II. Financing activities are presented using direct method…arrow_forwardWhich of the following would result when a company lends cash to a customer in exchange for a ten month note receivable? a. a noncurrent asset and an investing cash flow are created. b. a noncurrent asset and a financing cash flow are created. c. a current asset and a financing cash flow are created. d. a current asset and an investing cash flow are created.arrow_forward
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