Examlex
Wash N' Set Corp.purchased equipment for $45,000.Total depreciation of $36,000 was recorded.On January 1,2017,Wash N' Set exchanges the equipment for new equipment,paying $54,000 cash.The market value of the new equipment is $65,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.
Objectivity Concept
An accounting principle that requires financial and accounting information to be independent and based on measurable and verifiable data.
Unit of Measure
A standard quantity used to express a physical quantity, ensuring uniformity in the reporting of financial and operational data.
Business Entity Concept
An accounting principle that treats a business as separate from its owners or shareholders for financial reporting purposes.
Internal Users
Internal users are individuals or groups within an organization who use financial information to make decisions about the operations of the company, such as management and employees.
Q58: Paid-in capital consists of _.<br>A)amounts received from
Q67: Gordon Corporation reported the following equity section
Q86: On June 30,2017,Nightvale,Inc.purchased merchandise inventory for $500,000
Q95: U.S.Generally Accepted Accounting Principles permits the presentation
Q125: Accounts Receivable has a balance of $34,000,and
Q143: The par value of stock is _.<br>A)the
Q157: When a partner dies,the partnership ceases to
Q171: A corporation reported the following equity section
Q175: The old age,survivors,and disability insurance component of
Q188: If treasury stock is resold for more