Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on august 1, harvey company offered to pay $15,000

On August 1, Harvey Company offered to pay $15,000 for equipment that was advertised as...

60.1K

Verified Solution

Question

Accounting

On August 1, Harvey Company offered to pay $15,000 for equipment that was advertised as being sold for $19,000 by Carrone Company. The equipment had a retail value of $24,000 on that day. On August 10, Carrone Company offered to sell the equipment for $16,400, and Harvey Company agreed to buy it at that price. At what value will Harvey Company record the equipment on its books?

a.$16,400

b.$19,000

c.$24,000

d.$15,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Harley Davidson purchases components from three suppliers. Components purchased from Supplier A are priced at $...

General Management
Q

Your leader wants you to evaluate the difference in cycle time between three different offices. Describe...

Basic Math
Q

In an electromyography EMG read out all motor units can look slightly different because Select...

Biology
Q

7 An ammeter and a voltmeter are joined in series to a cell Their readings...

Physics
Q

17 The slope and the y intercept for y 6x 1 are 6 and 1...

Basic Math
Q

Use the table to find the value that is three standard deviations above and below...

Basic Math
Q

Find the z scores that separate the middle 71 of the distribution from the area...

Statistics
Q

Lower-level managers should be involved in the budget process because top managers would want: ...

Accounting
Q

On January 1, Swify Corporation had 63,100 hures of no-par common stock iswed and outstandine-...

Accounting
Q

Sheridan Resort Corp. issuad a 20-year, 99,$230,000 mortzaza note pryable to finance the construction of...

Accounting
Q

Conversion costs are all the costs that...

Accounting
Q

Tirri Corporation has provided the following intormation: If the selling price is $27.60 per unit,...

Accounting