Amble, inc., exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for another truck and $5,000 cash. the fair value of the truck received was $15,000. the exchange was not considered to have commercial substance. at what amount should amble record the truck received in the exchange?

On december 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: accounts receivable, debit balance of $97,900; allowance for doubtful accounts, credit balance of $1,031. what amount should be debited to bad debts expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?

Goldman services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard. the clerk has not yet been adequately trained on the maintenance needs of the equipment. which internal control procedure needs strengthening?