Homework Answers
Add Answer to:
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The...
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate...
Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate is 104 recurs al payments. The coument has a useful le of years with no savage value Vaughn Corporation made the first lease payment of $36,535 on January 1, 2017. The lease Prepare Vaughn Corporation's December 31, 2017, adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "Ne Entry for the...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Pharoah Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no salvage value. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. I 25) Date Debit...
Ivanhoe Corporation recorded a capital lease at $249,000 on January 1, 2017. The interest rate is...
Ivanhoe Corporation recorded a capital lease at $249,000 on January 1, 2017. The interest rate is 11%. Ivanhoe Corporation made the first lease payment of $53,025 on January 1, 2017. The lease requires 6 annual payments. The equipment has a useful life of 6 years with no salvage value. Assume that at December 31, 2017, Ivanhoe made an adjusting entry to accrue interest expense of $21,557 on the lease. Prepare Ivanhoe’s January 1, 2018, journal entry to record the second...
Ayayai Corporation issued a 3-year, $58,000,5% note to Blossom Company on January 1, 2017, and received...
Ayayai Corporation issued a 3-year, $58,000,5% note to Blossom Company on January 1, 2017, and received an excavator that normally sells for $53,031. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 9% Prepare Ayayai's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...
Exercise 21-1 On January 1, 2017, Cullumber Corporation signed a 5-year noncancelable lease for a machine....
Exercise 21-1 On January 1, 2017, Cullumber Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Cullumber to make annual payments of $8,482 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful le of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Oulumber uses the straight-line method of depreciation for all of...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Oriole uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Brief Exercise 14-6 On January 1, 2017, Sunland Corporation issued $480,000 of 7% bonds, due in...
Brief Exercise 14-6 On January 1, 2017, Sunland Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were issued for $447,385, and pay interest each July 1 and January 1. Sunland uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Brief Exercise 12-1 Monty Corporation purchases a patent from Sandhill Company on January 1, 2017, for...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate is 104 recurs al payments. The coument has a useful le of years with no savage value Vaughn Corporation made the first lease payment of $36,535 on January 1, 2017. The lease Prepare Vaughn Corporation's December 31, 2017, adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "Ne Entry for the...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Pharoah Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no salvage value. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. I 25) Date Debit...
Ayayai Corporation issued a 3-year, $58,000,5% note to Blossom Company on January 1, 2017, and received an excavator that normally sells for $53,031. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 9% Prepare Ayayai's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...
Exercise 21-1 On January 1, 2017, Cullumber Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Cullumber to make annual payments of $8,482 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful le of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Oulumber uses the straight-line method of depreciation for all of...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Oriole uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Brief Exercise 14-6 On January 1, 2017, Sunland Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were issued for $447,385, and pay interest each July 1 and January 1. Sunland uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 3 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 34 minutes ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 4 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 4 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 4 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 4 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago