Homework Answers
| Journal entries | ||||
| date | particulars | Debit | credit | |
| 01-Jul | cash | 63000 | ||
| repurchase obligation | 63000 | |||
| 31-Dec | Interest expenses(63000*3%) | 1890 | ||
| repurchase obligation | 1890 | |||
| 30-Jun | Interest expenses | 1890 | ||
| repurchase obligation | 1890 | |||
| 30-Jun | repurchase obligation | 66780 | ||
| cash | 66780 | |||
Add Answer to:
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees to repurchase this equipment from Enyart on June 30, 2021, for a price of $48,150 (an imputed interest rate of 7%). Prepare the journal entry for Sheridan for the transfer of the asset to Enyart on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year bonds at face value. Interest is...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year
bonds at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Prepare the journal entry to record the accrual of interest on
December 31, 2020. (Credit account titles are
automatically indented when amount is entered....
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder...
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder Insurance Co.for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Monty Co., journalize the entry on July 1 and the adjusting entry on December 31. (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 for the amounts. Record journal entries...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,534,000 424.800 $1,109.200 Depreciation is computed at $70,800 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to...
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $96, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Monty Company books to record...
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...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees to repurchase this equipment from Enyart on June 30, 2021, for a price of $48,150 (an imputed interest rate of 7%). Prepare the journal entry for Sheridan for the transfer of the asset to Enyart on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year
bonds at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Prepare the journal entry to record the accrual of interest on
December 31, 2020. (Credit account titles are
automatically indented when amount is entered....
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder Insurance Co.for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Monty Co., journalize the entry on July 1 and the adjusting entry on December 31. (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 for the amounts. Record journal entries...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,534,000 424.800 $1,109.200 Depreciation is computed at $70,800 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $96, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Monty Company books to record...
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.
-
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 55 minutes ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 2 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 2 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 2 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 3 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 3 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 3 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 7 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 7 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 7 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 8 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 8 hours ago