Homework Answers
7. 7,400 - 800 = 6,600
8. 500,000 x 80% x 2% = 8,000
9. 340,000 - (8,000 + 800) = 331,200
10. (20 x 80) + (100 x 90) = 10,600
11. 200 x 230 = 46,000
12. 200x 185 = 37,000
13. 200 x 10 = 2,000
14. 200 x 185 = 37,000
15. 13,500/2,700 = 5 Years
16. 40,000 + 1,000 - 5,000/6 = 6,000
17. Net Income Decreases and Total Assets Decrease
18. End of Year 8 Book Value = 50,000 - (4,500x 8) = 14,000
Loss = 10,000 - 14,000 = -4,000
19. Depreciation per mile = 36,000/100,000 = 0.36
Accumulated Depreciation till 31st Dec 2011 = 0.36 x 28,000 = 10,080
December 31,2011 Book Value = 29,920 - 10,080 = 29,920
20. First Year Depreciation = 25,000 x 20% = 5,000
Second Year Depreciation = (25,000 - 5,000) x 20% = 4,000
21. 5,000 - 4,600 = 400 (Gain)
22. Option C
23.Option B
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Please...
Please help with finding the right account titles! Brief Exercise 21A-7 Your answer is partially correct....
Please help with finding the right account titles!
Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
only final answers plz no explaining 1. Real Angus Steakhouse purchased land for $75,000 cash. They...
only final answers plz no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello...
only final answers no explaining 1. Real Angus Steakhouse purchased land for $75,000 cash. They also...
only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
I need help with A, B, & C. Not sure how to calculate these numbers. On January 1, 2021, the general ledger of ACM...
I need help with A, B, & C. Not sure how to calculate these
numbers.
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Debit Credit Accounts $ 25,600 Cash Accounts Receivable 47,200 Allowance for Uncollectible Accounts 4,700 20,500 51,000 17,500 Inventory Land Accumulated Depreciation 2,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 29,000 55,000 40,000 31,100 Totals $161,800 $161,800 During January 2021, the following transactions occur: 2...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
I just need help with requirement three! Raintree Cosmetic Company sells its products to customers on...
I just need help with requirement three!
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from...
Please help in finding and/or coming to the correct formulas/numbers to plug in beginning from Requirement...
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
JOURNAL ENTRY FOR: Depreciation on the building for the month of January is calculated using the...
JOURNAL ENTRY FOR:
Depreciation on the building for the month of January is
calculated using the straight-line method. At the time the building
was purchased, the company estimated a service life of 10 years and
a residual value of $26,000. Prepare the adjusting journal entry
for depreciation.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 13,200 38,000 154,000 87,300 140,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible...
I have the entirety of the question done correctly, I just need help preparing my closing statements that I posted pict...
I have the entirety of the question done correctly, I just need
help preparing my closing statements that I posted pictures of (13
and 14). I provided the complete trial balance in case if that's of
any assistance. Thank you so much for your help and let me know if
you need any other information!
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 12,800 37,200 153,600 83,300 136,000 Accounts Cash...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 $152,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within...
Please help with finding the right account titles!
Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
only final answers plz no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello...
only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
I need help with A, B, & C. Not sure how to calculate these
numbers.
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Debit Credit Accounts $ 25,600 Cash Accounts Receivable 47,200 Allowance for Uncollectible Accounts 4,700 20,500 51,000 17,500 Inventory Land Accumulated Depreciation 2,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 29,000 55,000 40,000 31,100 Totals $161,800 $161,800 During January 2021, the following transactions occur: 2...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
I just need help with requirement three!
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from...
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
JOURNAL ENTRY FOR:
Depreciation on the building for the month of January is
calculated using the straight-line method. At the time the building
was purchased, the company estimated a service life of 10 years and
a residual value of $26,000. Prepare the adjusting journal entry
for depreciation.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 13,200 38,000 154,000 87,300 140,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible...
I have the entirety of the question done correctly, I just need
help preparing my closing statements that I posted pictures of (13
and 14). I provided the complete trial balance in case if that's of
any assistance. Thank you so much for your help and let me know if
you need any other information!
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 12,800 37,200 153,600 83,300 136,000 Accounts Cash...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 $152,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within...
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