Homework Answers
| ACCOUNT | DEBIT | CREDIT | |
| Retained earnings (or) Profit and loss account | 30,000 | ||
| Rod, capital (30,000*56%) | 16,800 | ||
| Dall, capital (30,000*44%) | 13,200 |
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Rod Dall Co. reports net income of $30,000. The income ratios are Rod 56% and Dall...
Weygandt, Accounting Principles, 13e History perspectiv. Help Assignment CUNY Log Page Gradebook No ORION Downloadable eTextbook...
Weygandt, Accounting Principles, 13e History perspectiv. Help Assignment CUNY Log Page Gradebook No ORION Downloadable eTextbook - rief Exercise 12-03 od Dall Co. reports net income of $75,000. The income ratios are Rod 60% and Dal 40%. Indicate the division of income et income. (Credit account titles are automatically indented when amount is entered .ccount Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Den Shot Work LINK TO TEXT DOLL ch
Noler Company owns 30% of Lauer Company. For the current year, Lauer reports net income of...
Noler Company owns 30% of Lauer Company. For the current year,
Lauer reports net income of $205,000 and declares and pays a
$41,000 cash dividend.
Record Noler’s equity in Lauer’s net income and the receipt of
dividends from Lauer. (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
account titles and enter 0 for the
amounts.)
Account Titles and Explanation Credit Date Debit Dec....
Noler Company owns 30% of Lauer Company. For the current year, Lauer reports net income of...
Noler Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $200,000 and declares and pays a $40,000 cash dividend. Record Noler's equity in Lauer's net income and the receipt of dividends from Lauer. (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 o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Below is the net income of Cheyenne Instrument Co., a private corporation, computed under the three...
Below is the net income of Cheyenne Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO 2018 2019 2020 2021 $26,200 27,100 27,900 31,800 Average Cost $22,900 22,100 25,900 27,400 LIFO $20,500 18,400 22,800 23,300 (Ignore tax considerations.) (a) Assume that in 2021 Cheyenne decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021, and show...
*Exercise 22-07 Below is the net income of Carla Instrument Co., a private corporation, computed under...
*Exercise 22-07 Below is the net income of Carla Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. 2018 2019 2020 2021 FIFO $27,400 28,300 31,100 33,500 Average Cost $24,200 23,500 29,100 29,200 LIFO $21,400 19,800 25,700 25,000 (Ignore tax considerations.) (a) Assume that in 2021 Carla decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021,...
On January 1, Wildhorse Co. issued $366,000, 7%, 10-year bonds at face value. Interest is payable...
On January 1, Wildhorse Co. issued $366,000, 7%, 10-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 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in Accumulated Depreciation Depreciation for the year is estimated to be $4,000. Equipment and Depreciation Expense. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
BE12.5 (LO 3) AP Rod and Dall are partners in R&D LLP. The partnership reports profit...
BE12.5 (LO 3) AP Rod and Dall are partners in R&D LLP. The partnership reports profit of $75,000. There is no partnership agreement. (a) Prepare the entry to distribute the profit between the partners. (b) Prepare the entry to distribute the profit assuming it is a $75,000 net loss. Journalize the division of profit. BE12.9 (LO 3) AP Togna Company had a $15,300 loss for the year ended October 31, 2021. The company is a partnership owned by Lilia and...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on Decembe...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Weygandt, Accounting Principles, 13e History perspectiv. Help Assignment CUNY Log Page Gradebook No ORION Downloadable eTextbook - rief Exercise 12-03 od Dall Co. reports net income of $75,000. The income ratios are Rod 60% and Dal 40%. Indicate the division of income et income. (Credit account titles are automatically indented when amount is entered .ccount Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Den Shot Work LINK TO TEXT DOLL ch
Noler Company owns 30% of Lauer Company. For the current year,
Lauer reports net income of $205,000 and declares and pays a
$41,000 cash dividend.
Record Noler’s equity in Lauer’s net income and the receipt of
dividends from Lauer. (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
account titles and enter 0 for the
amounts.)
Account Titles and Explanation Credit Date Debit Dec....
Noler Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $200,000 and declares and pays a $40,000 cash dividend. Record Noler's equity in Lauer's net income and the receipt of dividends from Lauer. (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 o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Below is the net income of Cheyenne Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO 2018 2019 2020 2021 $26,200 27,100 27,900 31,800 Average Cost $22,900 22,100 25,900 27,400 LIFO $20,500 18,400 22,800 23,300 (Ignore tax considerations.) (a) Assume that in 2021 Cheyenne decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021, and show...
*Exercise 22-07 Below is the net income of Carla Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. 2018 2019 2020 2021 FIFO $27,400 28,300 31,100 33,500 Average Cost $24,200 23,500 29,100 29,200 LIFO $21,400 19,800 25,700 25,000 (Ignore tax considerations.) (a) Assume that in 2021 Carla decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021,...
On January 1, Wildhorse Co. issued $366,000, 7%, 10-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 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in Accumulated Depreciation Depreciation for the year is estimated to be $4,000. Equipment and Depreciation Expense. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
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