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Required information [The following information applies to the questions displayed below.) of 2 On January 4, David Company acquired all of the net assets assets and liabilities) of William Company for $140,000 cash. The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following Balance Sheet at January 4 Cash Property and equipment (net) Total assets Liabilities Common stock (par $5) Retained earnings Total liabilities and stockholders' equity William Company $ 36,000...
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Required information The following information applies to the questions displayed below) The following information relates to the intangible assets of University Testing Services (UTS) 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,847,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,550,000 a. Included in the assets purchased from Heinrich was a patent valued at $81,200. The original legal life of the patent was 20 years, there are 12 years...
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Required information The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock 1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,100 47,300 8.900 78,000 $ 10,400 16.000 14.000 94.000 43,900 $178,300 $178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par...
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Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
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Required Information [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $60,000 plus $5,100 in sales tax. The company paid $14,100 cash on the van (including the sales tax), signing an 8 percent note for the $51,000 balance due in nine months on September 30). On January 2, the company paid cash of $950 to have the company name and logo painted on the van. On September 30,...
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Required information The following information applies to the questions displayed below.) Gioia Company acquired some of the 74,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year: Jan. 10 Dec. 31 Purchased 19,875 shares of Tristean common stock at $10 per hare. Received the current year financial statements of Tristezza Corporation that reported...
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Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
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Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
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Required information (The following information applies to the questions displayed below.) A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $4,080 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the...
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part 1part 2
Required information [The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $50 per share. April 1 Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event,...
Required information [The following information applies to the questions displayed below.) of 2 On January 4, David Company acquired all of the net assets assets and liabilities) of William Company for $140,000 cash. The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following Balance Sheet at January 4 Cash Property and equipment (net) Total assets Liabilities Common stock (par $5) Retained earnings Total liabilities and stockholders' equity William Company $ 36,000...
Required information The following information applies to the questions displayed below) The following information relates to the intangible assets of University Testing Services (UTS) 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,847,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,550,000 a. Included in the assets purchased from Heinrich was a patent valued at $81,200. The original legal life of the patent was 20 years, there are 12 years...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock 1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,100 47,300 8.900 78,000 $ 10,400 16.000 14.000 94.000 43,900 $178,300 $178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
Required Information [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $60,000 plus $5,100 in sales tax. The company paid $14,100 cash on the van (including the sales tax), signing an 8 percent note for the $51,000 balance due in nine months on September 30). On January 2, the company paid cash of $950 to have the company name and logo painted on the van. On September 30,...
Required information The following information applies to the questions displayed below.) Gioia Company acquired some of the 74,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year: Jan. 10 Dec. 31 Purchased 19,875 shares of Tristean common stock at $10 per hare. Received the current year financial statements of Tristezza Corporation that reported...
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Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Required information (The following information applies to the questions displayed below.) A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $4,080 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the...
part 1part 2
Required information [The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $50 per share. April 1 Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event,...