Homework Answers
| Journal Entries | |||||
| Date | Particulars | Debit | Credit | ||
| 31-12-2020 | Cash (300*900) | 270000 | |||
| unearned rent revenue | 270000 | ||||
| 31-12-2021 | unearned rent revenue | 270000 | |||
| rent revenue | 270000 | ||||
| (to record 2021 revenue) | |||||
| cash (234*900)*(1-0.04) | 202176 | ||||
| unearned rent revenue | 202176 | ||||
| (to record 2022 revenue) | |||||
| cash (56*900)*(1-0.21) | 39816 | ||||
| unearned rent revenue | 39816 | ||||
| (to record 2023 revenue) | |||||
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Sheridan Marina has 300 available slips that rent for $900 per season. Payments must be made...
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Stellar Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 4% discount is allowed. If payment for...
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Buffalo Marina has 300 available slips that rent for $700 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for...
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Michek Company loans Sarasota Company $2,000,000 at 6% for 3 years on January 1, 2020. Michek intends to hold this loan to maturity and has the financial ability to do so. The fair value of the loan at the end of each reporting period is as follows.December 31, 2020$2,050,000December 31, 20212,020,000December 31, 20222,000,000Prepare the journal entry(ies) at December 31, 2020, and December 31, 2022, for Michek related to these bonds, assuming (a) it does not use the fair value option, and (b) it uses the fair value...
1. 2. Tamarisk, Inc. has the following information available for accruals for the year ended December...
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in part A just need the correct answers in red boxes were I made mistakes. Thanks!...
in part A just need the correct answers in red boxes were I
made mistakes. Thanks!
Wildhorse Corporation issued $3.54 million of 7- year, 6% bonds dated January 1, 2021, for $3,166,065. The market interest rate when the bonds were issued was 8%. Interest is payable semi-annually on January 1 and July 1. Wildhorse has a December 31 year end. Your answer is partially correct. Prepare an amortization schedule for the first three interest payments. (Round answers to 0 decimal...
Buffalo Marina has 300 available slips that rent for $700 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for...
E18.9 (LO2,3) (Determine Transaction Price) Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1,2020. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2020. Under a new policy, if payment for 2021 season slips is made by December 31, 2020, a 5% discount is...
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in part A just need the correct answers in red boxes were I
made mistakes. Thanks!
Wildhorse Corporation issued $3.54 million of 7- year, 6% bonds dated January 1, 2021, for $3,166,065. The market interest rate when the bonds were issued was 8%. Interest is payable semi-annually on January 1 and July 1. Wildhorse has a December 31 year end. Your answer is partially correct. Prepare an amortization schedule for the first three interest payments. (Round answers to 0 decimal...
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