Homework Answers
Answer :
John Deer
Journal Entries
| Date | Particulars | Debit ($) | Credit ($) |
| May 31.2017 | Note Receivable | 540000 | |
| Tractor | 540000 | ||
| (Being tractor sold in exchange for three years non interest bearing Note Receivable) | |||
| Dec 31. 2017 | Interest Receivable | 22050 | |
| Interest income | 22050 | ||
| (Being Adjusting entry for interest income @7 for 7 months made) | |||
| May 31.2018 | Cash | 200000 | |
| Note Receivable | 200000 | ||
| (Being fist installment received) | |||
| Dec 31.2018 | Interest Receivable | 13883 | |
| Interest income | 13883 | ||
| (Being Adjusting entry for interest income @ 7% for 7 months made) |
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11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in $540,000...
11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in $540,000...
11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in $540,000 non-interest bearing note. Dirtco will make two $200,000 each; one on May 31, 2018, and one on May 3 2010, they will pay the remaining $140,000. John 31. Assume that your year-end adjusting entries are rey show the reversal entry. Dirtco would normally pay an interes irtco in exchange for a three year, make two equal payments of $140,000. John Deere's vear-end is December...
Paulson Company issues 7%, four-year bonds, on December 31, 2017, with a par value of $91,000...
Paulson Company issues 7%, four-year bonds, on December 31, 2017, with a par value of $91,000 and semiannual interest payments Semiannual Period-End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Unamortized Discount 56,553 5,734 4,915 Carrying Value $84,447 85, 266 86.085 points Skipped Use the above straight-line bond amortization table and prepare journal entries for the following. eBock (a) The issuance of bonds on December 31, 2017 (b) The first interest payment on June 30, 2018. (c) The second interest payment on...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfi If the landfill were to be closed at the current time, closure costs would be approximately $1.35 million plus an additional $880.000 for postclosure work. Of these totals, the city must pay $49.500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 2 percent of capacity. At the end of 2018, the landfill reached...
a. Wages of $11,000 are earned by workers but not paid as of December 31, 2017....
a. Wages of $11,000 are earned by workers but not paid as of December 31, 2017. b. Depreciation on the company's equipment for 2017 is $10,360. c. The Office Supplies account had a $370 debit balance on December 31, 2016. During 2017, $4,895 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $540 of supplies available. d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Woodwick Company issues 6%, five-year bonds, on December 31, 2017, with a par value of $102,000...
Woodwick Company issues 6%, five-year bonds, on December 31, 2017, with a par value of $102,000 and semia payments. Semiannual Period-End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Unamortized Premium $8,151 7,336 6,521 Carrying Value $110,151 109,336 108,521 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2017, (b) The first interest payment on June 30, 2018. (c) The second interest payment on December 31, 2018. View transaction...
Please answer the whole question. Refer to the following Hawkeye Ranges. As of December 31, 2017,...
Please answer the whole question.
Refer to the following Hawkeye Ranges.
As of December 31, 2017, employees had earned $855 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $1,522 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,575.
The notes payable requires an interest payment to be made every
three months. The amount of unrecorded accrued interest at December
31, 2017, is $1,375. The next interest...
Woodwick Company issues 10%, five-year bonds, on December 31, 2017, with a par value of $95,000...
Woodwick Company issues 10%, five-year bonds, on December 31, 2017, with a par value of $95,000 and semiannual interest payments Carrying Value $103,011 Semiannual Period-End Unamortized Premium 12/31/2017 6/30/2018 12/31/2018 $8,011 (0) (1) (2) 7,210 6,409 102,210 101,409 Use the above straight-line bond amortization table and prepare journal entries for the following (a) The issuance of bonds on December 31, 2017. (b) The first interest payment on June 30, 2018. (c) The second interest payment on December 31, 2018 View...
12-9. On January 1, 2018, the Apex Company exchanged some shares of common stock it had...
12-9. On January 1, 2018, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2019. The 2018 income statement reported $3,300 in interest revenue from this note and a $6,500 gain on sale of investment in stock. The stock's book value was $21,000. The company's fiscal year ends on December 31. Required: 1. What is the note's effective interest...
11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in $540,000 non-interest bearing note. Dirtco will make two $200,000 each; one on May 31, 2018, and one on May 3 2010, they will pay the remaining $140,000. John 31. Assume that your year-end adjusting entries are rey show the reversal entry. Dirtco would normally pay an interes irtco in exchange for a three year, make two equal payments of $140,000. John Deere's vear-end is December...
Paulson Company issues 7%, four-year bonds, on December 31, 2017, with a par value of $91,000 and semiannual interest payments Semiannual Period-End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Unamortized Discount 56,553 5,734 4,915 Carrying Value $84,447 85, 266 86.085 points Skipped Use the above straight-line bond amortization table and prepare journal entries for the following. eBock (a) The issuance of bonds on December 31, 2017 (b) The first interest payment on June 30, 2018. (c) The second interest payment on...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore...
Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfi If the landfill were to be closed at the current time, closure costs would be approximately $1.35 million plus an additional $880.000 for postclosure work. Of these totals, the city must pay $49.500 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 2 percent of capacity. At the end of 2018, the landfill reached...
a. Wages of $11,000 are earned by workers but not paid as of December 31, 2017. b. Depreciation on the company's equipment for 2017 is $10,360. c. The Office Supplies account had a $370 debit balance on December 31, 2016. During 2017, $4,895 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $540 of supplies available. d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Woodwick Company issues 6%, five-year bonds, on December 31, 2017, with a par value of $102,000 and semia payments. Semiannual Period-End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Unamortized Premium $8,151 7,336 6,521 Carrying Value $110,151 109,336 108,521 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2017, (b) The first interest payment on June 30, 2018. (c) The second interest payment on December 31, 2018. View transaction...
Please answer the whole question.
Refer to the following Hawkeye Ranges.
As of December 31, 2017, employees had earned $855 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $1,522 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,575.
The notes payable requires an interest payment to be made every
three months. The amount of unrecorded accrued interest at December
31, 2017, is $1,375. The next interest...
Woodwick Company issues 10%, five-year bonds, on December 31, 2017, with a par value of $95,000 and semiannual interest payments Carrying Value $103,011 Semiannual Period-End Unamortized Premium 12/31/2017 6/30/2018 12/31/2018 $8,011 (0) (1) (2) 7,210 6,409 102,210 101,409 Use the above straight-line bond amortization table and prepare journal entries for the following (a) The issuance of bonds on December 31, 2017. (b) The first interest payment on June 30, 2018. (c) The second interest payment on December 31, 2018 View...
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