Homework Answers
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Amount of interest that should be capitalized = 1,590,000 * 12% = 190,800 Option A is the answer |
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Question 6 --/10 View Policies Current Attempt in Progress During 2020, Vaughn Manufacturing incurred weighted average...
During 2020, Waterway Industries incurred weighted-average accumulated expenditures of $1620000 during construction of assets that qualified...
During 2020, Waterway Industries incurred weighted-average accumulated expenditures of $1620000 during construction of assets that qualified for capitalization of interest. The only debt outstanding during 2020 was a $2030000, 11%, 5-year note payable dated January 1, 2020. What is the amount of interest that should be capitalized by Waterway during 2020?
Question 13 View Policies Show Attempt History Current Attempt in Progress Marin Company is constructing a...
Question 13 View Policies Show Attempt History Current Attempt in Progress Marin Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,001,740 on December 31. Compute Marin's weighted average accumulated expenditures for interest capitalization purposes. Weighted-Average Accumulated Expenditures $ e Textbook and Media Attempts: 1 of 3 used Save for Later Submit Answer Send to Gradebook < Prev Previous Next
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to...
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
hapter 10 Exercises Send to Gradebook < Prev Question 11 View Policies Current Attempt in Progress...
hapter 10 Exercises Send to Gradebook < Prev Question 11 View Policies Current Attempt in Progress On December 31, 2019, Larkspur Inc. borrowed $3,960,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $475,200: June 1, $792,000: July 1, $1.980,000: December 1. 1,980,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond,...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction of a combination office and warehouse building for its own use at ar estimated cost of $6,000,000 on January 1, 2020. Ivanhoe expected to complete the building by December 31, 2020. Ivanhoe has the following debt obligations outstanding during the construction period. Construction loan-14% interest, payable semiannually, issued December 31, 2019 Short-term loan-12% interest, payable monthly, and principal payable at maturity on May 30,...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction of a combination office and warehouse building for its own use at ar estimated cost of $6,000,000 on January 1, 2020. Ivanhoe expected to complete the building by December 31, 2020. Ivanhoe has the following debt obligations outstanding during the construction period. Construction loan-14 % interest, payable semiannually, issued December 31, 2019 Short-term loan-129% interest, payable monthly, and principal payable at maturity on May...
Question 7 View Policies Show Attempt History Current Attempt in Progress Vaughn Manufacturing is a private...
Question 7 View Policies Show Attempt History Current Attempt in Progress Vaughn Manufacturing is a private camping ground near the Mount Miguel Recreation Area. It has compiled the December 31, 2017. Service revenue (from camping fees) $168,960 Dividends $11,520 Sales revenue (from general store) 64,000 32,000 14,080 Notes payable Expenses during 2017 Accounts payable 161,280 Cash Supplies 7,040 10,880 145,920 Equipment Common stock 51,200 Retained earnings (1/1/2017) 6,400 Vaughn Manufacturing Retained Earnings Statement For the Year Ended December 31, 2017...
Testbank Problem 139 During 2020, Debra Building Company constructed various assets at a total cost of...
Testbank Problem 139
During 2020, Debra Building Company constructed various assets
at a total cost of $12,600,000. The weighted average accumulated
expenditures on assets qualifying for capitalization of interest
during 2020 were $8,729,000. The company had the following debt
outstanding at December 31, 2020:
1.
10%, 5-year note to finance construction of various assets,
dated January 1, 2020, with interest payable annually on January
1
$5,313,000
2.
12%, ten-year bonds issued at par on December 31, 2014, with
interest payable...
Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress Sandhill Furniture Company started...
Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress Sandhill Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,000,000 on January 1, 2020. Sandhill expected to complete the building by December 31, 2020. Sandhill has the following debt obligations outstanding during the construction period. Construction loan-10 % interest, payable semiannually, issued December 31, 2019 $1,600,000 Short-term loan-8% interest, payable monthly, and principal payable at maturity...
On March 1, 2020, Concord Corporation purchased land for an office site by paying $2740000 cash....
On March 1, 2020, Concord Corporation purchased land for an office site by paying $2740000 cash. Concord began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $ 1790000 April 1, 2020 2530000 May 1, 2020 4490000 June 1, 2020 4880000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3560000 was borrowed on March 1, 2020 on a...
Question 13 View Policies Show Attempt History Current Attempt in Progress Marin Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,001,740 on December 31. Compute Marin's weighted average accumulated expenditures for interest capitalization purposes. Weighted-Average Accumulated Expenditures $ e Textbook and Media Attempts: 1 of 3 used Save for Later Submit Answer Send to Gradebook < Prev Previous Next
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
hapter 10 Exercises Send to Gradebook < Prev Question 11 View Policies Current Attempt in Progress On December 31, 2019, Larkspur Inc. borrowed $3,960,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $475,200: June 1, $792,000: July 1, $1.980,000: December 1. 1,980,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond,...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction of a combination office and warehouse building for its own use at ar estimated cost of $6,000,000 on January 1, 2020. Ivanhoe expected to complete the building by December 31, 2020. Ivanhoe has the following debt obligations outstanding during the construction period. Construction loan-14% interest, payable semiannually, issued December 31, 2019 Short-term loan-12% interest, payable monthly, and principal payable at maturity on May 30,...
Question 2 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Furniture Company started construction of a combination office and warehouse building for its own use at ar estimated cost of $6,000,000 on January 1, 2020. Ivanhoe expected to complete the building by December 31, 2020. Ivanhoe has the following debt obligations outstanding during the construction period. Construction loan-14 % interest, payable semiannually, issued December 31, 2019 Short-term loan-129% interest, payable monthly, and principal payable at maturity on May...
Question 7 View Policies Show Attempt History Current Attempt in Progress Vaughn Manufacturing is a private camping ground near the Mount Miguel Recreation Area. It has compiled the December 31, 2017. Service revenue (from camping fees) $168,960 Dividends $11,520 Sales revenue (from general store) 64,000 32,000 14,080 Notes payable Expenses during 2017 Accounts payable 161,280 Cash Supplies 7,040 10,880 145,920 Equipment Common stock 51,200 Retained earnings (1/1/2017) 6,400 Vaughn Manufacturing Retained Earnings Statement For the Year Ended December 31, 2017...
Testbank Problem 139
During 2020, Debra Building Company constructed various assets
at a total cost of $12,600,000. The weighted average accumulated
expenditures on assets qualifying for capitalization of interest
during 2020 were $8,729,000. The company had the following debt
outstanding at December 31, 2020:
1.
10%, 5-year note to finance construction of various assets,
dated January 1, 2020, with interest payable annually on January
1
$5,313,000
2.
12%, ten-year bonds issued at par on December 31, 2014, with
interest payable...
Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress Sandhill Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,000,000 on January 1, 2020. Sandhill expected to complete the building by December 31, 2020. Sandhill has the following debt obligations outstanding during the construction period. Construction loan-10 % interest, payable semiannually, issued December 31, 2019 $1,600,000 Short-term loan-8% interest, payable monthly, and principal payable at maturity...
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