Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the
December 31 entry, if any, assuming it is not probable that Teal
will be liable for any payment as a result of this suit. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.) Date
Account Titles and Explanation Debit Credit December 31, 2017 Click
if you would like to Show Work for this question: Open Show Work
SHOW LIST OF ACCOUNTS
Homework Answers
| Dec 31 | Lawsuit loss | 954,500 | |
| Lawsuit liability | 954,500 | ||
| Dec 31 | NO ENTRY NEEDED |
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Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Marin will be liable for $932,100 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 Prepare the...
Question 3 At December 31, 2020, Lawton & Border Inc. is involved in a lawsuit. Under...
Question 3 At December 31, 2020, Lawton & Border Inc. is involved in a lawsuit. Under existing standards in IAS 37, prepare the December 31 entry assuming it is probable (and very likely) that Lawton & Border will be liable for $700,000 as a result of this suit. (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 o for the...
Scorcese Inc. is involved in a lawsuit at December 31, 2014. Prepare the December...
Scorcese Inc. is involved in a lawsuit at December 31, 2014. Prepare the December 31 entry assuming it is probable that Scoreese will be liable for $918,800 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the December 31 entry, if any, assuming it is not probable...
Brief Exercise 13-13 Teal Factory provides a 2-year warranty with one of its products which was...
Brief Exercise 13-13 Teal Factory provides
a 2-year warranty with one of its products which was first sold in
2017. Teal sold $986,900 of products subject to the warranty. Teal
expects $117,650 of warranty costs over the next 2 years. In that
year, Teal spent $65,190 servicing warranty claims. Prepare Teal’s
journal entry to record the sales (ignore cost of goods sold) and
the December 31 adjusting entry, assuming the expenditures are
inventory costs. (If no entry is required, select...
Brief Exercise 13-7 Pharoah Inc. provides paid vacations to its employees. At December 31, 2017, 43...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Can someone help me with this problem and how they got the answer? Thanks in advance! On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now ex...
Can someone help me with this problem and how they got the answer?
Thanks in advance!
On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,600,000 note receivable by the following modifications 1. Reducing the principal obligation from $2,600,000 to $1,720,000 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31,...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
Exercise 130 On December 31, 2017, Dieker Company sells equipment to Tabor Inc. for $125,000. Dieker...
Exercise 130 On December 31, 2017, Dieker Company sells equipment to Tabor Inc. for $125,000. Dieker includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2017. Dieker estimates the prices to be $123,000 for the equipment and $2,000 for the cost of the warranty. Prepare the journal entry to record this transaction on December 31, 2017. (Credit account titles are automatically indented when amount is...
Exercise 11-16 Presented below is information related to equipment owned by Pearl Company at December 31,...
Exercise 11-16 Presented below is information related to equipment owned by Pearl Company at December 31, 2017. Cost $10,440,000 Accumulated depreciation to date 1,160,000 Expected future net cash flows 8,120,000 Fair value 5,568,000 Assume that Pearl will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
Question 3 At December 31, 2020, Lawton & Border Inc. is involved in a lawsuit. Under existing standards in IAS 37, prepare the December 31 entry assuming it is probable (and very likely) that Lawton & Border will be liable for $700,000 as a result of this suit. (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 o for the...
Brief Exercise 13-13 Teal Factory provides
a 2-year warranty with one of its products which was first sold in
2017. Teal sold $986,900 of products subject to the warranty. Teal
expects $117,650 of warranty costs over the next 2 years. In that
year, Teal spent $65,190 servicing warranty claims. Prepare Teal’s
journal entry to record the sales (ignore cost of goods sold) and
the December 31 adjusting entry, assuming the expenditures are
inventory costs. (If no entry is required, select...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Can someone help me with this problem and how they got the answer?
Thanks in advance!
On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,600,000 note receivable by the following modifications 1. Reducing the principal obligation from $2,600,000 to $1,720,000 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
Exercise 130 On December 31, 2017, Dieker Company sells equipment to Tabor Inc. for $125,000. Dieker includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2017. Dieker estimates the prices to be $123,000 for the equipment and $2,000 for the cost of the warranty. Prepare the journal entry to record this transaction on December 31, 2017. (Credit account titles are automatically indented when amount is...
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