Homework Answers
Answer :
Book of Denvar
| Accounts Titles & Explanation | Debit | Credit |
|---|---|---|
| Cash | 2000 | |
| New warehouse | 45000 | |
| Accumulated Depreciation | 50000 | |
| Loss on Warehouse Exchange (balancing fig) | 3000 | |
| Old Warehouse | 100000 | |
| (To record exchange of warehouse & loss on exchange) |
Books of Bristol
| Accounts Titles & Explanation | Debit | Credit |
|---|---|---|
| Accumulated Depreciation | 25000 | |
| New warehouse | 47000 | |
| Cash | 2000 | |
| Gain on Warehouse Exchange (balancing fig) | 8000 | |
| Old Warehouse | 62000 | |
| (To record exchange of warehouse & gain on exchange) |
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Two independent companies, Denver and Bristol, each own a warehouse, and they agree to exchange them....
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange...
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available: Denver Bristol Cost $100,000 $56,500 Accumulated Depreciation $50,000 $23,000 Fair Value $44,500 $44,500 Required: 1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. 2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to...
PLEASE SOLVE FOR E10-10 ME HOW E10-9 Exchange of Assets Two independent companies, Denver and Bristol,...
PLEASE SOLVE FOR E10-10
ME HOW E10-9 Exchange of Assets Two independent companies, Denver and Bristol, each own a warehouse, and they agree to LO 10.3 an exchange in which no cash changes hands. The following information for the two warehouses is available: Denver Bristol Cost $90,000 $45,000 SHOW Accumulated depreciation 55,000 25,000 Fair value 30,000 30,000 Required: 1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. 2. Assuming the exchange...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%,...
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Chart of Accounts: Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the...
Chart of Accounts:
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On January 1, 2017, Fro-Yo Inc. began offering customers a cash rebate of $5.00 if the customer mails in 10 proof-of-purchase labels from its frozen yogurt containers. Based on historical experience,...
On January 1, 2017, Fro-Yo Inc. began offering customers a cash
rebate of $5.00 if the customer mails in 10 proof-of-purchase
labels from its frozen yogurt containers. Based on historical
experience, the company estimates that 20% of the labels will be
redeemed. During 2017, the company sold 5,000,000 frozen yogurt
containers at $1, cash, per container. From these sales, 800,000
labels were redeemed in 2017, 150,000 labels were redeemed in 2018,
and the remaining labels were never redeemed.
Required:
1....
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Bailand Company purchased a building for $366,000 that had an estimated residual value of $16,000 and...
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On July 1, 2016, Salem Corporation issued $3.3 million of 8% bonds payable in 10 years....
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PLEASE SOLVE FOR E10-10
ME HOW E10-9 Exchange of Assets Two independent companies, Denver and Bristol, each own a warehouse, and they agree to LO 10.3 an exchange in which no cash changes hands. The following information for the two warehouses is available: Denver Bristol Cost $90,000 $45,000 SHOW Accumulated depreciation 55,000 25,000 Fair value 30,000 30,000 Required: 1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. 2. Assuming the exchange...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. Chart of Accounts Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
On January 1, 2017, Fro-Yo Inc. began offering customers a cash
rebate of $5.00 if the customer mails in 10 proof-of-purchase
labels from its frozen yogurt containers. Based on historical
experience, the company estimates that 20% of the labels will be
redeemed. During 2017, the company sold 5,000,000 frozen yogurt
containers at $1, cash, per container. From these sales, 800,000
labels were redeemed in 2017, 150,000 labels were redeemed in 2018,
and the remaining labels were never redeemed.
Required:
1....
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
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