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Homework Answers
| Items | Category | |||
| a) | Retained earning | Equity | ||
| b) | sale revenue | Revenue | ||
| c) | acquired goodwill | intengible assets | ||
| d) | inventory | Assets | ||
| e) | depreciation exp | expense | ||
| f) | loss on sale of equipment | losses | ||
| g) | interest payable | laibility | ||
| h) | dividends | expense | ||
| i) | issuance of common shares | equity | ||
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Brief Exercise 2-9 For each item that follows,...
For each item that follows, indicate which element of the financial statements it belongs to: (a)...
For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory < (e) Depreciation expense (f) Loss on sale of equipment (g) Interest payable (h) Dividends (i) Issuance of common shares
I need help with this problem. Thank You! Brief Exercise 2-10 For each item that follows,...
I need help with this problem. Thank You!
Brief Exercise 2-10 For each item that follows, identify the foundational principle of accounting that best describes it. (a) For its annual reports, Sumsong Corp. divides its economic activities into 12-month periods (b) Sullivan, Inc., does not adjust amounts in its financial statements for the effects of inflation (c) Kiran Ltd. reports current and non-current classifications in its statement of financial position (d) In preparing its consolidated financial statements, Paddy Corporation assesses...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par,...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) v (a) Calculate...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par,...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) v (a) Calculate...
Brief Exercise 11-13 (Part Level Submission) Marin Inc. is considering these two alternatives to finance its...
Brief Exercise 11-13 (Part Level Submission) Marin Inc. is considering these two alternatives to finance its construction of a new $1.20 million plant 1. 2. Issuance of 120,000 shares of common stock at the market price of $10 per share. Issuance of $1.20 million, 6% bonds at face value. (a) Complete the table. (Round earnings per share to 2 decimal places, eg. $2.66.) Issue Stock Issue Bonds Income before interest and taxes $1,656,000 $1,656,000 Interest expense from bonds Income before...
JS Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise 8-7 Compute interest and find...
JS Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise 8-7 Compute interest and find the maturity date for the following notes. (Round answers to o decimal places, .9. 825) Date of Note June 10 July 14 April 27 Principal $79,070 $49,300 $11,930 Interest Rate (%) 7% 8% 9% Terms 60 days 90 days 75 days Interest Maturity Date (c) $ SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 used SAVE FOR LATER...
Brief Exercise 9-2 Monty Corporation has the following four items in its ending inventory. Item Cost...
Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
PRINTER VERSION BACK NEXT Exercise 17-9 (Part Level Submission) In 2019, Carla Vista Utd, issued $50,000...
PRINTER VERSION BACK NEXT Exercise 17-9 (Part Level Submission) In 2019, Carla Vista Utd, issued $50,000 of 9% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $70,100 and expenses of $36,100 TO 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is...
i need help snd show how to do it please Drporation Had 141,60 X wplus.com/edugen/student/mainfr.uni +...
i need help snd show how to do it please
Drporation Had 141,60 X wplus.com/edugen/student/mainfr.uni + OF $ Kieso, Intermediate Accounting, 16e Wiley PLUS. Wielus I Help Contact Us Assignment Gradebook ORION Intermediate Accounting, 16e (ACC 334-33 Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Brief Exercise 16-10 Flint Corporation had 132,000 shares of stock outstanding on January 1, 2017. On May 1, 2017, Flint issued 64,800 shares. On July 1, Flint purchased 9.240 treasury shares which were reissued...
S Kimmel, Financial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 9-9 Wildhorse...
S Kimmel, Financial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 9-9 Wildhorse Co. purchases a patent for $172,200 on January 2, 2017. Its estimated useful life is 6 years (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If ne entry is required, select "No Entry for the account sities and enter for the amounts.) Det Credit Account...
For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory < (e) Depreciation expense (f) Loss on sale of equipment (g) Interest payable (h) Dividends (i) Issuance of common shares
I need help with this problem. Thank You!
Brief Exercise 2-10 For each item that follows, identify the foundational principle of accounting that best describes it. (a) For its annual reports, Sumsong Corp. divides its economic activities into 12-month periods (b) Sullivan, Inc., does not adjust amounts in its financial statements for the effects of inflation (c) Kiran Ltd. reports current and non-current classifications in its statement of financial position (d) In preparing its consolidated financial statements, Paddy Corporation assesses...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) v (a) Calculate...
Exercise 17-9 (Part Level Submission) In 2019, Blossom Ltd. issued $46,000 of 7% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) v (a) Calculate...
Brief Exercise 11-13 (Part Level Submission) Marin Inc. is considering these two alternatives to finance its construction of a new $1.20 million plant 1. 2. Issuance of 120,000 shares of common stock at the market price of $10 per share. Issuance of $1.20 million, 6% bonds at face value. (a) Complete the table. (Round earnings per share to 2 decimal places, eg. $2.66.) Issue Stock Issue Bonds Income before interest and taxes $1,656,000 $1,656,000 Interest expense from bonds Income before...
JS Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise 8-7 Compute interest and find the maturity date for the following notes. (Round answers to o decimal places, .9. 825) Date of Note June 10 July 14 April 27 Principal $79,070 $49,300 $11,930 Interest Rate (%) 7% 8% 9% Terms 60 days 90 days 75 days Interest Maturity Date (c) $ SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 used SAVE FOR LATER...
Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
PRINTER VERSION BACK NEXT Exercise 17-9 (Part Level Submission) In 2019, Carla Vista Utd, issued $50,000 of 9% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $70,100 and expenses of $36,100 TO 2020, not including interest and taxes (assume a tax rate of 20%). Throughout 2020, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is...
i need help snd show how to do it please
Drporation Had 141,60 X wplus.com/edugen/student/mainfr.uni + OF $ Kieso, Intermediate Accounting, 16e Wiley PLUS. Wielus I Help Contact Us Assignment Gradebook ORION Intermediate Accounting, 16e (ACC 334-33 Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Brief Exercise 16-10 Flint Corporation had 132,000 shares of stock outstanding on January 1, 2017. On May 1, 2017, Flint issued 64,800 shares. On July 1, Flint purchased 9.240 treasury shares which were reissued...
S Kimmel, Financial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 9-9 Wildhorse Co. purchases a patent for $172,200 on January 2, 2017. Its estimated useful life is 6 years (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If ne entry is required, select "No Entry for the account sities and enter for the amounts.) Det Credit Account...
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