Homework Answers
Solution
| Wildhorse Co. | Sandhill Co. | Windsore Co. | |
| Supplies on hand may 31, 2020 | $ 830.00 | $ 1,005.00 | $ 1,355.00 |
| Supplies purchased during the year | $ 3,805.00 | $ 3,105.00 | $ 2,355.00 |
| Supplies on hand may 31, 2021 | $ 705.00 | $ 1,405.00** | $ 1,755.00 |
| Supplies used during the year | $ 3,930.00* | $ 2,705.00 | $ 1,955.00 |
*830+3805-705
**1005+3105-2705
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Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
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for $1,190,000 on January 1, 2018. The patent is being amortized
over its remaining legal life of 10 years, expiring on January 1,
2028. During 2020, Sandhill determined that the economic benefits
of the patent would not last longer than 6 years from the date of
acquisition. What amount should be reported in the balance sheet
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The amount to be reported...
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Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Presented below are two independent situations. (a) Martinez Co. sold $1,870,000 of 10%, 10-year bonds at 104 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Martinez uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2020, and December 31, 2020. (Round answer to decimal places, e.g. 38,548.) Interest expense to be recorded $ (b)...
1. Sandhill purchased a patent from Vania Co.
for $1,190,000 on January 1, 2018. The patent is being amortized
over its remaining legal life of 10 years, expiring on January 1,
2028. During 2020, Sandhill determined that the economic benefits
of the patent would not last longer than 6 years from the date of
acquisition. What amount should be reported in the balance sheet
for the patent, net of accumulated amortization, at December 31,
2020?
The amount to be reported...
Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $32,000 to another company. A note was signed with principal and interest at 8% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $22,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent. 3. Supplies on hand at the end of 2020 totaled $2,570. Additional supplies costing $5,770 were purchased...
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