Homework Answers
The journal entry for closing net income of $444,400
Dec 31. Income Summary A/c........Dr 444,400
To Retained earnings A/c 444,400
( Being net income closed)
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Brief Exercise 13-02 mework ne 13-03 se 13:03 Your answer is partially correct. Try again. At...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000,...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $84,000. In addition, Bridgeport agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Prepare Bridgeport Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and...
Exercise 8-13 Partially correct answer. Your answer is partially correct. Try again. Record the following transactions...
Exercise 8-13 Partially correct
answer. Your answer is partially correct. Try again. Record the
following transactions for Cullumber Company in the general
journal. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Record the following transactions for Cullumber Company in the general journal. (Credit account titles are automatically indented w problem.) 2019 1 Received a $6,000, 12-months, 8% note in exchange for Mark Chamber's outstanding...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company contains the following balances: Retained Earnings $31,379; Dividends $2,180; Service Revenue $50,406; Salaries and Wages Expense $25,982; and Supplies Expense $7,498. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Tservice Revenue 50,406 Income Summary 50,406 (To close revenue account.) 31 Tincome Summary...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to c...
Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to customers who send in 3 UPC codes from Waterway cereal, along with 60¢. The block sets cost Waterway $0.80 each to purchase and 80¢ each to mail to customers. During 2017, Waterway sold 1,308,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 130,800 UPC codes were redeemed. Prepare Waterway's December 31, 2017,...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) Sheridan Company retires its delivery equipment, which cost $47,790. Accumulated depreciation is also $47,790 on this delivery equipment. No salvage value is received. Assume the same information as in...
CALCULATOR PRINTER VERSION BACK NEXE Brief Exercise 7-5 Your answer is partially correct. Try again. While...
CALCULATOR PRINTER VERSION BACK NEXE Brief Exercise 7-5 Your answer is partially correct. Try again. While examining cash receipts information, the accounting department determined the following information opening cash balance $162 cash on hand $1,215.30, and cash sales per register tape $1,067.71. are automatically indented when amount Prepare the required youmal entry based upon the cash count sheet. (Round answers to 2 decimal places,.. 52.75. Credit accounts entered. Do not indent manually.) Account Titles and Explanation Debt Ichsh Cash Over...
Exercise 16-13 Your answer is partially correct. Try again. Marigold Company issues 4,200 shares of restricted...
Exercise 16-13
Your answer is partially correct. Try again.
Marigold Company issues 4,200 shares of restricted stock to its
CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of
$129,000 on this date. The service period related to this
restricted stock is 4 years. Vesting occurs if Yaping stays with
the company for 4 years. The par value of the stock is $5. At
December 31, 2021, the fair value of the stock is $146,000.
(a)...
The red are incorrect Brief Exercise 3-6 Your answer is partially correct. Try again. On July...
The
red are incorrect
Brief Exercise 3-6 Your answer is partially correct. Try again. On July 1, 2019, Metlock, Inc. pays $16,500 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $84,000. In addition, Bridgeport agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Prepare Bridgeport Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and...
Exercise 8-13 Partially correct
answer. Your answer is partially correct. Try again. Record the
following transactions for Cullumber Company in the general
journal. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Record the following transactions for Cullumber Company in the general journal. (Credit account titles are automatically indented w problem.) 2019 1 Received a $6,000, 12-months, 8% note in exchange for Mark Chamber's outstanding...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company contains the following balances: Retained Earnings $31,379; Dividends $2,180; Service Revenue $50,406; Salaries and Wages Expense $25,982; and Supplies Expense $7,498. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Tservice Revenue 50,406 Income Summary 50,406 (To close revenue account.) 31 Tincome Summary...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to customers who send in 3 UPC codes from Waterway cereal, along with 60¢. The block sets cost Waterway $0.80 each to purchase and 80¢ each to mail to customers. During 2017, Waterway sold 1,308,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 130,800 UPC codes were redeemed. Prepare Waterway's December 31, 2017,...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) Sheridan Company retires its delivery equipment, which cost $47,790. Accumulated depreciation is also $47,790 on this delivery equipment. No salvage value is received. Assume the same information as in...
CALCULATOR PRINTER VERSION BACK NEXE Brief Exercise 7-5 Your answer is partially correct. Try again. While examining cash receipts information, the accounting department determined the following information opening cash balance $162 cash on hand $1,215.30, and cash sales per register tape $1,067.71. are automatically indented when amount Prepare the required youmal entry based upon the cash count sheet. (Round answers to 2 decimal places,.. 52.75. Credit accounts entered. Do not indent manually.) Account Titles and Explanation Debt Ichsh Cash Over...
Exercise 16-13
Your answer is partially correct. Try again.
Marigold Company issues 4,200 shares of restricted stock to its
CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of
$129,000 on this date. The service period related to this
restricted stock is 4 years. Vesting occurs if Yaping stays with
the company for 4 years. The par value of the stock is $5. At
December 31, 2021, the fair value of the stock is $146,000.
(a)...
The
red are incorrect
Brief Exercise 3-6 Your answer is partially correct. Try again. On July 1, 2019, Metlock, Inc. pays $16,500 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
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