Homework Answers
Solution:
| Date | Account title | Debit | Credit |
| 31-Dec-20 | License (17*$1620) | 27540 | |
| Cash | 27540 | ||
| (To record costs incurred to purchase license) |
Add Answer to:
On December 31, 2020, Whispering Winds Cabs Incorporated was granted 17 taxi licences by the City...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
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...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost (residual value $0) Accumulated depreciation to date Value-in-use Fair value less cost of disposal $8,924,900 995,900 5.510,000 4,395,380 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Whispering uses straight-line depreciation. la) Your answer is correct. Prepare the journal entry (if any) to record the impairment...
Whispering Winds Company pays salaries of $10,320 every Monday for the preceding 5-day week (Monday through...
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
Question 3 Whispering Winds, Inc., a private company that applies ASPE, incurred $14,400 in materials and...
Question 3
Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
On June 1, 2020, Whispering Winds Corporation approached Silverman Corporation about buying a parcel of undeveloped...
On June 1, 2020, Whispering Winds Corporation approached
Silverman Corporation about buying a parcel of undeveloped land.
Silverman was asking $258,000 for the land and Whispering Winds saw
that there was some flexibility in the asking price. Whispering
Winds did not have enough money to make a cash offer to Silverman
and proposed to give, in return for the land, a $315,000, five-year
promissory note that bears interest at the rate of 5%. The interest
is to be paid annually...
On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts. a) Journalize the...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. 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 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
On June 1, 2020, Whispering Winds Corporation approached Silverman Corporation about buying a parcel of undeveloped...
On June 1, 2020, Whispering Winds Corporation approached
Silverman Corporation about buying a parcel of undeveloped land.
Silverman was asking $258,000 for the land and Whispering Winds saw
that there was some flexibility in the asking price. Whispering
Winds did not have enough money to make a cash offer to Silverman
and proposed to give, in return for the land, a $315,000, five-year
promissory note that bears interest at the rate of 5%. The interest
is to be paid annually...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is presented below. Whispering Winds Corp. Balance...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is
presented below.
Whispering Winds Corp.
Balance Sheet
December 31, 2018
Cash
$32,000
Accounts payable
$13,050
Inventory
30,500
Interest payable
2,525
Prepaid insurance
7,320
Bonds payable
50,500
Equipment
38,280
Common stock
23,825
Retained earnings
18,200
$108,100
$108,100
During 2019, the following transactions occurred.
1.
Whispering Winds paid $2,525 interest on the bonds on January
1, 2019.
2.
Whispering Winds purchased $243,900 of inventory on
account.
3.
Whispering Winds sold for $498,500...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
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...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost (residual value $0) Accumulated depreciation to date Value-in-use Fair value less cost of disposal $8,924,900 995,900 5.510,000 4,395,380 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Whispering uses straight-line depreciation. la) Your answer is correct. Prepare the journal entry (if any) to record the impairment...
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
Question 3
Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $151,000 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
On June 1, 2020, Whispering Winds Corporation approached
Silverman Corporation about buying a parcel of undeveloped land.
Silverman was asking $258,000 for the land and Whispering Winds saw
that there was some flexibility in the asking price. Whispering
Winds did not have enough money to make a cash offer to Silverman
and proposed to give, in return for the land, a $315,000, five-year
promissory note that bears interest at the rate of 5%. The interest
is to be paid annually...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. 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 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
On June 1, 2020, Whispering Winds Corporation approached
Silverman Corporation about buying a parcel of undeveloped land.
Silverman was asking $258,000 for the land and Whispering Winds saw
that there was some flexibility in the asking price. Whispering
Winds did not have enough money to make a cash offer to Silverman
and proposed to give, in return for the land, a $315,000, five-year
promissory note that bears interest at the rate of 5%. The interest
is to be paid annually...
Whispering Winds Corp.’s balance sheet at December 31, 2018, is
presented below.
Whispering Winds Corp.
Balance Sheet
December 31, 2018
Cash
$32,000
Accounts payable
$13,050
Inventory
30,500
Interest payable
2,525
Prepaid insurance
7,320
Bonds payable
50,500
Equipment
38,280
Common stock
23,825
Retained earnings
18,200
$108,100
$108,100
During 2019, the following transactions occurred.
1.
Whispering Winds paid $2,525 interest on the bonds on January
1, 2019.
2.
Whispering Winds purchased $243,900 of inventory on
account.
3.
Whispering Winds sold for $498,500...
Most questions answered within 3 hours.
-
When a carbonate solution is acidified, carbon dioxide is
produced.
2H+(aq) + CO32-(aq) → H2O(l) +...
asked 36 minutes ago -
A reaction has the following rate law: Rate =
kr[A][B]2. In experiment 1, the
concentrations of...
asked 34 minutes ago -
king owns a large number of public pay phones. as rhe use of
payphones decline deamatically,...
asked 38 minutes ago -
3.7 - A book is sitting on a table. The mass of the book
is 1...
asked 54 minutes ago -
Which term describes the process by which a single strand of DNA
serves as a template...
asked 1 hour ago -
LAB FOOD DRING
ANSWER THE QUESTIONS:
Q1. What value is the moisture content versus time and...
asked 1 hour ago -
You are told that an object has zero acceleration. Two forces on
the object are: F_1...
asked 1 hour ago -
The usual starting point for preparing a master budget is
forecasting or estimating:
Multiple Choice
Sales....
asked 1 hour ago -
How to make a simple game in pygame where an object is randomly
falling from the...
asked 1 hour ago -
A postaudit is:
An evaluation of the effectiveness of the budgeting
committee.
An analysis of the...
asked 1 hour ago -
How does the period of a pendulum suspended from the ceiling of
an airplane change when...
asked 1 hour ago -
Consider the following C, C++, or Java assignment
statement:
value = value *
10;
Assume that...
asked 1 hour ago