Homework Answers
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| Under US GAAP, Contingent Liabilities will be recorded since there is high probability of losing the case | |||
| Also, minimum point in range will be considerd for provision. | |||
| Account | Debit | Credit | |
| Litigation Loss | $210,000 | ||
| Contingent Litigation Liability | $210,000 | ||
| (being contingent liability recorded) | |||
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31 year end, the companys attorneys believe that it is 90% likely that FK will lose...
Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it...
Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to be paid by Buchanan is $305,090. In light of this case, Buchanan is considering establishing a $112,720 self-insurance allowance.What entry, if any, should Buchanan record to recognize this loss contingency? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts....
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed...
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed the following transactions during 2019 and 2020. (Click the icon to view the transactions.) Required Prepare the necessary Journal entries to record the transactions. Assume that a 365-day year is used for calculations. Oct. 14, 2019. Sold merchandise to AMAZ Racing, receiving a 60-day, 6 percent note for $6,400. (Record debits first, then credits. Exclude explanations from journa Journal Entry Debit Credit Date Accounts...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing,...
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Thompson Go-Karts sells motorized go-karts. Thompson Go-Karts are motorized and are typically purchased by amusement parks...
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Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing $115.000 and old goods for $155.000, wth $32,000 tractions on cout Cambridge anded the y Journalize all the necessary transactions under the periodic inventory system e a r of Requirement 1. Journalize all the necessary transactions under the periodic inventory system (Record debits first, then credits. Explanations are not required) First, journalize the inventory purchase. Journal Entry Debit Credit Jour sales ansaction Journal Entry...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the...
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World Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, World...
World Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, World Petroleum's cost of olreserves totaled $21,000,000, representing 3,000,000 barrels of oil Read the requirements Requirement 1. Which method does World Petroleum use to compute depletion? is the method used to compute depletion Requirement 2. Suppose World Petroleum removed and sold 500,000 barrels of oil during 2019. Journalize depletion expense for 2019. Assume no residual value Record debits first, then credits Select the explanation on...
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met Foley, Ino, pred a piece of equipment at a cost of $5,000, which Foley, Ino, padina Foley, Inc. arroneously cited is as part of the cost of the Requirements 1 Joumature both the corned by the courant made to record this transaction and the corrent that the content should have made 2 How will this accounting more Foley, Inc.'s net income? Ignore depreciation acord debit first, the credits Exclude explanations from any journal Requirement 1. Journal both the incorrect...
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400...
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Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to be paid by Buchanan is $305,090. In light of this case, Buchanan is considering establishing a $112,720 self-insurance allowance.What entry, if any, should Buchanan record to recognize this loss contingency? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts....
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed the following transactions during 2019 and 2020. (Click the icon to view the transactions.) Required Prepare the necessary Journal entries to record the transactions. Assume that a 365-day year is used for calculations. Oct. 14, 2019. Sold merchandise to AMAZ Racing, receiving a 60-day, 6 percent note for $6,400. (Record debits first, then credits. Exclude explanations from journa Journal Entry Debit Credit Date Accounts...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $330,000. The Allowance for Uncollectible Accounts has a[n) $18,000 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: Click the icon to view the aging schedule.) Read the requirements Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? First, calculate a revised allowance for uncollectible...
Thompson Go-Karts sells motorized go-karts. Thompson Go-Karts are motorized and are typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for their own personal use. The company uses a perpetual inventory system. Selected transactions in the month of December follow (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare the journal entries to record the transactions shown. Omit explanations. (Record debits first, then credits. Explanations are not required. For...
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing $115.000 and old goods for $155.000, wth $32,000 tractions on cout Cambridge anded the y Journalize all the necessary transactions under the periodic inventory system e a r of Requirement 1. Journalize all the necessary transactions under the periodic inventory system (Record debits first, then credits. Explanations are not required) First, journalize the inventory purchase. Journal Entry Debit Credit Jour sales ansaction Journal Entry...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the inventory is $320) on January 17, 2018. Bargain Hardware later received 400 of goods (cost, $100) as sales returns on January 21, 2018. The customer paid the balance due on January 26, 2018. Journalize the January 2018 transactions for Bargain Hardware assuming the "net" method is used (Record debits first, then credits Exclude explanations from any journal entries. Round your answers to the nearest...
There were no beginning inventories on September 1, 2017 Read the requirements. Quality, Inc. is a producer of potato chips. A single production process at Quality, Inc., yields potato chips as the main product, as well as a byproduct that can be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2017, the cost of operations is $480,000. Production and sales data are as follows: PE (Click the...
World Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, World Petroleum's cost of olreserves totaled $21,000,000, representing 3,000,000 barrels of oil Read the requirements Requirement 1. Which method does World Petroleum use to compute depletion? is the method used to compute depletion Requirement 2. Suppose World Petroleum removed and sold 500,000 barrels of oil during 2019. Journalize depletion expense for 2019. Assume no residual value Record debits first, then credits Select the explanation on...
met Foley, Ino, pred a piece of equipment at a cost of $5,000, which Foley, Ino, padina Foley, Inc. arroneously cited is as part of the cost of the Requirements 1 Joumature both the corned by the courant made to record this transaction and the corrent that the content should have made 2 How will this accounting more Foley, Inc.'s net income? Ignore depreciation acord debit first, the credits Exclude explanations from any journal Requirement 1. Journal both the incorrect...
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400 of merchandise to Borg Corporation, who paid by credit card. The cilit card company charges Beltran a fee of 1% on credit card sales October 7 Sold $19,000 of merchandise to McNab Company on account. October 8 Pearsey paid the balance of what it owed for the purchase on October 1 October 12 Sold $17.000 of merchandise to Wack Enterprises on account. October 16...
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