Brief Exercise 20-12 For 2017, Sunland Inc. computed its annual postretirement expense as $236,300. Sunland’s contribution...
Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution to the plan during 2017
was $177,300.
Prepare Sunland’s 2017 entry to record postretirement expense,
assuming Sunland has no OCI amounts. (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.)
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Account Titles and Explanation |
Debit |
Credit |
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Homework Answers
| Account titles and explanation | Debit | Credit |
| Postretirement Expense | $236,300 | |
| Postretirement Asset/Liability | $59,000 | |
| Cash | $177,300 |
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Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan during 2020 was $17.500 Prepare Monty's 2020 entry to record postretirement expense, assuming Monty has no OC amounts. (Credit accounttiles 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 for the amounts.) Account Titles and Explanation Debit Credit
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to...
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to the plan during 2020 was $177,500 Prepare Marin's 2020 entry to record postretirement expense, assuming Marin has no OC amounts. (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 for the amounts.) Debit Credit Account Titles and Explanation
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%, 3-month note. Prepar...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Marin will be liable for $932,100 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 Prepare the...
Brief Exercise 13-10 Teal Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Brief Exercise 20-4 Campbell Soup Company reported pension expense of $73 million and contributed $71 million...
Brief Exercise 20-4 Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company's journal entry to record pension expense and funding, assuming Campbell has no OCI amounts. (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. Enter amounts in millions. Ex: 10,000,000 is to be imputed...
Brief Exercise 15-03 a-c Sunland Corporation issued 3,800, 9%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c
Sunland Corporation issued 3,800, 9%, 5-year, $1,000 bonds dated
January 1, 2020, at 100. Interest is paid each January 1.
Prepare the journal entry to record the sale of these bonds on
January 1, 2020. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Janaury 1, 2020
Prepare the adjusting journal entry on December 31, 2020, to
record interest expense. (Credit account titles are...
Sunland Company borrowed $50,400 on November 1, 2017, by signing a $50,400, 9%, 3-month note. Prepare...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Brief Exercise 13-7 Pharoah Inc. provides paid vacations to its employees. At December 31, 2017, 43...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan during 2020 was $17.500 Prepare Monty's 2020 entry to record postretirement expense, assuming Monty has no OC amounts. (Credit accounttiles 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 for the amounts.) Account Titles and Explanation Debit Credit
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to the plan during 2020 was $177,500 Prepare Marin's 2020 entry to record postretirement expense, assuming Marin has no OC amounts. (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 for the amounts.) Debit Credit Account Titles and Explanation
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Brief Exercise 20-4 Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company's journal entry to record pension expense and funding, assuming Campbell has no OCI amounts. (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. Enter amounts in millions. Ex: 10,000,000 is to be imputed...
Brief Exercise 15-03 a-c
Sunland Corporation issued 3,800, 9%, 5-year, $1,000 bonds dated
January 1, 2020, at 100. Interest is paid each January 1.
Prepare the journal entry to record the sale of these bonds on
January 1, 2020. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Janaury 1, 2020
Prepare the adjusting journal entry on December 31, 2020, to
record interest expense. (Credit account titles are...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
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