Homework Answers
| Journal entries | |||||
| Date | Particulars | Debit | Credit | ||
| 01-04-2017 | Cash | 315016 | |||
| Finance charges (524600*4%) | 20984 | ||||
| loan from third national bank | 336000 | ||||
| (to record loan ) | |||||
| 30-06-2017 | cash | 376300 | |||
| accounts receivable | 376300 | ||||
| (to record cash collection) | |||||
| 01-07-2017 | loan from third national bank | 336000 | |||
| Interest expenses (336000*10%*3/12) | 8400 | ||||
| cash | 344400 | ||||
| (to record repayment of loan) | |||||
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Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts receivable to the BLANK Bank...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020. journal entry for Grouper Company....
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31,...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, 1/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,300 will be honored on these sales. 10 Cheyenne received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Cheyenne for its purchase...
BLANK Corp. factors $440,000 of accounts receivable with BLANK Finance Corporation on a without recourse basis...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National Bank as collateral for a $301,600 loan due July 1, 2020. The assignment agreement calls for Wildhorse to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the journal entry for wildhorse company
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020. journal entry for Grouper Company....
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, 1/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,300 will be honored on these sales. 10 Cheyenne received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Cheyenne for its purchase...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
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