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nt CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Exercise 2-3...
Suppose the following items were taken from the December 31, 2017, assets section of the Vaughn...
Suppose the following items were taken from the December 31, 2017, assets section of the Vaughn Manufacturing balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 2018 Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $16,010 Patents $11,220 20,910 8,300 5,630 1,630 5,020 Buildings 365 Cash 13,340 Accounts receivable Debt investments (short-term) Prepare the assets section of a classified balance sheet. (List the current assets in order of liquidity.) Vaughn Manufacturing Partial Balance Sheet (in millions)...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-7 Presented below are selected...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-7 Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 58,900 95,800 254,500 43,200 42,500 40,400 36,700 51,900 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,172,600 38,600...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000 to Windsor Trust. The debt is a 10-year, 124 note de December 31, 2020. Because Bonita Corp. is intencial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to 7, payable annually on December 31. (a) Prepare the journal entries on Bonita's books on December 31, 2020 2021 2022. (b)...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-25 (Part Level Submission) On...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-25 (Part Level Submission) On December 31, 2020, Concord Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12, issued at par, $2,100,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,100,000 to $1,370,000 2. Extending the maturity date from December 31, 2020, to January 1, 2024 3. Reducing the interest rate...
CALCULATOR PRINTER VERSION BACK NE Problem 5-2 Presented below are a number of balance sheet items...
CALCULATOR PRINTER VERSION BACK NE Problem 5-2 Presented below are a number of balance sheet items for Sweet, Inc., for the current year, 2017 Goodwill $ 127,970 Accumulated Depreciation Equipment $ 292,260 Payroll Taxes Payable 180,561 Inventory 242,770 Bonds payable 302,970 Rent payable (short-term) 47,970 Discount on bonds payable 15,260 Income taxes payable 101,332 Cash 362,970 Rent payable (long-term) 482,970 Land 482,970 Common stock, $1 par value 202,970 Notes receivable 448,670 Preferred stock, $10 par value 152,970 Notes payable (to...
ssignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEX CES it 2. 3....
ssignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEX CES it 2. 3. Exercise 4-10 Wildhorse Co., opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $740 of such services was completed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $850. Purchased dental...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION « BACK Question 1 The following information is...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION « BACK Question 1 The following information is available for Marin Inc. for the year ended December 31, 2017: Loss on discontinued operations $76,000 Retained earnings January 1, 2017 Rent revenue 88,000 Selling expenses Income tax applicable to continuing operations ,312,000 Income tax applicable to loss on discontinued operations Administrative expenses 519,000 Cost of goods sold Loss on write-down of inventory 37,000 Sales revenue Gain on sale of equipment 36,000 Cash dividends...
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January...
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January 1, 2017, Marigold Corporation issued $520,000 of 7% $484,667, and pay interest each July 1 and January 1. Marigold uses the effective-interest method. bonds, due in 10 years. The bonds were issued for Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2017 334.000 95.200 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $21,800 $264,000 144,000 120,000 50,700 $69,300 $76,300 69,300 (23,900) $121,700 214.800 (31,400) $112,100 $121,700 The following additional information is provided: In 2018, Nash Inc,...
Suppose the following items were taken from the December 31, 2017, assets section of the Vaughn Manufacturing balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 2018 Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $16,010 Patents $11,220 20,910 8,300 5,630 1,630 5,020 Buildings 365 Cash 13,340 Accounts receivable Debt investments (short-term) Prepare the assets section of a classified balance sheet. (List the current assets in order of liquidity.) Vaughn Manufacturing Partial Balance Sheet (in millions)...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-7 Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 58,900 95,800 254,500 43,200 42,500 40,400 36,700 51,900 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,172,600 38,600...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000 to Windsor Trust. The debt is a 10-year, 124 note de December 31, 2020. Because Bonita Corp. is intencial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to 7, payable annually on December 31. (a) Prepare the journal entries on Bonita's books on December 31, 2020 2021 2022. (b)...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-25 (Part Level Submission) On December 31, 2020, Concord Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12, issued at par, $2,100,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,100,000 to $1,370,000 2. Extending the maturity date from December 31, 2020, to January 1, 2024 3. Reducing the interest rate...
CALCULATOR PRINTER VERSION BACK NE Problem 5-2 Presented below are a number of balance sheet items for Sweet, Inc., for the current year, 2017 Goodwill $ 127,970 Accumulated Depreciation Equipment $ 292,260 Payroll Taxes Payable 180,561 Inventory 242,770 Bonds payable 302,970 Rent payable (short-term) 47,970 Discount on bonds payable 15,260 Income taxes payable 101,332 Cash 362,970 Rent payable (long-term) 482,970 Land 482,970 Common stock, $1 par value 202,970 Notes receivable 448,670 Preferred stock, $10 par value 152,970 Notes payable (to...
ssignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEX CES it 2. 3. Exercise 4-10 Wildhorse Co., opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $740 of such services was completed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $850. Purchased dental...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION « BACK Question 1 The following information is available for Marin Inc. for the year ended December 31, 2017: Loss on discontinued operations $76,000 Retained earnings January 1, 2017 Rent revenue 88,000 Selling expenses Income tax applicable to continuing operations ,312,000 Income tax applicable to loss on discontinued operations Administrative expenses 519,000 Cost of goods sold Loss on write-down of inventory 37,000 Sales revenue Gain on sale of equipment 36,000 Cash dividends...
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January 1, 2017, Marigold Corporation issued $520,000 of 7% $484,667, and pay interest each July 1 and January 1. Marigold uses the effective-interest method. bonds, due in 10 years. The bonds were issued for Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2017 334.000 95.200 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $21,800 $264,000 144,000 120,000 50,700 $69,300 $76,300 69,300 (23,900) $121,700 214.800 (31,400) $112,100 $121,700 The following additional information is provided: In 2018, Nash Inc,...
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