Homework Answers
D. $32000
A. Credit Accounts Payable for $10000
C. Credit to Sales Revenue
D. $1600
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On January 1, 2019, Little Robot invested $300,000 to start Bot Corporation. During the year, Bot...
Exercise 9-11 Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It...
Exercise 9-11
Oriole Company owns equipment that cost $70,000 when purchased on
January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: 6....
On January 1, 2021, the general ledger of ACME Fireworks
includes the following account balances:
6. Record closing entries. (If no entry
is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
7. Analyze
the following for ACME Fireworks
Requirement 1:
a-1. Calculate the current ratio at the end of
January.
a-2. If the average current ratio for the
industry is 1.80, is ACME Fireworks more or less liquid than the
industry average?
More...
Blossom Corporation issues 2,100 convertible bonds at January 1, 2019. The bonds have a 3-year life,...
Blossom Corporation issues 2,100 convertible bonds at January 1, 2019. The bonds have a 3-year life, and are issued at par with a face value of $1,000 per bond, giving total proceeds of $2,100,000. Interest is payable annually at 6%. Each bond is convertible into 250 ordinary shares (par value of $1). When the bonds are issued, the market rate of interest for similar debt without the conversion option is 7%. Click here to view factor table. Compute the liability...
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10...
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10 years. The bonds were issued for $735,820 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 7%. (a) Prepare Indigo Corporation’s journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Current Attempt in Progress Oriole Company sells one product. Presented below is information for January for...
Current Attempt in Progress Oriole Company sells one product. Presented below is information for January for Oriole Company Jan. 1 Inventory 120 units at $5 each 4 Sale 96 units at $8 each 11 Purchase 141 units at $7 each 13 Sale 113 units at $9 each 20 Purchase 160 units at $ each 27 Sale 104 units at $11 each Oriole uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Oriole uses a periodic...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 106,000 shares of $10 par valve common stock. At December 31, the company declared the following cash dividends: 2019, $6,500; 2020, $14,400, and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2020 2021 Allocation to preferred stock Allocation to common stock Show the...
Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It has been...
Oriole Company owns equipment that cost $70,000 when purchased
on January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (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...
Question 15 Oriole Corporation was organized on January 1, 2019. During its first year, the corporation...
Question 15
Oriole Corporation was organized on January 1, 2019. During its
first year, the corporation issued 2,100 shares of $50 par value
preferred stock and 100,000 shares of $10 par value common stock.
At December 31, the company declared the following cash dividends:
2019, $6,350; 2020, $14,500; and 2021, $29,000.
Show the allocation of dividends to each class of stock,
assuming the preferred stock dividend is 7% and
noncumulative.
2019
2020
2021
Allocation to preferred stock
$
$
$...
Question 15 Oriole Corporation was organized on January 1, 2019. During its first year, the corporation...
Question 15 Oriole Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,100 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $6,350; 2020, $14,500; and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock Allocation to common...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
Exercise 9-11
Oriole Company owns equipment that cost $70,000 when purchased on
January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the...
On January 1, 2021, the general ledger of ACME Fireworks
includes the following account balances:
6. Record closing entries. (If no entry
is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
7. Analyze
the following for ACME Fireworks
Requirement 1:
a-1. Calculate the current ratio at the end of
January.
a-2. If the average current ratio for the
industry is 1.80, is ACME Fireworks more or less liquid than the
industry average?
More...
Blossom Corporation issues 2,100 convertible bonds at January 1, 2019. The bonds have a 3-year life, and are issued at par with a face value of $1,000 per bond, giving total proceeds of $2,100,000. Interest is payable annually at 6%. Each bond is convertible into 250 ordinary shares (par value of $1). When the bonds are issued, the market rate of interest for similar debt without the conversion option is 7%. Click here to view factor table. Compute the liability...
Current Attempt in Progress Oriole Company sells one product. Presented below is information for January for Oriole Company Jan. 1 Inventory 120 units at $5 each 4 Sale 96 units at $8 each 11 Purchase 141 units at $7 each 13 Sale 113 units at $9 each 20 Purchase 160 units at $ each 27 Sale 104 units at $11 each Oriole uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Oriole uses a periodic...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 106,000 shares of $10 par valve common stock. At December 31, the company declared the following cash dividends: 2019, $6,500; 2020, $14,400, and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2020 2021 Allocation to preferred stock Allocation to common stock Show the...
Oriole Company owns equipment that cost $70,000 when purchased
on January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (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...
Question 15
Oriole Corporation was organized on January 1, 2019. During its
first year, the corporation issued 2,100 shares of $50 par value
preferred stock and 100,000 shares of $10 par value common stock.
At December 31, the company declared the following cash dividends:
2019, $6,350; 2020, $14,500; and 2021, $29,000.
Show the allocation of dividends to each class of stock,
assuming the preferred stock dividend is 7% and
noncumulative.
2019
2020
2021
Allocation to preferred stock
$
$
$...
Question 15 Oriole Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,100 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $6,350; 2020, $14,500; and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock Allocation to common...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
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