Homework Answers
| At the time of purchase the companys worth does not change |
| At the end of the year, Diaz will need to make adjusting journal entries to record Depreciation on Computer System & Interest Payable on Notes as a result of this acquisition. |
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In February, Diaz Corporation purchased a computer system for $23,000. The company paid $16,000 cash and...
On February 1, 2019, Jurgen Company purchased inventory costing $92,000 by signing a 6 %, nine-month,...
On February 1, 2019, Jurgen Company purchased inventory costing $92,000 by signing a 6 %, nine-month, short-term note payable. Jurgen will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on August 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Date Debit Credit 2019 Inventory 92,000...
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on...
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for AED 16,000. The terms were 4/10, 1/30. On February 2, it returned damaged goods worth AED 600 to the supplier. What is the amount of the purchase discount? AED (Round your answers to the nearest dirham.). Paid 15 February
O’Brien Construction had the following business activities: Stockholders invest $62,000 cash in the corporation. O'Brien purchased...
O’Brien Construction had the following business activities: Stockholders invest $62,000 cash in the corporation. O'Brien purchased $470 of office supplies on credit. O'Brien purchased office equipment for $7,000, paying $4,100 in cash and signing a 30-day note payable for the remainder. O'Brien paid $235 cash on account for office supplies purchased in transaction 2. O'Brien purchased two acres of land for $21,000, signing a 2-year note payable. O'Brien sold one acre of land at one-half of the total cost of...
Described below are certain transactions of Stellar Corporation. The company uses the periodic inventory system. 1....
Described below are certain transactions of Stellar Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $5,000 in cash and signing a...
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.
P13-1 (L01) GROUPWORK (Current Liability Entries and Adjustments) Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying...
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a...
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. 1. Prepare the horizontal model and record the journal entry, to show the purchase of the machine as described. 2. How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of...
Described below are certain transactions of Stellar Corporation. The company uses the periodic inventory system. 1....
Described below are certain transactions of Stellar Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $5,000 in cash and signing a...
Net income was $476,000. Issued common stock for $73,000 cash. Paid cash dividend of $16,000. Paid...
Net income was $476,000. Issued common stock for $73,000 cash. Paid cash dividend of $16,000. Paid $125,000 cash to settle a note payable at its $125,000 maturity value. Paid $121,000 cash to acquire its treasury stock. Purchased equipment for $89,000 cash. Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)
Described below are certain transactions of Concord Corporation. The company uses the periodic inventory system. 1....
Described below are certain transactions of Concord
Corporation. The company uses the periodic inventory system.
1.
On February 2, the corporation purchased goods from Martin
Company for $76,000 subject to cash discount terms of 2/10, n/30.
Purchases and accounts payable are recorded by the corporation at
net amounts after cash discounts. The invoice was paid on February
26.
2.
On April 1, the corporation bought a truck for $46,000 from
General Motors Company, paying $4,000 in cash and signing a...
Described below are certain transactions of Skysong Corporation. The company uses the periodic inventory system. 1....
Described below are certain transactions of Skysong Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $63,300 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $52,000 from General Motors Company, paying $3,000 in cash and signing a...
On February 1, 2019, Jurgen Company purchased inventory costing $92,000 by signing a 6 %, nine-month, short-term note payable. Jurgen will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on August 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Date Debit Credit 2019 Inventory 92,000...
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for AED 16,000. The terms were 4/10, 1/30. On February 2, it returned damaged goods worth AED 600 to the supplier. What is the amount of the purchase discount? AED (Round your answers to the nearest dirham.). Paid 15 February
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. 1. Prepare the horizontal model and record the journal entry, to show the purchase of the machine as described. 2. How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of...
Described below are certain transactions of Concord
Corporation. The company uses the periodic inventory system.
1.
On February 2, the corporation purchased goods from Martin
Company for $76,000 subject to cash discount terms of 2/10, n/30.
Purchases and accounts payable are recorded by the corporation at
net amounts after cash discounts. The invoice was paid on February
26.
2.
On April 1, the corporation bought a truck for $46,000 from
General Motors Company, paying $4,000 in cash and signing a...
Described below are certain transactions of Skysong Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $63,300 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $52,000 from General Motors Company, paying $3,000 in cash and signing a...
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