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- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and...
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased...
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment, $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered....
Question 6 --/2 View Policies Current Attempt in Progress Sunland Company owns equipment that cost $80,000...
Question 6 --/2 View Policies Current Attempt in Progress Sunland Company owns equipment that cost $80,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $20,000 and an estimated useful life of 5 years. Prepare Sunland 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...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased Young Company by paying $254,800 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $205,000 Accounts receivable 89,700 Stockholders' equity 237,200 Inventory 105,000 $442,200 Land 41,100 Buildings (net) 75,100 Equipment (net) 69,600 Trademarks 11,700 $442,200 The recorded amounts all approximate current values except for land (fair...
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid...
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid $108,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $142,000 and the building, $221,600. The building was estimated to have a 25-year useful life with a $33,500 residual value. The company has a December 31 year end, prepares adjusting entries annually, and uses the straight-line method for buildings; depreciation is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2,...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2020, Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from its...
Question 8 View Policies Current Attempt in Progress Tamarisk Club Miniature Golf and Driving Range was...
Question 8 View Policies Current Attempt in Progress Tamarisk Club Miniature Golf and Driving Range was opened on May 1. The following events and transactions are for May May! Amin Mawan, the owner, invested $78.800 cash in the business Purchased Lee's Golf Land for $270.500. The price consists of land, $125,000: building $96,000, and equipment, $49,500. Paid $52.500 cash and signed a note payable for the balance • Purchased golf clubs and other equipment for $15.000 from Woods Company on...
Question 2 0.79/1 View Policies Show Attempt History Current Attempt in Progress - Your answer is...
Question 2 0.79/1 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. On January 1, 2020, Kingbird Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment, $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered....
Question 6 --/2 View Policies Current Attempt in Progress Sunland Company owns equipment that cost $80,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $20,000 and an estimated useful life of 5 years. Prepare Sunland 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...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased Young Company by paying $254,800 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $205,000 Accounts receivable 89,700 Stockholders' equity 237,200 Inventory 105,000 $442,200 Land 41,100 Buildings (net) 75,100 Equipment (net) 69,600 Trademarks 11,700 $442,200 The recorded amounts all approximate current values except for land (fair...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2020, Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from its...
Question 8 View Policies Current Attempt in Progress Tamarisk Club Miniature Golf and Driving Range was opened on May 1. The following events and transactions are for May May! Amin Mawan, the owner, invested $78.800 cash in the business Purchased Lee's Golf Land for $270.500. The price consists of land, $125,000: building $96,000, and equipment, $49,500. Paid $52.500 cash and signed a note payable for the balance • Purchased golf clubs and other equipment for $15.000 from Woods Company on...
Question 2 0.79/1 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. On January 1, 2020, Kingbird Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
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