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Question 12 Cheyenne Corp. purchased equipment for $22,320. By the current balance sheet date, $7,440 had...
At the end of its first year, the trial balance of Cheyenne Corp. shows Equipment $31,700...
At the end of its first year, the trial balance of Cheyenne Corp. shows Equipment $31,700 and ere balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,800. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
The unadjusted trial balance for Cheyenne Corp. is shown below. CHEYENNE CORP. Trial Balance October 31,...
The unadjusted trial balance for Cheyenne Corp. is shown
below.
CHEYENNE CORP. Trial Balance October 31, 2017 Credit Debit $15,620 2,550 660 5,490 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $5,490 2,750 1,980 11,330 520 13,900 4,000 6,610 $35,450 $35,450 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $510. Expired insurance...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,900 $20,200 Accounts receivable 32,100 19,600 Inventory 31,000 20,400 Equipment 59,500 77,800 Accumulated depreciation equipment (29,900) (23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 $16,800 7,300 8,400 27,400 32,500 18,200 14,900 49,300 41,600 $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales...
Exercise 8-7 At December 31, 2018, Cheyenne Corp. Company had a credit balance of $15,500 in...
Exercise 8-7 At December 31, 2018, Cheyenne Corp. Company had a credit balance of $15,500 in Allowance for Doubtful Accounts. During 2019, Cheyenne Corp. wrote of accounts totaling $11,500. One of those accounts (51,700) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $22,800. Prepare journal entries to record the 2019 transactions of Cheyenne Corp. Company. (Credit account titles are automatically indented when amount is entered. De not...
Question 4 Cheyenne Corporation uses special strapping equipment in its packaging business. The equipment was purchased...
Question 4 Cheyenne Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $8.200 million and had an estimated useful life of 8 years with no residual value. In early April 2017, a part costing $717,500 and designed to increase the machinery’s efficiency was added. The machine’s estimated useful life did not change with this addition. By December 31, 2017, new technology had been introduced that would speed up the obsolescence of Cheyenne’s...
Cheyenne Corp. had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $426,360...
Cheyenne Corp. had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $426,360, Paid-in Capital in Excess of Par- Common Stock $178,770, and Retained Earnings $118,890. In 2020, the company had the following treasury stock transactions Mar. 1 Purchased 6,950 shares at $9 per share. June 1 Sold 1,160 shares at $13 per share. Sept. 1 Sold 1,930 shares at $11 per share. Dec. 1 Sold 1,170 shares at $6 per share. Cheyenne Corp. uses the...
accounting help The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance...
accounting help
The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2,800 Prepaid Insurance 800 Equipment 5,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 700 Service Revenue Salaries and Wages Expense 5,000 Rent Expense 900 $31,800 $4,800 2,400 1,500 11,700 -0- 11,400 $31,800 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $700....
Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable...
Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
On December 31, 2020, Cheyenne Corp. had a $11,800,000, 8.0% fixed-rate note outstanding, payable in 2...
On December 31, 2020, Cheyenne Corp. had a $11,800,000, 8.0% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2- year swap with Chicago First Bank to convert the fixed-rate debt to variable-rate debt. The terms of the swap indicate that Cheyenne will receive interest at a fixed rate of 8.0% and will pay a variable rate equal to the 6-month LIBOR rate, based on the $11,800,000 amount. The LIBOR rate on December 31, 2020, is...
On January 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted...
On January 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted for alle For Sale investment. The fall value of Creea Investment in Cheyenne securities as follows: December 31, 2019 5558.000, and December 31, 2020, 5510.000.On January 2, 2021, Crane purchased an additional 30% of Cheyenneck for $1,532,000 cash when the book value of Cheyennes et ease was $4154.000. The excess we stributable to depredible sets having a remaining If year During 2019 2020 and...
At the end of its first year, the trial balance of Cheyenne Corp. shows Equipment $31,700 and ere balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,800. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
The unadjusted trial balance for Cheyenne Corp. is shown
below.
CHEYENNE CORP. Trial Balance October 31, 2017 Credit Debit $15,620 2,550 660 5,490 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $5,490 2,750 1,980 11,330 520 13,900 4,000 6,610 $35,450 $35,450 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $510. Expired insurance...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,900 $20,200 Accounts receivable 32,100 19,600 Inventory 31,000 20,400 Equipment 59,500 77,800 Accumulated depreciation equipment (29,900) (23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 $16,800 7,300 8,400 27,400 32,500 18,200 14,900 49,300 41,600 $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales...
Exercise 8-7 At December 31, 2018, Cheyenne Corp. Company had a credit balance of $15,500 in Allowance for Doubtful Accounts. During 2019, Cheyenne Corp. wrote of accounts totaling $11,500. One of those accounts (51,700) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $22,800. Prepare journal entries to record the 2019 transactions of Cheyenne Corp. Company. (Credit account titles are automatically indented when amount is entered. De not...
Cheyenne Corp. had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $426,360, Paid-in Capital in Excess of Par- Common Stock $178,770, and Retained Earnings $118,890. In 2020, the company had the following treasury stock transactions Mar. 1 Purchased 6,950 shares at $9 per share. June 1 Sold 1,160 shares at $13 per share. Sept. 1 Sold 1,930 shares at $11 per share. Dec. 1 Sold 1,170 shares at $6 per share. Cheyenne Corp. uses the...
accounting help
The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2,800 Prepaid Insurance 800 Equipment 5,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 700 Service Revenue Salaries and Wages Expense 5,000 Rent Expense 900 $31,800 $4,800 2,400 1,500 11,700 -0- 11,400 $31,800 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $700....
Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
On December 31, 2020, Cheyenne Corp. had a $11,800,000, 8.0% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2- year swap with Chicago First Bank to convert the fixed-rate debt to variable-rate debt. The terms of the swap indicate that Cheyenne will receive interest at a fixed rate of 8.0% and will pay a variable rate equal to the 6-month LIBOR rate, based on the $11,800,000 amount. The LIBOR rate on December 31, 2020, is...
On January 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted for alle For Sale investment. The fall value of Creea Investment in Cheyenne securities as follows: December 31, 2019 5558.000, and December 31, 2020, 5510.000.On January 2, 2021, Crane purchased an additional 30% of Cheyenneck for $1,532,000 cash when the book value of Cheyennes et ease was $4154.000. The excess we stributable to depredible sets having a remaining If year During 2019 2020 and...
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