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2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense—Stapler 5 Accumulated Depreciation-Stapler. 5 2....
asas 1. Define each of the terms below In 1 sentence, using your own words. GOING...
asas
1. Define each of the terms below In 1 sentence, using your own words. GOING CONCERN ASSUMPTION PERIODICITY CONCEPT ECONOMIC ENTITY CONCEPT COST CONSTRAINT HISTORICAL COST 2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required,...
Presented below are a number of business transactions that occurred during the current year for Ebersole...
Presented below are a number of business transactions that occurred during the current year for Ebersole Ltd. In each of the situations, discuss the appropriateness of the journal entries in terms of IFRS. (a) Merchandise inventory that cost £310,000 is reported on the balance sheet at £345,000, the expected selling price less estimated selling costs. The following entry was made to record this increase in value. Inventory 35,000 Sales Revenue 35,000 (b) Because the general level of prices increased during...
Presented below is information related to Cramer, Inc. Comment on the appropriateness of the accounting procedures...
Presented below is information related to Cramer, Inc. Comment on the appropriateness of the accounting procedures followed by Cramer, Inc. (a) Depreciation expense on the building for the year was $60,000. Because the building was increasing in value during the year, the controller decided to charge the depreciation expense to retained earnings instead of to net income. The following entry is recorded. Retained Earnings 60,000 Accumulated Depreciation—Buildings 60,000 (b) Materials were purchased on January 1, 2017, for $120,000 and this...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 28,000 shares of non-par common stock in exchange for $280,000 in cash. 2. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 90,000 shares of common stock in exchange for $450,000 cash. 2. Purchased office equipment at a cost of $80,000. $32,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased Inventory on account at a cost of $180,000. The company uses the perpetual Inventory system. 4. Credit sales for...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 50,000 shares of common stock in exchange for $500,000 in cash. Purchased equipment at a cost of $60,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system. Credit sales for the month totaled $220,000. The cost...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares of Gary Preferred Stock for $42.80 per share plus $1,800 of broker's fees. 2. Purchased a $70,000, 6%, 10 year bond of Karen Corporation for $74,000 cash. Interest is paid semi-annually. 3. Received an $0.80 per share cash dividend on the Gary Preferred Stock. 4. Sold 4,000 shares of Gary Preferred Stock for $46 per share less $500 broker's fees. 5. Received a semi-annual...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record the transactions in the joumal of Zora Company. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $60,000 (cost of $129,000 and accumulated depreciation of $69,000) for new equipment Zora also paid $60,000 in cash. Fair value of new equipment is $130,000. Assume the exchange...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense—Stapler 5 Accumulated Depreciation-Stapler. 5 2....
asas
1. Define each of the terms below In 1 sentence, using your own words. GOING CONCERN ASSUMPTION PERIODICITY CONCEPT ECONOMIC ENTITY CONCEPT COST CONSTRAINT HISTORICAL COST 2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required,...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 28,000 shares of non-par common stock in exchange for $280,000 in cash. 2. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 90,000 shares of common stock in exchange for $450,000 cash. 2. Purchased office equipment at a cost of $80,000. $32,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased Inventory on account at a cost of $180,000. The company uses the perpetual Inventory system. 4. Credit sales for...
Plankton Corporation had the following transactions related to short-term investments during 2019: 1. Purchased 9,000 shares of Gary Preferred Stock for $42.80 per share plus $1,800 of broker's fees. 2. Purchased a $70,000, 6%, 10 year bond of Karen Corporation for $74,000 cash. Interest is paid semi-annually. 3. Received an $0.80 per share cash dividend on the Gary Preferred Stock. 4. Sold 4,000 shares of Gary Preferred Stock for $46 per share less $500 broker's fees. 5. Received a semi-annual...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record the transactions in the joumal of Zora Company. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $60,000 (cost of $129,000 and accumulated depreciation of $69,000) for new equipment Zora also paid $60,000 in cash. Fair value of new equipment is $130,000. Assume the exchange...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
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