Bridgeport Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation...
Bridgeport Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $19,635 including the 5% sales tax.
(a)
Prepare the entry to record Bridgeport’s credit sales. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
Homework Answers
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Bridgeport Corporation made credit sales of $30,600 which are
subject to 5% sales tax. The corporation...
Kingbird Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation...
Kingbird Corporation made credit sales of $19,800 which are
subject to 7% sales tax. The corporation also made cash sales which
totaled $28,462 including the 7% sales tax.
Prepare the entry to record Kingbird’s credit sales.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare the entry to record Kingbird’s...
Bridgeport Inc. operates in a province, where it is subject to GST of 5%. In August,...
Bridgeport Inc. operates in a province, where it is subject to GST of 5%. In August, Bridgeport purchased $26,900 of merchandise inventory, and had sales of $53,100 on account. Bridgeport uses a periodic inventory system. 1. Prepare the summary entry to record the purchases for August. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2....
At the end of its first year of operation, Bridgeport Corporation has $1,115,000 of common stock...
At the end of its first year of operation, Bridgeport
Corporation has $1,115,000 of common stock and net income of
$223,000.
Prepare the closing entry for net income. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Prepare the stockholders’ equity section at year-end.
BRIDGEPORT CORPORATION
Balance Sheet (partial)
$
$
The following information is for a copyright owned by Bridgeport Corp., a private entity, at December...
The following information is for a copyright owned by Bridgeport Corp., a private entity, at December 31, 2020. Bridgeport Corp. applies ASPE. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value $4,322,000 2,141,000 2,028,000 1,628,000 Assume that Bridgeport Corp. will continue to use this copyright in the future. As at December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry, if any, to record the asset's impairment at...
Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 201...
Bridgeport Magazine sold 11,640 annual
subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s
August 1, 2017, journal entry and the December 31, 2017, annual
adjusting entry, assuming the magazines are published and delivered
monthly. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13...
On January 1, 2020, Bridgeport Corporation granted 5,300 options to executives. Each option entitles the holder...
On January 1, 2020, Bridgeport Corporation granted 5,300 options to executives. Each option entitles the holder to purchase one share of Bridgeport’s $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $68 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Bridgeport’s journal entries for January 1,...
Exercise 13-5 During the month of June, Sage Boutique had cash sales of $183,750 and credit...
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with terms 2/15, 1/45. On June 12, 2020, Whispering received full payment for the June 1 Prepare the required journal entries for Whispering Co. Il ne entry is required, select "No Entry for the account titles and enter for the amounts Credit account tits are automatically indented when the amounts entered. Do not indent manually. Record journal entries in...
Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 201...
Bridgeport Magazine sold 11,640 annual
subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s
August 1, 2017, journal entry and the December 31, 2017, annual
adjusting entry, assuming the magazines are published and delivered
monthly. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-4 Your answer is partially correct. Try again. Bridgeport Magazine...
On December 31, 2020, Bridgeport Inc. has a machine with a book value of $958,800. The...
On December 31, 2020, Bridgeport Inc. has a machine with a book value of $958,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,326,000 367,200 $958,800 Depreciation is computed at $61,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
Kingbird Corporation made credit sales of $19,800 which are
subject to 7% sales tax. The corporation also made cash sales which
totaled $28,462 including the 7% sales tax.
Prepare the entry to record Kingbird’s credit sales.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare the entry to record Kingbird’s...
At the end of its first year of operation, Bridgeport
Corporation has $1,115,000 of common stock and net income of
$223,000.
Prepare the closing entry for net income. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Prepare the stockholders’ equity section at year-end.
BRIDGEPORT CORPORATION
Balance Sheet (partial)
$
$
The following information is for a copyright owned by Bridgeport Corp., a private entity, at December 31, 2020. Bridgeport Corp. applies ASPE. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value $4,322,000 2,141,000 2,028,000 1,628,000 Assume that Bridgeport Corp. will continue to use this copyright in the future. As at December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry, if any, to record the asset's impairment at...
Bridgeport Magazine sold 11,640 annual
subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s
August 1, 2017, journal entry and the December 31, 2017, annual
adjusting entry, assuming the magazines are published and delivered
monthly. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13...
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with terms 2/15, 1/45. On June 12, 2020, Whispering received full payment for the June 1 Prepare the required journal entries for Whispering Co. Il ne entry is required, select "No Entry for the account titles and enter for the amounts Credit account tits are automatically indented when the amounts entered. Do not indent manually. Record journal entries in...
Bridgeport Magazine sold 11,640 annual
subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s
August 1, 2017, journal entry and the December 31, 2017, annual
adjusting entry, assuming the magazines are published and delivered
monthly. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-4 Your answer is partially correct. Try again. Bridgeport Magazine...
On December 31, 2020, Bridgeport Inc. has a machine with a book value of $958,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,326,000 367,200 $958,800 Depreciation is computed at $61,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
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