Homework Answers
Marin's 2020 entry to record postretirement expense:-
Postretirement expense.............................................................................. 235,300
Cash................................................................................................. 177,500
Postretirement Asset/Liability......................................................... 57,800
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Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan during 2020 was $17.500 Prepare Monty's 2020 entry to record postretirement expense, assuming Monty has no OC amounts. (Credit accounttiles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
Brief Exercise 20-12 For 2017, Sunland Inc. computed its annual postretirement expense as $236,300. Sunland’s contribution...
Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution to the plan during 2017
was $177,300.
Prepare Sunland’s 2017 entry to record postretirement expense,
assuming Sunland has no OCI amounts. (Credit account
titles are automatically indented when 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.)
Account Titles and Explanation
Debit
Credit
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Marin will be liable for $932,100 as a result of this suit. (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.) Date Account Titles and Explanation Debit Credit December 31, 2017 Prepare the...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's $34,200, 6-month, 5% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order...
Marin Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to...
Marin Inc. sells portable computer equipment with a two-year
warranty contract that requires the corporation to replace
defective parts and provide the necessary repair labour. During
2020, the corporation sells for cash 380 computers at a unit price
of $2,550. Ignore any cost of goods sold. Based on experience, the
two-year warranty costs are estimated to be $166 for parts and $189
for labour per unit. (For simplicity, assume that all sales
occurred on December 31, 2020.) The warranty is...
Marin Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to...
Marin Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to replace defective parts and provide the necessary repair labour. During 2020, the corporation sells for cash 382 computers at a unit price of $2,380. Ignore any cost of goods sold. Based on experience, the two-year warranty costs are estimated to be $157 for parts and $190 for labour per unit. (For simplicity, assume that all sales occurred on December 31, 2020) The warranty is...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 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 recor the transaction. Make sure that depreciation...
On December 31, 2020, Marin Inc. has a machine with a book value of $1,334,800. The original cost and related accumulat...
On December 31, 2020, Marin Inc. has a machine with a book value of $1,334,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,846,000 511,200 $1,334,800 Depreciation is computed at $85,200 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...
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan during 2020 was $17.500 Prepare Monty's 2020 entry to record postretirement expense, assuming Monty has no OC amounts. (Credit accounttiles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution to the plan during 2017
was $177,300.
Prepare Sunland’s 2017 entry to record postretirement expense,
assuming Sunland has no OCI amounts. (Credit account
titles are automatically indented when 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.)
Account Titles and Explanation
Debit
Credit
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's $34,200, 6-month, 5% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order...
Marin Inc. sells portable computer equipment with a two-year
warranty contract that requires the corporation to replace
defective parts and provide the necessary repair labour. During
2020, the corporation sells for cash 380 computers at a unit price
of $2,550. Ignore any cost of goods sold. Based on experience, the
two-year warranty costs are estimated to be $166 for parts and $189
for labour per unit. (For simplicity, assume that all sales
occurred on December 31, 2020.) The warranty is...
Marin Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to replace defective parts and provide the necessary repair labour. During 2020, the corporation sells for cash 382 computers at a unit price of $2,380. Ignore any cost of goods sold. Based on experience, the two-year warranty costs are estimated to be $157 for parts and $190 for labour per unit. (For simplicity, assume that all sales occurred on December 31, 2020) The warranty is...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 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 recor the transaction. Make sure that depreciation...
On December 31, 2020, Marin Inc. has a machine with a book value of $1,334,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,846,000 511,200 $1,334,800 Depreciation is computed at $85,200 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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