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12. A company sold 150 units on June 5, 2020. for $200 apiece. Each unit had...
Pronghorn Company sold 218 color laser copiers on July 10, 2020, for $3,690 apiece, together with...
Pronghorn Company sold 218 color laser copiers on July 10, 2020, for $3,690 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $315. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $18,670. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit...
Ayayai Company sold 202 color laser copiers on July 10, 2020, for $4,270 apiece, together with...
Ayayai Company sold 202 color laser copiers on July 10, 2020, for $4,270 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $331. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $17,150. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit...
Katie Ltd had an accounting profit before tax for the year ended 30 June 2020 of...
Katie Ltd had an accounting profit before tax for the year ended 30 June 2020 of $20,000. Included in the profit were the following items of income and expense: government grant $15,000, warranty expense $34,000 and insurance expense $17,000. Katie Ltd calculated the following: warranty paid $48,000 and insurance paid $30,000. The company tax rate is 30%. For the year ended 30 June 2020, the current tax journal entry is: Select one: a. DR Deferred tax asset 6,600 CR Income...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally bought the shares for $45 per share. On September 1, your company announced that it will be issuing all of your Ink Inc. shares as a property dividend payable on October 5. Record for September 1 and October 5. A. The September 1 journal entry will include... a. Dr. retained earnings 500,000 b. Cr. property dividends payable 450,000 c. Cr. cash 500,000 B. The...
(Entries for Bond Transactions) On January 1, 2020, Aumont Company sold 12% bonds having a maturity...
(Entries for Bond Transactions) On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the effective-interest basis. a) Prepare the journal entry for the issuance of the bonds using the information presented (i.e, Bonds issued...
Suppose that on January 17, 2020, Lanny Company sells some of the bonds in its portfolio....
Suppose that on January 17, 2020, Lanny Company sells some of the bonds in its portfolio. The bonds originally cost $3,800, and they are sold for $5,200. The entry to this transaction would include: Select one: a. CR Cash b. CR Unrealized gain on fair value adjustment C. CR Loss on Sale of Investment O d. CR Gain on Sale of Investment Next page o here to search E
Early in 2020, Stellar Equipment Company sold 500 Rollomatics at $5,900 each. During 2020, Stellar spent...
Early in 2020, Stellar Equipment Company sold 500 Rollomatics at $5,900 each. During 2020, Stellar spent $18,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Your answer is partially correct. Try again. Prepare 2020 entries for Stellar. Assume that Stellar estimates the total cost of servicing the warranties in the second year will be $37,000. (If no entry is required, select "No Entry for the account titles and enter for the...
Exercise 13-11 Early in 2020, Windsor Equipment Company sold 500 Rollomatics at $5,500 each. During 2020,...
Exercise 13-11 Early in 2020, Windsor Equipment Company sold 500 Rollomatics at $5,500 each. During 2020, Windsor spent $22,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Your answer is partially correct. Try again. Prepare 2020 entries for Windsor. Assume that Windsor estimates the total cost of servicing the warranties in the second year will be $38,000. (If no entry is required, select "No Entry" for the account titles and enter...
During 2020, Ward Company introduced a new product carrying a two-year warranty against defects, which is...
During 2020, Ward Company introduced a new product carrying a two-year warranty against defects, which is included in the selling price of the product. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 4% in the second 12 months following the sale. Sales and actual warranty expenditures for the years ended December 31, 2020, and 2021 are: EXP Sales 2020 $1,200,000 2021 2,000,000 $3,200,000 Actual Warranty Expenditures $18,000 60,000 $78,000 a. At...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate yield) was 5% for bonds of similar risk and maturity. Mills paid $240 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value...
Katie Ltd had an accounting profit before tax for the year ended 30 June 2020 of $20,000. Included in the profit were the following items of income and expense: government grant $15,000, warranty expense $34,000 and insurance expense $17,000. Katie Ltd calculated the following: warranty paid $48,000 and insurance paid $30,000. The company tax rate is 30%. For the year ended 30 June 2020, the current tax journal entry is: Select one: a. DR Deferred tax asset 6,600 CR Income...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally bought the shares for $45 per share. On September 1, your company announced that it will be issuing all of your Ink Inc. shares as a property dividend payable on October 5. Record for September 1 and October 5. A. The September 1 journal entry will include... a. Dr. retained earnings 500,000 b. Cr. property dividends payable 450,000 c. Cr. cash 500,000 B. The...
Suppose that on January 17, 2020, Lanny Company sells some of the bonds in its portfolio. The bonds originally cost $3,800, and they are sold for $5,200. The entry to this transaction would include: Select one: a. CR Cash b. CR Unrealized gain on fair value adjustment C. CR Loss on Sale of Investment O d. CR Gain on Sale of Investment Next page o here to search E
Early in 2020, Stellar Equipment Company sold 500 Rollomatics at $5,900 each. During 2020, Stellar spent $18,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Your answer is partially correct. Try again. Prepare 2020 entries for Stellar. Assume that Stellar estimates the total cost of servicing the warranties in the second year will be $37,000. (If no entry is required, select "No Entry for the account titles and enter for the...
Exercise 13-11 Early in 2020, Windsor Equipment Company sold 500 Rollomatics at $5,500 each. During 2020, Windsor spent $22,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Your answer is partially correct. Try again. Prepare 2020 entries for Windsor. Assume that Windsor estimates the total cost of servicing the warranties in the second year will be $38,000. (If no entry is required, select "No Entry" for the account titles and enter...
During 2020, Ward Company introduced a new product carrying a two-year warranty against defects, which is included in the selling price of the product. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 4% in the second 12 months following the sale. Sales and actual warranty expenditures for the years ended December 31, 2020, and 2021 are: EXP Sales 2020 $1,200,000 2021 2,000,000 $3,200,000 Actual Warranty Expenditures $18,000 60,000 $78,000 a. At...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate yield) was 5% for bonds of similar risk and maturity. Mills paid $240 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value...
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