Question

COMPREHENSIVE APPLICATION PROJECT (4) On January 1, 2018, we received a $450,000, 7% interest, 3-year note for goods sold. The cost of the goods sold was $275,000. The prevailing market interest rate is 5% at the time the note is received Interest on the note is due annually on January 1 The following is a list of accounts (balances as of Dec 31, 2017) that will be needed to accurately complete this project You will have to journalize all appropriate transactions associated with the transactions below associated with 2018 (if decimals exist, please round to the nearest whole number) In addition, you will need to prepare an income statement, a retained earnings statement, and a detailed, comprehensive balance sheet for December 31, 2018. (5) A machine which cost $300,000 was acquired on October 1, 2015. Ils estimated salvage value is $3D,000 and its expected life is eight years Record any necessary 2018 entries associated with this machine The machine is depreciated using the double-declining balance method. On September 1, 2018, this machine has a fair value of $220,000 and is exchanged for similar equipment having a fair value of $190,000 and $30,000 cash is received. This exchange lacks commercial substance. The new equipment is depreciated using the double-declining balance method and has an eaht year useful life. 838.241 103,000 $120,000 $1 227,845 $40 $135,000 57,700 $16,000 $80,000 5594,670 $60 Accounts Pa term Notes Pavable (6) During the year, we wrote-off $49,000 of our uncollectible accounts. (7) Collected $920,000 of our accounts receivable (8) Judd Company sells computers for $1,750 each. The cost of the computers was Intangible Assets FUTA Taxes Payable Treasury Stock $850 each During 2018, the company sold 800 computers 70% of the sales were on account, the remainder of the sales were lor cas Judd also sells an exlended warranty for $60 more, which protects the buyer for 2 years, 80% of the sales purchased the additional warranty. All extended warranty purchases were made for cash. During 2018, we spent $9,000 servicing warranties from this years sales. We estimate that the total cost of servicing these warranties will be $22,500 for 2 years FICA Taxes Payable Unearned Revenue Interest Payable Retained Earni SUTA Taxes Pavable Accounts Receivable $780,000 210,000 $35,000 $139,700 $43,035 $300,000 $1,000,000 $18,500 $2,700,000 $65,000 $1,590,000 $56,884 141,797 Inven Dividends Payable (9) Purchased a truck for $86,000 cash on July 25, 2018. The truck has a tive year Federal Inc. Tax With useful life and will be depreciated using the double-declining depreciation method. (10) Judd Company has ending inventory in 2013 of S500,000, an ending inventory of Allowance for Doubtful Accounts $605,000 in 2014, an ending inventory of S713,000 in 2015, an ending inventory of $786,000 in 2016, and an onding inventory of $780,000 in 2017. The price index for each year is 100, 110, 115,120, 125 respectively. The price index for 2018 is 130. Using dollar-value LIFO, calculate the ending inventory that should be reported on the 2018 year-end balance sheet (report it appropriately) Machinery Bonds Payable Estimated Common Stack, $5 par value Payable Additional Paid-in Accumulated Depreciation -Equipment Accumulated Depreciation-Mach (11) Assume that the estimate of uncollectible accounts is determined by taking 3% of (12) On March 3, 2018, reissued the treasury stock currently held in the treasury at (13) On January 1, 2013, Judd Company sold $1,000,000 in long-term bonds. The gross accounts receivable and is accounted for on December 31 cost. (1) Purchased inventory of $1,060,000 by paying $260,000 on account and the bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay interest annually on January 1 of each year. The bonds are to be accounted for under the effective-interest method remainder in cash (2) Paid the dividends that were owed (3) Paid the estimated warranties owed (14) Paid al payroll taxes that were owed as of Dec. 31, 2017

help with journal entries Number # 4,5,8

Answer 1

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