Homework Answers
| 1 | Journal Entries | ||||
| Jul.1 | Investment in Shares | Dr | 8000*3=24000 | ||
| Bank | Cr | 24000 | |||
| Jul.7 | Investment in associates | Dr | 43750*5=218750 | ||
| Bank | Cr | 218750 | |||
| Jul.10 | Investment in Bonds | Dr | 80000 | ||
| Bank | Cr | 80000 | |||
| Sep.30 | Bank | Dr | 8000*.15 | ||
| Dividend Income | Cr | 1200 | |||
| Nov.1 | Bank | Dr | 43750*.30 | ||
| Investment in Associates | Cr | 13125 | |||
| Dec.31 | Bank | Dr | 3200 | ||
| Interest Income | Cr | 3200 | |||
| Dec.31 | Investment in Associates | Dr | 30000*30% | ||
| Share of profit in Associates | Cr | 9000 | |||
| Dec.31 | Revaluation loss | Dr | 8000*(3-2.98) | ||
| Investment in Shares | Cr | 160 | |||
| 2. Effect on Canyon Canoe Company's net Income | |||||
| Adobe Outdoor Adventure Company | |||||
| Dividend Income | 1200 | ||||
| Revaluation Loss | 160 | ||||
| Net inrease in Net Income | 1040 | ||||
| Bison Backpacks | Inrease in Net Income by Amount of share of profit in associates | 9000 | |||
| Camelot Canoes | Inrease in Net Income by Amount of Interest Income | 3200 | |||
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> Continuing Problem P15-25 Accounting for debt and equity investments This problem continues the Canyon Canoe...
> Continuing Problem This problem continues the Canyon Canoe Company situation from Chapter 2 will need...
> Continuing Problem This problem continues the Canyon Canoe Company situation from Chapter 2 will need to use the unadjusted trial balance and posted T-accounts that in Chapter2. P3-46 Preparing adjusting entries and preparing an adjusted trial balan you preparej At December 31, the business gathers the following information for adjusting entries: a. Office supplies on hand, $165 b. Rent of one month has been used. Hint: See Dec. 1 transaction from Chapter 2) c. Determine the depreciation on the...
Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe Company...
Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe Company situation from Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Chapter 2 At December 31, the business gathers the following information for the adjusting entries: a. Office supplies on hand, $165 b. Rent of one month has been used. (Hint: See Dec. 1 transaction from Chapter 2) c. Determine the depreciation on the building...
After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to...
After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, th balance in Common Stock on January 1, 2021 was $136,000 and included 136,000 shares of common stock issued and outstanding. There was no Paid-In Capital in Excess of Par—Common.) Canyon Canoe Company had...
P3-46 Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe...
P3-46 Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe Company situation from Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Chapter 2. At December 31, the business gathers the following information for the adjusting entries: Office supplies on hand, $165 Rent of one month has been used. (Hint: See Dec. 1 transaction from Chapter 2) Determine the depreciation on the building using straight-line...
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Need asap thanks
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>Continuing Problem P11-36 Accounting for liabilities of a known amount This problem continues the Canyon Canoe...
>Continuing Problem P11-36 Accounting for liabilities of a known amount This problem continues the Canyon Canoe Company situation from Chapter 10. Amber and Zack Wilson are continuing their analysis of the company's position and believe the company will need to borrow $15,000 in order to expand operations. They consult Riv- ers Nation Bank and secure a 6% , one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, John Vance, on September 1....
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CPF1-55 (book/static) Question Help Canyon Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Amber and Zack Wilson graduated from college about 10 years ago. They both worked for one of the "Big Four" accounting firms and became CPAs. Because they both love the outdoors, they decided to begin a new business that will combine their love of outdoor activities with their business knowledge. Amber and Zack decide that they will create a...
> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company...
> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 9. Amber Wilson is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: Estimated Monthly Acquisition Estimated Residual Depreciation Depreciation Date Asset Life Cost Expense Value Method* Canoes 4 years Nov. 3, 2018 $ 4,800 $ 100 $ 0 Land Dec. 1, 2018 85,000 Dec. 1, 2018 Building 35,000...
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> Continuing Problem This problem continues the Canyon Canoe Company situation from Chapter 2 will need to use the unadjusted trial balance and posted T-accounts that in Chapter2. P3-46 Preparing adjusting entries and preparing an adjusted trial balan you preparej At December 31, the business gathers the following information for adjusting entries: a. Office supplies on hand, $165 b. Rent of one month has been used. Hint: See Dec. 1 transaction from Chapter 2) c. Determine the depreciation on the...
Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe Company situation from Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Chapter 2 At December 31, the business gathers the following information for the adjusting entries: a. Office supplies on hand, $165 b. Rent of one month has been used. (Hint: See Dec. 1 transaction from Chapter 2) c. Determine the depreciation on the building...
After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, th balance in Common Stock on January 1, 2021 was $136,000 and included 136,000 shares of common stock issued and outstanding. There was no Paid-In Capital in Excess of Par—Common.) Canyon Canoe Company had...
Need asap thanks
Wicked Wild Company's Anya and Zion Wallace are pleased with the growth of their business and have decided to invest its temporary excess cash in a brokerage account. The company had the following securities transactions in 2019 i (Click the icon to view the securities transactions.) Read the requirements. Requirement 1. Journalize the transactions including any entries, if required, at December 31, 2019. (Record debits first, then credits. Select the explanation on the last line of the...
>Continuing Problem P11-36 Accounting for liabilities of a known amount This problem continues the Canyon Canoe Company situation from Chapter 10. Amber and Zack Wilson are continuing their analysis of the company's position and believe the company will need to borrow $15,000 in order to expand operations. They consult Riv- ers Nation Bank and secure a 6% , one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, John Vance, on September 1....
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> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 9. Amber Wilson is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: Estimated Monthly Acquisition Estimated Residual Depreciation Depreciation Date Asset Life Cost Expense Value Method* Canoes 4 years Nov. 3, 2018 $ 4,800 $ 100 $ 0 Land Dec. 1, 2018 85,000 Dec. 1, 2018 Building 35,000...
Accounting for equity investments The beginning balance sheet of Waterfall Source Co. included a $400,000 investment in Evan stock (20% ownership, Waterfall has significant influence over Evan). During the year, Waterfall Source completed the following investment transactions: Mar. 3 Purchased 4,000 shares at $11 per share of Lili Software common stock as a long-term equity investment, representing 7% ownership, no significant influence. May 15 Received a cash dividend of $0.61 per share on the Lili investment. Dec. 15 Received a...
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