Homework Answers
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50. Depreciation rate = (Cost - Salvage value)/Useful life in hours = (640,000 - 40,000)/15,000 = 40 per hour Depreciation for first year = 3300 * 40 = 132,000 Option C |
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48. Return on assets = Net income/Average total assets Average total assets = (2,410,000+1,980,000)/2 = 2,195,000 = 180,000/2,195,000 = 8.2% Option C |
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50. Equipment with a cost of $640,000 has an estimated salvage value of $40,000 and an estimated life of 4 years...
29. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts ar...
29. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55,000. If the balance of the Allowance for Doubtful Accounts is $11,000 debit before adjustment, what is the balance after adjustment? A) $55,000 B) $11,000 C) $66,000 D) $44,000 30. Wilton sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for $2,400 worth of...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
22.Homeplatesells softball equipment. On November 14 they shined with of thall uniforms to Bona School, terms...
22.Homeplatesells softball equipment. On November 14 they shined with of thall uniforms to Bona School, terms 2/10, 1/30. On November 21 Vista High School for $1.500 worth custom printed bats to be produced in December to be produced in December. On November 30, Ranita Middle School returned $200 of defective November 30 Ranita Middle Sc merchandise. Homeplate has received no payments from her schools of month end. What amount will be recognized as net accounts receivable on the balance sheet...
Exam 15.1n a period of rising prices, FIFO will have aower ne income than LIFO lower...
Exam 15.1n a period of rising prices, FIFO will have aower ne income than LIFO lower cost of goods sold than LIFO lower inoome tax expense than LIFO. dlower net purchases than LIFO 16 The inventory tumover is computed by dividing cost of goods sold by a beginning inventory. b ending inventory average inventory. a 365 days. 17. Barley Company developed the following information about its inentories in applying the lower-of-cost-or-et realizable value (LCNRV) basis in valuing inventories Product Net...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10,...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
s Problem 4 9A On Oitober 31, 2018, Alou Equigpment Repar Corp's opening trial balance was...
s Problem 4 9A On Oitober 31, 2018, Alou Equigpment Repar Corp's opening trial balance was an folows. The compuny adyjsts is accousts monthy Debit Credit Cash Accounts receivable Supplies s16,050 15,890 4,000 18,000 x Accumulated depreciation-equipmert 3,600 ,600 1,000 Accounts payable Salanes payable Uncarned revenue Common shares Retsned earnings 19,630 53,940 $53,90 Ouring November, the following transactions were coempleted Now 9 ad $2.010 to employees for salaries due, of whirh 1,00 s er octmber salres avable and $',010 for...
12-72 t purchased on June 30, 2020, with a cost of $65,000, salvage value of $4,500...
12-72
t purchased on June 30, 2020, with a cost of $65,000, salvage value of $4,500 and a useful life ol 8 years was incorrectly entered into the depreciation system as having a useful life of 18 years Required Prepare entries to correct each of the errors a, b, and c, discovered in 2021. Ignore income taxes. Beckham Co Exercise 12-72 rporation had never been audited before December 31, 2020, the current year. Before the arrival of the auditor, the...
29. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55,000. If the balance of the Allowance for Doubtful Accounts is $11,000 debit before adjustment, what is the balance after adjustment? A) $55,000 B) $11,000 C) $66,000 D) $44,000 30. Wilton sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for $2,400 worth of...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
22.Homeplatesells softball equipment. On November 14 they shined with of thall uniforms to Bona School, terms 2/10, 1/30. On November 21 Vista High School for $1.500 worth custom printed bats to be produced in December to be produced in December. On November 30, Ranita Middle School returned $200 of defective November 30 Ranita Middle Sc merchandise. Homeplate has received no payments from her schools of month end. What amount will be recognized as net accounts receivable on the balance sheet...
Exam 15.1n a period of rising prices, FIFO will have aower ne income than LIFO lower cost of goods sold than LIFO lower inoome tax expense than LIFO. dlower net purchases than LIFO 16 The inventory tumover is computed by dividing cost of goods sold by a beginning inventory. b ending inventory average inventory. a 365 days. 17. Barley Company developed the following information about its inentories in applying the lower-of-cost-or-et realizable value (LCNRV) basis in valuing inventories Product Net...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
s Problem 4 9A On Oitober 31, 2018, Alou Equigpment Repar Corp's opening trial balance was an folows. The compuny adyjsts is accousts monthy Debit Credit Cash Accounts receivable Supplies s16,050 15,890 4,000 18,000 x Accumulated depreciation-equipmert 3,600 ,600 1,000 Accounts payable Salanes payable Uncarned revenue Common shares Retsned earnings 19,630 53,940 $53,90 Ouring November, the following transactions were coempleted Now 9 ad $2.010 to employees for salaries due, of whirh 1,00 s er octmber salres avable and $',010 for...
12-72
t purchased on June 30, 2020, with a cost of $65,000, salvage value of $4,500 and a useful life ol 8 years was incorrectly entered into the depreciation system as having a useful life of 18 years Required Prepare entries to correct each of the errors a, b, and c, discovered in 2021. Ignore income taxes. Beckham Co Exercise 12-72 rporation had never been audited before December 31, 2020, the current year. Before the arrival of the auditor, the...
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