Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Amortization expenses | 24,000 | |
| Patents (312,000/13) | 24,000 |
.
Balance sheet
| Intangible Assets | |
|---|---|
| Patent (312,000-24,000) | 288,000 |
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Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on Janua...
Question 4 --/1.5 View Policies Current Attempt in Progress Wildhorse Co. purchases a patent for $172.400 on Januar...
Question 4 --/1.5 View Policies Current Attempt in Progress Wildhorse Co. purchases a patent for $172.400 on January 2, 2022. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (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 for the amounts.) Account Titles and Explanation Debit Credit (b) Show how...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the trial balance of Crane Company shows Equipment $22.400 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,400. Prepare the adjusting entry for depreciation at December 31. Of no entry is required, select 'No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
how can I solve these two questions? View Policies and Current Attempt in Progress Carla Company...
how can I solve these two questions?
View Policies and Current Attempt in Progress Carla Company sold $9,390 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Carla makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) ort Account Titles and Explanation Debit Credit (b) Carla...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Question 13 --/1 View Policies Current Attempt in Progress During 2016, Concord Corporation spent $168,480 in...
Question 13 --/1 View Policies Current Attempt in Progress During 2016, Concord Corporation spent $168,480 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $41,040 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
please help with this accounting question! Question 9 View Policies Current Attempt in Progress Assume the...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
View Policies Current Attempt in Progress The May transactions of Blue Spruce Corp. were as follows....
View Policies Current Attempt in Progress The May transactions of Blue Spruce Corp. were as follows. May 4 7 8 9 Paid $750 due for supplies previously purchased on account. Performed advisory services on account for $7,150. Purchased supplies for $870 on account. Purchased equipment for $2.940 in cash. Paid employees $650 in cash. Received bill for equipment repairs of $830. Paid $1.270 for 12 months of insurance policy. Coverage begins June 1. 17 22 29 Journalize the transactions. (If...
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at...
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at 103. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 e Texthank and Media
-13 Question 3 of 4 < > View Policies Current Attempt in Progress Blue Company reports...
-13 Question 3 of 4 < > View Policies Current Attempt in Progress Blue Company reports the following financial information before adjustments. Cr. Dr. $168.900 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,200 849,300 50.440 Prepare the journal entry to record bad debt expense assuming Blue Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,550 debit balance....
Question 4 --/1.5 View Policies Current Attempt in Progress Wildhorse Co. purchases a patent for $172.400 on January 2, 2022. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (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 for the amounts.) Account Titles and Explanation Debit Credit (b) Show how...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the trial balance of Crane Company shows Equipment $22.400 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,400. Prepare the adjusting entry for depreciation at December 31. Of no entry is required, select 'No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
how can I solve these two questions?
View Policies and Current Attempt in Progress Carla Company sold $9,390 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Carla makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) ort Account Titles and Explanation Debit Credit (b) Carla...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Question 13 --/1 View Policies Current Attempt in Progress During 2016, Concord Corporation spent $168,480 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $41,040 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
View Policies Current Attempt in Progress The May transactions of Blue Spruce Corp. were as follows. May 4 7 8 9 Paid $750 due for supplies previously purchased on account. Performed advisory services on account for $7,150. Purchased supplies for $870 on account. Purchased equipment for $2.940 in cash. Paid employees $650 in cash. Received bill for equipment repairs of $830. Paid $1.270 for 12 months of insurance policy. Coverage begins June 1. 17 22 29 Journalize the transactions. (If...
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at 103. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 e Texthank and Media
-13 Question 3 of 4 < > View Policies Current Attempt in Progress Blue Company reports the following financial information before adjustments. Cr. Dr. $168.900 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,200 849,300 50.440 Prepare the journal entry to record bad debt expense assuming Blue Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,550 debit balance....
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