Homework Answers
| Date | Account titles and explanation | Debit | Credit |
| Dec. 31 | Inventory | $99,840 | |
| Accumulated Depletion | $99,840 |
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On July 1, 2020, Pina Colada Corp. invested $740,160 in a mine estimated to have 771,000...
Question 5 On July 1, 2017, Windsor AG invested CHF711,436 in a mine estimated to have...
Question 5
On July 1, 2017, Windsor AG invested CHF711,436 in a mine
estimated to have 773,300 tons of ore of uniform grade. During the
last 6 months of 2017, 130,600 tons of ore were mined.
Calculate depletion cost per unit. (Round answer to
2 decimal places, e.g. 0.50.)
Depletion cost per unit CHF
Prepare the journal entry to record depletion.
(Round answers to 0 decimal places, e.g. 2,125. Credit
account titles are automatically indented when amount is entered.
Do...
Additional Exercise 262 On July 1, 2018, Melton Inc. Invested $560,000 in a mine estimated to...
Additional Exercise 262 On July 1, 2018, Melton Inc. Invested $560,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2018, 100,000 tons of ore were mined and sold. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance Co. for a 3-year...
On
July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance
Co. for a 3-year insurance contract. Both companies have fiscal
years ending December 31. Journalize and post the entry on July 1
and the adjusting entry on December 31 for Kalter Insurance Co.
Kalter uses the accounts Unearned Service Revenue and Service
Revenue. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that is estimated to have 40,940,000 tons of ore and no salvage value. In the first year, 13,820,000 tons of ore are extracted. (af) your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit .15 perton Click if you would like to Show Work for this question: pen Show Work (a2) your answer is...
Pina Colada Corp. erected and placed into service an offshore oil platform on January 1, 2020,...
Pina Colada Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $12 million. Pina Colada is legally required to dismantle and remove the platform at the end of its 7-year useful life. Pina Colada estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 9%. Use (a) factor Table A.2. (b) a...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest payable each January 1. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2740000 Discount on Bonds Payable 600000 Bonds Payable 2800000 Your answer is partially correct....
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company...
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
Pina Colada Corp. has the following balances in selected accounts on December 31, 2020. Service Revenue...
Pina Colada Corp. has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $43.200 5,580 2.800 All the accounts have normal balances. Pina Colada Corp. debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 1. 2 Pina Colada Corp. paid $5.580 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020,...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage v...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage value. In the first year, 12.02 million tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit. per ton SHOW LIST OF ACCOUNTS Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental consulting services for Blossom Company. Blossom Company was short of cash, and Pina Colada Corp. agreed to accept a $187,500, non–interest-bearing note due December 31, 2019, as payment in full. Blossom Company is a bit of a credit risk and typically borrows funds at a rate of 15%. Pina Colada Corp. is much more creditworthy and has various lines of credit at 8%. Pina...
Question 5
On July 1, 2017, Windsor AG invested CHF711,436 in a mine
estimated to have 773,300 tons of ore of uniform grade. During the
last 6 months of 2017, 130,600 tons of ore were mined.
Calculate depletion cost per unit. (Round answer to
2 decimal places, e.g. 0.50.)
Depletion cost per unit CHF
Prepare the journal entry to record depletion.
(Round answers to 0 decimal places, e.g. 2,125. Credit
account titles are automatically indented when amount is entered.
Do...
Additional Exercise 262 On July 1, 2018, Melton Inc. Invested $560,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2018, 100,000 tons of ore were mined and sold. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On
July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance
Co. for a 3-year insurance contract. Both companies have fiscal
years ending December 31. Journalize and post the entry on July 1
and the adjusting entry on December 31 for Kalter Insurance Co.
Kalter uses the accounts Unearned Service Revenue and Service
Revenue. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that is estimated to have 40,940,000 tons of ore and no salvage value. In the first year, 13,820,000 tons of ore are extracted. (af) your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit .15 perton Click if you would like to Show Work for this question: pen Show Work (a2) your answer is...
Pina Colada Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $12 million. Pina Colada is legally required to dismantle and remove the platform at the end of its 7-year useful life. Pina Colada estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 9%. Use (a) factor Table A.2. (b) a...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest payable each January 1. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2740000 Discount on Bonds Payable 600000 Bonds Payable 2800000 Your answer is partially correct....
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
Pina Colada Corp. has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $43.200 5,580 2.800 All the accounts have normal balances. Pina Colada Corp. debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 1. 2 Pina Colada Corp. paid $5.580 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020,...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage value. In the first year, 12.02 million tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit. per ton SHOW LIST OF ACCOUNTS Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent...
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