Homework Answers
| Date | Account titles and explanation | Debit(in $) | Credit(in $) | ||
| July 1,2017 | Cash | 49,000 | |||
| Liabilities | 49,000 | ||||
| Dec 31,2017 | Interest expnses($49,000*6%*6/12) | 1,470 | |||
| Liabilities | 1,470 | ||||
| June 30,2018 | Interest expnses($49,000*6%*6/12) | 1,470 | |||
| Liabilities | 1,470 | ||||
| June 30,2018 | Liabilities | 51,940 | |||
| Cash | 51,940 | ||||
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CALCULATOR E RED SALE HY INSTRUCTOR FALSCHEN PERSON f orce 51,00 interest Song Corps de machinery...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees to repurchase this equipment from Sandhill on June 30, 2021, for a price of $66,780 (an imputed interest rate of 6%). Prepare the journal entry for Monty for the receipt of cash from Sandhill on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest on December...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31,...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is...
On January 1, 2017, Klosterman Company issued $400,000, 8%,
10-year bonds at face value. Interest is payable annually on
January 1.
Question 1 On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account tities are automatically indented when amount is ent Date Account Titles and Explanation Debit Credit Jan. 1, 2017 SHOW LIST OF ACCOUNTS LINK...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and...
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest...
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest payable annually on January 1). Each $900 bond is convertible into 29 shares of Skysong $2 par value common stock. The company has had 9,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2017. Skysong also has adopted a stock-option plan that granted options to key executives to...
Machinery purchased for $70,800 by Wildhorse Co. in 2016 was originally estimated to have a life...
Machinery purchased for $70,800 by Wildhorse Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,720 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,310 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2017, the corporation solls for cash 372 computers at a unit price of $2,300. On the basis of past experience, the 2 year warranty costs are estimated to be $102 for parts and $192 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees to repurchase this equipment from Sandhill on June 30, 2021, for a price of $66,780 (an imputed interest rate of 6%). Prepare the journal entry for Monty for the receipt of cash from Sandhill on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest on December...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne Company at
December 31, 2017. Cost $10,800,000 Accumulated depreciation to
date 1,200,000 Expected future net cash flows 8,400,000 Fair value
5,760,000 Assume that Cheyenne will continue to use this asset in
the future. As of December 31, 2017, the equipment has a remaining
useful life of 5 years. Prepare the journal entry (if any) to
record the impairment of the asset at December 31, 2017. (If no
entry...
On January 1, 2017, Klosterman Company issued $400,000, 8%,
10-year bonds at face value. Interest is payable annually on
January 1.
Question 1 On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account tities are automatically indented when amount is ent Date Account Titles and Explanation Debit Credit Jan. 1, 2017 SHOW LIST OF ACCOUNTS LINK...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and...
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest payable annually on January 1). Each $900 bond is convertible into 29 shares of Skysong $2 par value common stock. The company has had 9,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2017. Skysong also has adopted a stock-option plan that granted options to key executives to...
Machinery purchased for $70,800 by Wildhorse Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,720 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,310 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2017, the corporation solls for cash 372 computers at a unit price of $2,300. On the basis of past experience, the 2 year warranty costs are estimated to be $102 for parts and $192 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold...
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