Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Post retirement expense | $ 2,40,100 | |
| Cash | $ 1,78,500 | |
| Post retirement asset / Liability | $ 61,600 | |
Add Answer to:
For 2020, Monty Inc. computed its annual postretirement expense as $240,100 Monty's contribution to the plan...
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to...
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to the plan during 2020 was $177,500 Prepare Marin's 2020 entry to record postretirement expense, assuming Marin has no OC amounts. (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.) Debit Credit Account Titles and Explanation
Brief Exercise 20-12 For 2017, Sunland Inc. computed its annual postretirement expense as $236,300. Sunland’s contribution...
Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution to the plan during 2017
was $177,300.
Prepare Sunland’s 2017 entry to record postretirement expense,
assuming Sunland has no OCI amounts. (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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,534,000 424.800 $1,109.200 Depreciation is computed at $70,800 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
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...
On May 1, 2020, Sage Inc. entered into a contract to deliver one of its specialty...
On May 1, 2020, Sage Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapo0 to pay the contract price of $913 in advance on May 15, 2020. Kickapoo pays Sage on May 15, 2020, and Sage delivers the mower (with cost of $563) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Sage. (Credit account titles are automatically indented when the amount is entered....
On May 1, 2020, Nash Inc. entered into a contract to deliver one of its specialty...
On May 1, 2020, Nash Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $833 in advance on May 15, 2020. Kickapoo pays Nash on May 15, 2020, and Nash delivers the mower (with cost of $527) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Nash. (Credit account titles are automatically indented when the amount is entered....
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On December 31, 2017, Monty Inc. has a machine with a book value of $1,184,400. The...
On December 31, 2017, Monty Inc. has a machine with a book value of $1,184,400. The original cost and related accumulated depreciation at this date are as follows. Machine $1,638,000 Less: Accumulated depreciation 453,600 Book value $1,184,400 Depreciation is computed at $75,600 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
Current Attempt For 2020, Marin Inc. computed its annual postretirement expense as $235,300, Marin's contribution to the plan during 2020 was $177,500 Prepare Marin's 2020 entry to record postretirement expense, assuming Marin has no OC amounts. (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.) Debit Credit Account Titles and Explanation
Brief Exercise 20-12
For 2017, Sunland Inc. computed its annual postretirement
expense as $236,300. Sunland’s contribution to the plan during 2017
was $177,300.
Prepare Sunland’s 2017 entry to record postretirement expense,
assuming Sunland has no OCI amounts. (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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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...
On December 31, 2020. Monty Inc. has a machine with a book value of $1,109,200. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,534,000 424.800 $1,109.200 Depreciation is computed at $70,800 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
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...
On May 1, 2020, Sage Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapo0 to pay the contract price of $913 in advance on May 15, 2020. Kickapoo pays Sage on May 15, 2020, and Sage delivers the mower (with cost of $563) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Sage. (Credit account titles are automatically indented when the amount is entered....
On May 1, 2020, Nash Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $833 in advance on May 15, 2020. Kickapoo pays Nash on May 15, 2020, and Nash delivers the mower (with cost of $527) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Nash. (Credit account titles are automatically indented when the amount is entered....
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On December 31, 2017, Monty Inc. has a machine with a book value of $1,184,400. The original cost and related accumulated depreciation at this date are as follows. Machine $1,638,000 Less: Accumulated depreciation 453,600 Book value $1,184,400 Depreciation is computed at $75,600 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
Most questions answered within 3 hours.
-
On May 1, First Bank perfected a security interest in Debtor’s
inventory. On June 1, Bob...
asked 13 minutes ago -
A new kind of typhoid shot is being developed by a medical
research team. The old...
asked 1 hour ago -
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 3 hours ago -
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 4 hours ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 7 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 6 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 7 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 7 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 7 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 7 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 7 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 8 hours ago