Homework Answers
|
No. |
Accounts titles and Explanation |
Debit |
Credit |
|
(a) |
Depreciation Expense |
$ 1,984.00 |
|
|
Accumulated Depreciation-Machinery |
$ 1,984.00 |
||
|
(Depreciation for 8 months recorded) |
|||
|
(b) |
Cash |
$ 13,020.00 |
|
|
Accumulated Depreciation-Machinery |
$ 12,400.00 |
||
|
Gain on disposal of Machinery |
$ 620.00 |
||
|
Machinery |
$ 24,800.00 |
||
|
(Machinery sold) |
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Brief Exercise 10-14 elue Corporation owns machinery that cost $24,800 when purchased on July 1, 2014....
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January...
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January 1, 2017, Marigold Corporation issued $520,000 of 7% $484,667, and pay interest each July 1 and January 1. Marigold uses the effective-interest method. bonds, due in 10 years. The bonds were issued for Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014....
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10...
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10 years. The bonds were issued for $735,820 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 7%. (a) Prepare Indigo Corporation’s journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Exercise 9-08 On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful l...
Exercise 9-08
On July 1, 2019, Cullumber Company purchased new equipment for
$85,000. Its estimated useful life was 5 years with a $12,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $620 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $15,600 10,600 12,620 7,200 5,900 Assuming that Oriole's fiscal year ends on December 31 and depreciation has been...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2020, and...
McCormick Corporation issued a 4-year, $40,000, 5% note to
Greenbush Company on January 1, 2020, and received a computer that
normally sells for $31,495. The note requires annual interest
payments each December 31. The market rate of interest for a note
of similar risk is 12%.
Prepare McCormick’s journal entries for (a) the January 1 issuance
and (b) the December 31 interest. (Round answers to 0
decimal places, e.g. 38,548. If no entry is required, select "No
Entry" for the...
Celine Dion Company issued $600,000 of 10%, 20-year bonds onJanuary 1, 2020, at 102. Interest...
Celine Dion Company issued $600,000 of 10%, 20-year bonds on
January 1, 2020, at 102. Interest is payable semiannually on July 1
and January 1. Celine Dion Company uses the effective-interest
method of amortization for bond premium or discount. Assume an
effective yield of 9.7705%.Prepare the journal entries to record the following.(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If
no entry is required, select "No Entry" for the account...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(286,200 ) (b) Payment for construction from note proceeds 286,200 (c) Cost of land fill and clearing 11,120 (d) Delinquent real estate taxes on property assumed by purchaser 9,070 (e) Premium on 6-month insurance policy during construction 10,020 (f) Refund of 1-month insurance premium...
On January 1, 2020, Carter Company makes the two following acquisitions. 1. Purchases land having a...
On January 1, 2020, Carter Company makes the two following
acquisitions.
1.
Purchases land having a fair
value of $200,000 by issuing a 5-year, zero-interest-bearing
promissory note in the face amount of $337,012.
2.
Purchases equipment by
issuing a 6%, 8-year promissory note having a maturity value of
$250,000 (interest payable annually).
The company has to pay 11% interest for funds from its
bank.
(a)
Record the two journal
entries that should be recorded by Carter Company for the two...
CALCULATOR pRİN TER VERSION | | . BACK FULL SCREEN NEXT Brief Exercise 14-6 On January 1, 2017, Marigold Corporation issued $520,000 of 7% $484,667, and pay interest each July 1 and January 1. Marigold uses the effective-interest method. bonds, due in 10 years. The bonds were issued for Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Exercise 9-08
On July 1, 2019, Cullumber Company purchased new equipment for
$85,000. Its estimated useful life was 5 years with a $12,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $620 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $15,600 10,600 12,620 7,200 5,900 Assuming that Oriole's fiscal year ends on December 31 and depreciation has been...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
McCormick Corporation issued a 4-year, $40,000, 5% note to
Greenbush Company on January 1, 2020, and received a computer that
normally sells for $31,495. The note requires annual interest
payments each December 31. The market rate of interest for a note
of similar risk is 12%.
Prepare McCormick’s journal entries for (a) the January 1 issuance
and (b) the December 31 interest. (Round answers to 0
decimal places, e.g. 38,548. If no entry is required, select "No
Entry" for the...
Celine Dion Company issued $600,000 of 10%, 20-year bonds on
January 1, 2020, at 102. Interest is payable semiannually on July 1
and January 1. Celine Dion Company uses the effective-interest
method of amortization for bond premium or discount. Assume an
effective yield of 9.7705%.Prepare the journal entries to record the following.(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If
no entry is required, select "No Entry" for the account...
On January 1, 2020, Carter Company makes the two following
acquisitions.
1.
Purchases land having a fair
value of $200,000 by issuing a 5-year, zero-interest-bearing
promissory note in the face amount of $337,012.
2.
Purchases equipment by
issuing a 6%, 8-year promissory note having a maturity value of
$250,000 (interest payable annually).
The company has to pay 11% interest for funds from its
bank.
(a)
Record the two journal
entries that should be recorded by Carter Company for the two...
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