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Get college assignment help at uniessay writers )   Calculate the predetermined overhead rate for 2008, assuming Garcia Manufacturing estimates total manufacturing overhead costs of $1,050,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year

In which building would you recommend that Brubaker Inc. locate, assuming

In which building would you recommend that Brubaker Inc. locate, assuming a 12% cost of funds? E6-13 (Computation of Bond Liability) Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,000,000 of 11% term corporate bonds on March 1, 2010, due on March 1, 2025, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%.

Maria Chavez owns a catering company that serves food and beverages

Maria Chavez owns a catering company that serves food and beverages at parties and business functions. Chavez’s business is seasonal, with a heavy schedule during the summer months and holidays and a lighter schedule at other times. One of the major events Chavez’s customers request is a cocktail party. She offers a standard

(TCO1) The two types of accounting are:____ and _____ (Points: 5)

(TCO1) The two types of accounting are:____ and _____ (Points: 5) profit and nonprofit. financial and managerial. internal and external. bookkeeping and decision-oriented. 2. (TCO2) A company purchased inventory on account. This transaction increased assets and: (Points: 5) increased equity increased liabilities increased revenues decreased assets 3. (TCO1) Which of the following statements is FALSE? (Points: 5) reliable data may be supported by objective evidence. the informed opinion of owners is an important source of objective evidence. an independent appraisal, conducted by a licensed professional, is usually considered reliable. reliable data are verifiable. 4. (TCO2) A company purchased office supplies for cash. This transaction ______________________. (Points: 5) increased assets and decreased assets. increased assest and increased liabilities. increased assets and increased revenues. decreased assets and decreased liabilities. 5. (TCO2) Which type of account is increased when a company records a debt? (Points: 5) expense retained earnings liability none of the above are correct. 6. (TCO2) A trial balance has which of the following features? (Points: 5) totals for balance sheet accounts only totals for income statement accounts only totals for all accounts listed in the general ledger both A and B are correct 7. (TCO3) A company started the year with $400 of supplies. During the year the company purchased additional supplies costing $1,600. There were $800 of supplies on hand at the end of the year. An adjusted trial balance prepared at the end of the accounting period will show the which of the following balance in Supplies: (Points: 5) $1,400. $800. $600. $0. 8. (TCO3) The book value of an asset is computed as: (Points: 5) the cost of a plant asset less accumulated depreciation. the cost of a plant asset plus accumulated depreciation. depreciation expense plus accumulated depreciation. the cost of a plant asset less depreciation expense. 9. (TCO5) Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s Cash account before the bank reconciliation are primarily due to: (Points: 5) errors in the accounting process by the company. errors made by the bank. differences between the cash basis and accrual basis of accounting. timing difference in recording transactions. 10. (TCO5) Under the allowance method, the entry to reinstate an account previously written off: (Points: 5) increases total assets. increases net income and increases total assets. decreases net income and increases total assets. has no effect on net income or total assets. 11. (TCO5) Portia Incorporated uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $2,000,000, and management estimates 2% will be uncollectible. Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $1,900. The amount of expense reported on the income statement and the balance in Allowance for Uncollectible accounts, respectively, will be: (Points: 5) $41,900 and $40,000. $40,000 and $38,100. $38,100 and 40,000. $40,000 and $41,900. 12. (TCO5) If the Maturity Value of a 210 day note is $63,500 and the interest is $3,500, based on 10%, what is the principal of this note? (Points: 5) $ 3,500 $ 6,000 $63,500 $60,000 13. (TCO4) Deciding on which inventory method a company should use affects: (Points: 5) the profits to be reported. the income taxes to be paid. the values of ratios reported from the balance sheet. all of the above. 14. (TCO4) A company whose inventory consists of very unique items would probably use which inventory method? (Points: 5) first-in, first-out last-in, first-out specific unit cost weighted-average of only the unique items (TCO4) Which inventory method produces the highest net income in a time of rising costs? (Points: 5) FIFO. Average Cost. LIFO. KIFO. 2. (TCO6) All expenditures to repair and renovate an existing building for its intended use are charged to: (Points: 5) land. land improvements. land improvements expense. building. 3. (TCO6) Which of the following statements is false? (Points: 5) depreciation is a process of subjective valuation. depreciation is a non-cash expense. accumulated depreciation represents a growing amount of cash to be used to replace the existing asset. accumulated depreciation is that portion of a plant asset’s cost that has been recorded previously as an expense. 4. (TCO6) On January 10, 2006, Maxim Corporation acquired equipment for $124,000. The estimated life of the equipment is 3 years or 24,000 hours. The estimated residual value is $10,000. What is the balance of Accumulated Depreciation on December 31, 2007, if Baldwin Corporation uses the asset 5,500 hours in 2006 and 4,500 hours in 2007? (Points: 5) $76,000 $61,218 $52,083 $47,500 5. (TCO6) Valtrex Inc. sells a major plant asset. (Points: 5) depreciation expense should be recorded through the date of sale. the book value of the asset should be credited to the asset account. no gain should be recognized if depreciation expense was taken on the asset before the asset was sold. a loss should be recognized, but not a gain, if depreciation expense was taken on the asset before the asset was sold. 6. (TCO6) Current liabilities fall into two categories which are referred to as: (Points: 5) liabilities of a known amount and estimated liabilities. contingent liabilities and noncontingent liabilities. contingent liabilities and contra-liabilities. unearned liabilities and accrued liabilities. 7. (TCO7) In a corporation, the two-basic sources of stockholders’ equity are: (Points: 5) donated capital and contributed capital. par value and no-par value stock. preferred stock and common stock. paid-in capital and retained earnings. 8. (TCO7) When 100 shares of $10 par value Common Stock are sold at $53 per share, Paid-in Capital in Excess of Par value–Common will: (Points: 5) increase $1,000. increase $4,300. increase $5,300. not be affected. 9. (TCO7) The number of shares of treasury stock plus the number of shares outstanding equals the number of shares: (Points: 5) authorized that have not been issued. authorized. issued. issued that have not been reacquired by the company. 10. (TCO2) Consider the following transactions: I. Owners invested $8,000 cash to begin the business II. Provided services for cash, $6,000 III. Provided services on account, $4,000 IV. Paid cash for expenses, $7,500 How much cash does the business have? (Points: 5) $2,500 $4,500 $6,500 $10,500 (TCO5) Your friend, Jacob, has opened a movie theater. Jacob states that he does not have time to develop and implement a system of internal controls. a. Provide Jacob with the objectives of a system of internal control. b. Explain to Jacob why he should develop a system of internal control. (Points: 10) 2. (TCO6) Credit Company incurred the following costs in acquiring plant assets: purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance delinquent property tax of $2,500 and legal fees of $1,500 $5,000 to remove an unwanted building architect fee of $2,000 for the design of a building constructed an office building at a cost of $500,000 interest cost on construction loan for the building, $20,000 $7,500 for fencing, $4,000 for landscaping, and $5,000 for lighting Determine the cost of the land, land improvements, and building. (Points: 20) 3. (TCO2) List the steps in the Accounting Cycle. (Points: 20) (TCO6) Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following transactions. a. Issuance of the Bond on 7/1/2008 b. Accrual of the Interest Expense on 12/31/2008 c. Payment of Interest on 1/1/2009 d. Payment of the Bond at Maturity (Points: 20) 2. (TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital. Prepare the equity section of the balance sheet for Cosmo Company. (Points: 20) 3. (TCO1) The following information has been obtained from the accounting records of Sandy Shores Enterprises. Prepare the operating section of the statement of cash flows for Sandy Shores Enterprises for the year ended December 31, 2007, using the indirect method. Principal payments on long-term debt $50,000 Increase in accounts payable 24,300 Acquisition of equipment by issuing long-term note payable 70,000 Amortization expense 18,700 Proceeds from sale of investments, not including a $5,100 gain 49,100 Increase in accounts receivable 8,700 Cash payments to purchase plant assets 62,000 Decrease in accrued liabilities 60,300 Payment of cash dividends 64,500 Proceeds from sale of plant assets, not including a $7,400 loss 22,600 Net income 174,100 Depreciation expense 35,500 Proceeds from issuance of common stock 300,000 Increase in inventory 71,400 Bonds payable converted into common stock 130,000 Decrease in prepaid expenses 12,800 Cash balance: December 31, 2006 52,500 Cash balance: December 31, 2007 373,000 (Points: 20) 4. (TCO 1) The income statement for the OverUnder Company for the year ended December 31, 2007, appears below. Sales 670,000 Costs of goods sold 390,000 Gross profit 280,000 Expenses 180,000* Net income $100,000 *Includes $25,000 of interest expense and $20,000 of income tax expense. Additional information: a. Common stock outstanding on January 1, 2007, was 50,000 shares. On July 1, 2007, 10,000 more shares were issued. b. The market price of OverUnder’s stock was $18 at the end of 2007. c. Cash dividends of $35,000 were paid, $5,000 of which were paid to preferred stockholders. Part 1: Compute the following ratios for 2007 (show your work): a. Earnings per share. b. Price-earnings. c. Times interest earned. Part 2: Please explain the meaning of these ratios and the results you have calculated. (Points: 20) (TCO6) Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following transactions. a. Issuance of the Bond on 7/1/2008 b. Accrual of the Interest Expense on 12/31/2008 c. Payment of Interest on 1/1/2009 d. Payment of the Bond at Maturity (Points: 20) 2. (TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital. Prepare the equity section of the balance sheet for Cosmo Company. (Points: 20) 3. (TCO1) The following information has been obtained from the accounting records of Sandy Shores Enterprises. Prepare the operating section of the statement of cash flows for Sandy Shores Enterprises for the year ended December 31, 2007, using the indirect method. Principal payments on long-term debt $50,000 Increase in accounts payable 24,300 Acquisition of equipment by issuing long-term note payable 70,000 Amortization expense 18,700 Proceeds from sale of investments, not including a $5,100 gain 49,100 Increase in accounts receivable 8,700 Cash payments to purchase plant assets 62,000 Decrease in accrued liabilities 60,300 Payment of cash dividends 64,500 Proceeds from sale of plant assets, not including a $7,400 loss 22,600 Net income 174,100 Depreciation expense 35,500 Proceeds from issuance of common stock 300,000 Increase in inventory 71,400 Bonds payable converted into common stock 130,000 Decrease in prepaid expenses 12,800 Cash balance: December 31, 2006 52,500 Cash balance: December 31, 2007 373,000 (Points: 20) 4. (TCO 1) The income statement for the OverUnder Company for the year ended December 31, 2007, appears below. Sales 670,000 Costs of goods sold 390,000 Gross profit 280,000 Expenses 180,000* Net income $100,000 *Includes $25,000 of interest expense and $20,000 of income tax expense. Additional information: a. Common stock outstanding on January 1, 2007, was 50,000 shares. On July 1, 2007, 10,000 more shares were issued. b. The market price of OverUnder’s stock was $18 at the end of 2007. c. Cash dividends of $35,000 were paid, $5,000 of which were paid to preferred stockholders. Part 1: Compute the following ratios for 2007 (show your work): a. Earnings per share. b. Price-earnings. c. Times interest earned. Part 2: Please explain the meaning of these ratios and the results you have calculated. (Points: 20)

Lynne Corporation acquired a patent on May 1, 2010. Lynne paid

Lynne Corporation acquired a patent on May 1, 2010. Lynne paid cash of $30,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. What amount should be debited to the patent account?

The total of the accounts receivable subsidary accounts and the account

The total of the accounts receivable subsidary accounts and the account receivable controlling account should balance to each other at the end of the period. True or false

5/6x 3/4=11/12

5/6x 3/4=11/12

“(TCO1) The two types of accounting are:____ and _____ (Points: 5)

“(TCO1) The two types of accounting are:____ and _____ (Points: 5) profit and nonprofit. financial and managerial. internal and external. bookkeeping and decision-oriented. 2. (TCO2) A company purchased inventory on account. This transaction increased assets and: (Points: 5) increased equity increased liabilities increased revenues decreased assets 3. (TCO1) Which of the following statements is FALSE? (Points: 5) reliable data may be supported by objective evidence. the informed opinion of owners is an important source of objective evidence. an independent appraisal, conducted by a licensed professional, is usually considered reliable. reliable data are verifiable. 4. (TCO2) A company purchased office supplies for cash. This transaction ______________________. (Points: 5) increased assets and decreased assets. increased assest and increased liabilities. increased assets and increased revenues. decreased assets and decreased liabilities. 5. (TCO2) Which type of account is increased when a company records a debt? (Points: 5) expense retained earnings liability none of the above are correct. 6. (TCO2) A trial balance has which of the following features? (Points: 5) totals for balance sheet accounts only totals for income statement accounts only totals for all accounts listed in the general ledger both A and B are correct 7. (TCO3) A company started the year with $400 of supplies. During the year the company purchased additional supplies costing $1,600. There were $800 of supplies on hand at the end of the year. An adjusted trial balance prepared at the end of the accounting period will show the which of the following balance in Supplies: (Points: 5) $1,400. $800. $600. $0. 8. (TCO3) The book value of an asset is computed as: (Points: 5) the cost of a plant asset less accumulated depreciation. the cost of a plant asset plus accumulated depreciation. depreciation expense plus accumulated depreciation. the cost of a plant asset less depreciation expense. 9. (TCO5) Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s Cash account before the bank reconciliation are primarily due to: (Points: 5) errors in the accounting process by the company. errors made by the bank. differences between the cash basis and accrual basis of accounting. timing difference in recording transactions. 10. (TCO5) Under the allowance method, the entry to reinstate an account previously written off: (Points: 5) increases total assets. increases net income and increases total assets. decreases net income and increases total assets. has no effect on net income or total assets. 11. (TCO5) Portia Incorporated uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $2,000,000, and management estimates 2% will be uncollectible. Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $1,900. The amount of expense reported on the income statement and the balance in Allowance for Uncollectible accounts, respectively, will be: (Points: 5) $41,900 and $40,000. $40,000 and $38,100. $38,100 and 40,000. $40,000 and $41,900. 12. (TCO5) If the Maturity Value of a 210 day note is $63,500 and the interest is $3,500, based on 10%, what is the principal of this note? (Points: 5) $ 3,500 $ 6,000 $63,500 $60,000 13. (TCO4) Deciding on which inventory method a company should use affects: (Points: 5) the profits to be reported. the income taxes to be paid. the values of ratios reported from the balance sheet. all of the above. 14. (TCO4) A company whose inventory consists of very unique items would probably use which inventory method? (Points: 5) first-in, first-out last-in, first-out specific unit cost weighted-average of only the unique items (TCO4) Which inventory method produces the highest net income in a time of rising costs? (Points: 5) FIFO. Average Cost. LIFO. KIFO. 2. (TCO6) All expenditures to repair and renovate an existing building for its intended use are charged to: (Points: 5) land. land improvements. land improvements expense. building. 3. (TCO6) Which of the following statements is false? (Points: 5) depreciation is a process of subjective valuation. depreciation is a non-cash expense. accumulated depreciation represents a growing amount of cash to be used to replace the existing asset. accumulated depreciation is that portion of a plant asset’s cost that has been recorded previously as an expense. 4. (TCO6) On January 10, 2006, Maxim Corporation acquired equipment for $124,000. The estimated life of the equipment is 3 years or 24,000 hours. The estimated residual value is $10,000. What is the balance of Accumulated Depreciation on December 31, 2007, if Baldwin Corporation uses the asset 5,500 hours in 2006 and 4,500 hours in 2007? (Points: 5) $76,000 $61,218 $52,083 $47,500 5. (TCO6) Valtrex Inc. sells a major plant asset. (Points: 5) depreciation expense should be recorded through the date of sale. the book value of the asset should be credited to the asset account. no gain should be recognized if depreciation expense was taken on the asset before the asset was sold. a loss should be recognized, but not a gain, if depreciation expense was taken on the asset before the asset was sold. 6. (TCO6) Current liabilities fall into two categories which are referred to as: (Points: 5) liabilities of a known amount and estimated liabilities. contingent liabilities and noncontingent liabilities. contingent liabilities and contra-liabilities. unearned liabilities and accrued liabilities. 7. (TCO7) In a corporation, the two-basic sources of stockholders’ equity are: (Points: 5) donated capital and contributed capital. par value and no-par value stock. preferred stock and common stock. paid-in capital and retained earnings. 8. (TCO7) When 100 shares of $10 par value Common Stock are sold at $53 per share, Paid-in Capital in Excess of Par value–Common will: (Points: 5) increase $1,000. increase $4,300. increase $5,300. not be affected. 9. (TCO7) The number of shares of treasury stock plus the number of shares outstanding equals the number of shares: (Points: 5) authorized that have not been issued. authorized. issued. issued that have not been reacquired by the company. 10. (TCO2) Consider the following transactions: I. Owners invested $8,000 cash to begin the business II. Provided services for cash, $6,000 III. Provided services on account, $4,000 IV. Paid cash for expenses, $7,500 How much cash does the business have? (Points: 5) $2,500 $4,500 $6,500 $10,500 (TCO5) Your friend, Jacob, has opened a movie theater. Jacob states that he does not have time to develop and implement a system of internal controls. a. Provide Jacob with the objectives of a system of internal control. b. Explain to Jacob why he should develop a system of internal control. (Points: 10) 2. (TCO6) Credit Company incurred the following costs in acquiring plant assets: purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance delinquent property tax of $2,500 and legal fees of $1,500 $5,000 to remove an unwanted building architect fee of $2,000 for the design of a building constructed an office building at a cost of $500,000 interest cost on construction loan for the building, $20,000 $7,500 for fencing, $4,000 for landscaping, and $5,000 for lighting Determine the cost of the land, land improvements, and building. (Points: 20) 3. (TCO2) List the steps in the Accounting Cycle. (Points: 20) (TCO6) Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following transactions. a. Issuance of the Bond on 7/1/2008 b. Accrual of the Interest Expense on 12/31/2008 c. Payment of Interest on 1/1/2009 d. Payment of the Bond at Maturity (Points: 20) 2. (TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital. Prepare the equity section of the balance sheet for Cosmo Company. (Points: 20) 3. (TCO1) The following information has been obtained from the accounting records of Sandy Shores Enterprises. Prepare the operating section of the statement of cash flows for Sandy Shores Enterprises for the year ended December 31, 2007, using the indirect method. Principal payments on long-term debt $50,000 Increase in accounts payable 24,300 Acquisition of equipment by issuing long-term note payable 70,000 Amortization expense 18,700 Proceeds from sale of investments, not including a $5,100 gain 49,100 Increase in accounts receivable 8,700 Cash payments to purchase plant assets 62,000 Decrease in accrued liabilities 60,300 Payment of cash dividends 64,500 Proceeds from sale of plant assets, not including a $7,400 loss 22,600 Net income 174,100 Depreciation expense 35,500 Proceeds from issuance of common stock 300,000 Increase in inventory 71,400 Bonds payable converted into common stock 130,000 Decrease in prepaid expenses 12,800 Cash balance: December 31, 2006 52,500 Cash balance: December 31, 2007 373,000 (Points: 20) 4. (TCO 1) The income statement for the OverUnder Company for the year ended December 31, 2007, appears below. Sales 670,000 Costs of goods sold 390,000 Gross profit 280,000 Expenses 180,000* Net income $100,000 *Includes $25,000 of interest expense and $20,000 of income tax expense. Additional information: a. Common stock outstanding on January 1, 2007, was 50,000 shares. On July 1, 2007, 10,000 more shares were issued. b. The market price of OverUnder’s stock was $18 at the end of 2007. c. Cash dividends of $35,000 were paid, $5,000 of which were paid to preferred stockholders. Part 1: Compute the following ratios for 2007 (show your work): a. Earnings per share. b. Price-earnings. c. Times interest earned. Part 2: Please explain the meaning of these ratios and the results you have calculated. (Points: 20) (TCO6) Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following transactions. a. Issuance of the Bond on 7/1/2008 b. Accrual of the Interest Expense on 12/31/2008 c. Payment of Interest on 1/1/2009 d. Payment of the Bond at Maturity (Points: 20) 2. (TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital. Prepare the equity section of the balance sheet for Cosmo Company. (Points: 20) 3. (TCO1) The following information has been obtained from the accounting records of Sandy Shores Enterprises. Prepare the operating section of the statement of cash flows for Sandy Shores Enterprises for the year ended December 31, 2007, using the indirect method. Principal payments on long-term debt $50,000 Increase in accounts payable 24,300 Acquisition of equipment by issuing long-term note payable 70,000 Amortization expense 18,700 Proceeds from sale of investments, not including a $5,100 gain 49,100 Increase in accounts receivable 8,700 Cash payments to purchase plant assets 62,000 Decrease in accrued liabilities 60,300 Payment of cash dividends 64,500 Proceeds from sale of plant assets, not including a $7,400 loss 22,600 Net income 174,100 Depreciation expense 35,500 Proceeds from issuance of common stock 300,000 Increase in inventory 71,400 Bonds payable converted into common stock 130,000 Decrease in prepaid expenses 12,800 Cash balance: December 31, 2006 52,500 Cash balance: December 31, 2007 373,000 (Points: 20) 4. (TCO 1) The income statement for the OverUnder Company for the year ended December 31, 2007, appears below. Sales 670,000 Costs of goods sold 390,000 Gross profit 280,000 Expenses 180,000* Net income $100,000 *Includes $25,000 of interest expense and $20,000 of income tax expense. Additional information: a. Common stock outstanding on January 1, 2007, was 50,000 shares. On July 1, 2007, 10,000 more shares were issued. b. The market price of OverUnder’s stock was $18 at the end of 2007. c. Cash dividends of $35,000 were paid, $5,000 of which were paid to preferred stockholders. Part 1: Compute the following ratios for 2007 (show your work): a. Earnings per share. b. Price-earnings. c. Times interest earned. Part 2: Please explain the meaning of these ratios and the results you have calculated. (Points: 20)

3 journal entries – all dealing with inventory – I am

3 journal entries – all dealing with inventory – I am stuck with 3rd entry 1. Purchase of mdse. Debit inventory (at cost) Credit A/P (at cost) 2. Sale of mdse. Dr a/r (at retail) cr sales (at retail) dr COGS (at cost) Cr inventory (at cost) 3. Payment through payroll deduction dr ??????????????? (at retail) cr a/r (at retail)

Accounting Non-current Liabilities (Bonds) On 1 July 2007 Michael Ltd issued

Accounting Non-current Liabilities (Bonds) On 1 July 2007 Michael Ltd issued $1 million in five-year debentures that pay interest every six months at a coupon rate of 10 percent. At the time of issuing the securities, the market required a rate of return of 8 percent. Any discount or premium on issue is amortised using the effective interest method. Required. a) Determine the issue price. b) Provide journal entries at: i) 1 July 2007 ii) 30 June 2008 iii) 30 June 2009 Please help me with this question. Thank you.

What is the probability door number 3 contains a prize after

Get college assignment help at uniessay writers What is the probability door number 3 contains a prize after to the host opening door number 5?

Wynne Company’s high and low level of activity last year was

Wynne Company’s high and low level of activity last year was 60,000 units of product produced in May and 20,000 units produced in November. Machine maintenance costs were $78,000 in May and $30,000 in November. Using the high-low method, determine an estimate of total maintenance cost for a month in which production is expected to be 45,000 units.

Accounting. Property, Plant and Equipment. On 3 Jan 20X7, Tim paid

Accounting. Property, Plant and Equipment. On 3 Jan 20X7, Tim paid $224,000 for equipment used in manufacturing motor vehicle parts. In addition to the basic purchase price, the firm paid $700 in freight charges, $100 in insurance for the equipment while in transit, $12,100 in customs duty, and $3,100 for a special platform on which to place the equipment in the plant. Tim estimates the equipment will remain in service for five years and have a residual value of $20,000. The equipment will produce 50,000 units in the first year, with annual production decreasing by 5,000 units during each of the next four years. In trying to decide which depreciation method to use, Tim has requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and reducing method). Required: Determine the amounts of depreciation expense and accumulated depreciation that will be shown in the relevant financial statements for the financial years ended 31 Dec 20X7 and 20X8. Where appropriate, round off to two decimal places. Can you please help me with this question. Thank you

At the current year, Accounts Receivable has a balance of $700,000;

At the current year, Accounts Receivable has a balance of $700,000; allowance for Doubtful Accounts has a credit balance of $5,500;and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Determine (a) the amount of adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable.

What is a corporation? Identify the key advantages and disadvantages of

What is a corporation? Identify the key advantages and disadvantages of corporations. APA style 200-300 words. Please cited.

Coyote Trading uses a predetermined manufacturing overhead rate of $12 per

Coyote Trading uses a predetermined manufacturing overhead rate of $12 per machine hour. Last year the company had actual overhead of $898,000 and 75,000 machine hours.

Accounting Question. Share Capital. On July 1 20X3, Spain Ltd was

Accounting Question. Share Capital. On July 1 20X3, Spain Ltd was registered as a public company. On 4 July 20X3, a prospectus was issued inviting applications for 20,000 shares payable 45c on application, 25c on allotment and 25c on each of two calls to be made at intervals of 3 months after the date of allotment. By 31 July, applications were recieved for 24,000 shares. On 3 August, the directors allotted 20,000 shares to the applicants in proportion to the number of shares which applications had been made. The surplus application money was offset against the amount payable on allotment. The balance of allotment money was recieved by 12 August. Share issue costs of $350 were paid on 31 August. The two calls were made on the dates stated in the prospectus, but the holders of 1 400 shares did not pay either call. In addition, a holder of another 600 shares did not pay the second call. All shares with unpaid call monies were forfeited 31 March 20X4. Required: 1) Prepare general journal entries to record the above transactions 2) Prepare a state of Shareholders Equity of Spain Ltd on completion of the above transactions. Need assistance with this question. Thanks.

Riven Corporation has a single product whose selling price is $18.

Riven Corporation has a single product whose selling price is $18. At an expected sales level of $1,908,000, the company’s variable expenses are $636,000 and its fixed expenses are $291,000. The marketing manager has recommended that the selling price be increased by 20%, with an expected decrease of only 10% in unit sales. What would be the company’s net operating income if the marketing manager’s recommendation is adopted?

Credit Company incurred the following costs in acquiring plant assets: purchased

Credit Company incurred the following costs in acquiring plant assets: purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance delinquent property tax of $2,500 and legal fees of $1,500 $5,000 to remove an unwanted building architect fee of $2,000 for the design of a building constructed an office building at a cost of $500,000 interest cost on construction loan for the building, $20,000 $7,500 for fencing, $4,000 for landscaping, and $5,000 for lighting

On January 1, 2009, the National Furniture Company adopted the dollar-value

On January 1, 2009, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Required: Compute inventory amounts at the end of each year.

11. (TCO5) Portia Incorporated uses the percentage-of-sales method to estimate uncollectibles.

11. (TCO5) Portia Incorporated uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $2,000,000, and management estimates 2% will be uncollectible. Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $1,900. The amount of expense reported on the income statement and the balance in Allowance for Uncollectible accounts, respectively, will be: (Points: 5)

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