All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
college accounting

Questions and Answers of College Accounting

On May 13, 2018, Cook Company bought equipment for $4,080. Its estimated life is 4 years with a residual value of $240. Prepare depreciation schedules for 2018, 2019, and 2020 for(a) Straight-line(b)
On January 1, 2018, a machine was installed at Jillian Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $22,000. The machine is expected to
Harrison Company bought a light general-purpose truck for $9,000 on March 5, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, April Company bought a patent at a cost of $5,940. It is estimated that the patent will give April a competitive advantage for 4 years. Record in general journal form amortization for
Lakeville Co., whose accounting period ends on December 31, purchased a machine for $6,920 on January 1 with an estimated residual value of $800 and an estimated useful life of 4 years. Prepare
From the following, prepare depreciation schedules for the first 2 years for(a) Straight-line,(b) Units-of-production, (c) Double declining-balance at twice the straight line rate
Ralph Company incurred the following expenditures to buy a new machine:Invoice, $35,000 less 8% cash discountFreight charges, $440.Assembly charges, $1,500.Special base to support machine,
Menard Company bought a light general-purpose truck for $8,500 on February 6, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, Lincoln Company bought a patent at a cost of $6,120. It is estimated that the patent will give Lincoln a competitive advantage for 6 years. Record in general journal form amortization
Falcon Co., whose accounting period ends on December 31, purchased a machine for $6,900 on January 1 with an estimated residual value of $760 and an estimated useful life of 5 years. Prepare
Austin Company incurred the following expenditures to buy a new machine:Invoice, $31,000 less 13% cash discount.Freight charges, $480.Assembly charges, $1,400.Special base to support machine,
Assume that in the scenario in Concept Check 8 the cash payment was $10,800.1. What is the loss on the exchange?2. Provide a journal entry to record the exchange.
In a transaction with commercial substance, April Co. exchanged an old machine costing $19,800 with Accumulated Depreciation of $10,400 for a new machine with a market value of $19,100 and a cash
If Mark Stone depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.Cost$9,600Residual value$1,900Service of useful life4 year
If Leo Stone depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following:Cost$4,840Residual value$1,600Estimated mileage54,000The truck
If a machine had a cost of $6,400 with an accumulated depreciation of $630, what would be its book value?
Bob Rink depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:Cost$7,300Residual value$2,500Service of useful life4 years
Calculate the total cost of the machine given the following:List price$3,400Cash discount8%Freight$58Assembly350Special foundation63
What is the purpose of the Accumulated Depletion account?
A loss on an exchange of plant assets that has commercial substance must be recognized in the accounting records. True or false?
When a plant asset is sold, a loss results if the cash received is greater than book value. Agree or disagree? Please explain.
Which method of depreciation does not deduct residual value in its calculation?
A betterment is a revenue expenditure. True or false? Please explain.
What is the purpose of the Land Improvements account?
Suarez Computer Center had 350 pieces of merchandise inventory as of June 30, 201X. The inventory was purchased with prices as follows: Using the FIFO, LIFO, and weighted-average methods, calculate
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e. Look on page 39 and find out the balance of inventory. Which method to calculate ending inventory was used by Amazon?
Over the past 4 years the gross profit rate for Davidson Company was 26%. Last week a fire destroyed all of Davidson’s inventory. Luckily, all the records for Davidson were in a fireproof safe and
Matthew Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Matthew’s ending inventory at cost for the end of
Addison Company, using the periodic inventory system, began the year with 220 units of product B in inventory with a unit cost of $39. The following additional purchases of the product were made:Apr.
Agree Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in
Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The
The Antrim Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 201X 5 Purchased merchandise on account totaling $2,000; terms
Over the past 4 years, the gross profit rate for Setzer Company was 28%. Last week a fire destroyed all of Setzer’s inventory. Luckily, all the records for Setzer were in a fireproof safe and
Mosher Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mosher’s ending inventory at cost for the end of
Ashlyn Company, using the periodic inventory system, began the year with 280 units of product B in inventory with a unit cost of $35. The following additional purchases of the product were made: At
Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in
Sturebridge Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts.
The Athol Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30. 201X July 5 Purchased merchandise on account totaling $2,000;
Amy Company on November 1, 201X, had inventory costing $32,000 and during November had net purchases of $67,100. Over the years, Amy Company’s gross profit averaged 44% on sales. Given that the
Miles Company’s November 1 inventory had a cost of $59,800 and a retail value of $72,600. During November, net purchases cost $256,000 with a retail value of $405,200. Net sales at retail for Miles
From the following facts, calculate the correct cost of inventory for Bob Company.Cost of inventory on shelf, $4,300, which includes $310 of goods received on consignment.Goods in transit en route to
The Dandylion Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,? (c) Weighted average methods. Dandylion sells
Mullen Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand
Journalize and post the preceding transactions (Exercise 15B-2 ) using a two-column journal and T accounts.Exercise 15B-2 201X 5 Purchased on account 5 units at a cost of $8 each. (Inventory on hand
The JAB Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on
The Black Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 10 Model 77 DX light fixture(s) on account from Flashing Electric
Kelly Company on April 1, 201X, had inventory costing $33,000 and during April had net purchases of $68,000. Over the years, Kelly Company’s gross profit averaged 40% on sales. Given that the
Goodman Company’s April 1 inventory had a cost of $59,500 and a retail value of $73,200. During April, net purchases cost $255,600 with a retail value of $405,000. Net sales at retail for Goodman
From the following facts, calculate the correct cost of inventory for Sam Company.Cost of inventory on shelf, $4,200, which includes $280 of goods received on consignment.Goods in transit en route to
Mannon Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand upto- date.
The Brown Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 45 model 77 DX Light fixtures on account from Nonstop Electric at
If in Exercise 6B-2 cash on hand is $45, prepare the entry to replenish the petty cash on December 31.Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month,
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Find the Consolidated Statement of Operations. How much did Amazon’s net product sales increase or decrease from 2015
Go to https://tinyurl.com/slaterca14e to access Amazon 2016 Annual Report. Did Amazon’s Accounts Payable go up or down from 2015 to 2016? What does change mean?
Computers cannot do debits and credits—agree or disagree and explain why.
Which of the following statements are false?1. Revenue provides only outward flows of cash.2. Revenue is a subdivision of Assets.3. Revenue provides an inward flow of cash or accounts receivable.4.
Owner’s equity is subdivided into what categories?
Define capital.
How has technology affected the role of the bookkeeper?
How are businesses classified?
Why would a manager prefer the perpetual inventory system over the periodic system of inventory?
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 37 and find the balance of interest income in 2016.
Journalize the following transactions for Falcon Company: 201X Apr. 18 Received an $11,000, 90-day, 4% note from Cathy Bora in payment of account past due. 9 Wrote off the April Deacy account as
Journalize the following transactions for Jones Company: 201X June 18 Jones Company disCounted its own $49,000, 90-day note at International Bank at 16%. 16 Paid the amount due on the note of June
On May 1, 201X, Lake Company received a $26,000, 90-day, 5% note from Walker Company dated May 1. On June 20, 201X, Lake discounted the note at Reading Bank at a discount rate of 8%.1. Calculate the
Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the perpetual inventory method. Assume a 360 day year. 201X June 11
Journalize the following transactions for Carney Company: 5 Received a $2,000, 90-day, 5% note dated December 5 from Thomas Haden in payment of account past due. 11 Paid principal and interest due
Journalize the following transactions for Jackson Company: 201X June 18 Jackson Company discounted its own $43,000, 90-day note at Newport Bank at 12%. Sept. 16 Paid the amount due on the note of
On May 1, 201X, Jason Company received a $30,000, 90-day, 9% note from Quincy Company dated May 1. On June 20, 201X, Jason discounted the note at Pittsfield Bank at a discount rate of 12%.a.
John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%.1. Journalize the entry for Silver to record the proceeds.2. Record the
Calculate the interest for the following. Assume a 360-day year.a.$14,0003%2 yearsb.$20,00011%10 monthsc.$10,50014%120 days
Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%. Assuming the interest is deducted in advance, prepare the entry for Jake to record the bank loan. Assume a 360-day
On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%.Assume a 360-day year.1. Journalize the entry for Fuligin to record the
Calculate the interest for the following assume a 360-day year:a.$12,0002%2 yearsb.$19,0009%10 monthsc.$7,00016%90 days
Nicole Co. discounts its own note at a bank. This $58,000 note results in the bank deducting $410 interest in advance. Draw a transaction analysis box for this situation.
If Pearl Co. defaults on the note from Concept Check 5, what would be the journal entry for Dove Co., assuming a $10 protest fee?Concept check 5Dove Co. received a $6,000, 8%, 90-day note from Pearl
Dove Co. received a $6,000, 8%, 90-day note from Pearl Co. dated June 6. On June 26, Dove discounted the note at Faithful Bank, which charged a discount rate of 10%. Calculate the following:1.
Jay Munson discounted a $9,600, 7%, 90-day note at Orchid Bank. He recorded the following entry: How much interest did Jay Munson lose by discounting the note? Journal Entry Accounts PR Debit
Find the maturity value of the following:a. $4,000 3% 10 monthsb. $13,200 3% 90 days
Find the maturity date of the following:1. 120-day note dated May 14.2. 70-day note dated November 9.
How could Discount on Notes Payable be adjusted?
How is the effective interest rate calculated?
When could interest be deducted in advance by a lender?
List the four steps to arrive at proceeds in the process of discounting a note.
Explain what will happen if a maker defaults on a note. (Assume that the note has not been discounted.)
Only matured notes are listed in the Notes Receivable account. Agree or disagree? Please discuss.
Why is a subsidiary ledger not needed for notes?
Notes Receivable is a current liability on the balance sheet. Accept or reject. Why?
Explain the parts of a promissory note.
Suarez Computer Center currently has a $12,370.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable:Suarez Computer Center Schedule of Accounts Receivable March 31,
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 45 and find the balance in the Allowance for Doubtful Accounts in 2015 and 2016.
Simon Company completed the following transactions: From these transactions as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company
T. J. Rack Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $117,000 balance. Journalize the following transactions for
Given the information presented in Figure 13.13 , do the following: Aging of Accounts Receivable for Masso Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense.
Lee Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31 Recorded
Seay Company completed the following transactions: From the preceding as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company uses
T. J. Rook Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $115,000 balance. Journalize the following transactions for
Given the information presented in Figure 13.12 , do the following: Aging of Accounts Receivable for Masse Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense.
Lars Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31

Showing 2400 - 2500 of 3860

First
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved