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managerial accounting

Accounting 7th Edition Charles T. Horngren, Walter T. Harrison - Solutions

The capital structure of Knightsbridge, Inc., at December 31, 2006, included 20,000 shares of \(\$ 1.25\) preferred stock and 40,000 shares of common stock. Common stock outstanding during 2007 totaled 40,000 shares. Income from continuing operations during 2007 was \(\$ 105,000\). The company
Maxfli Hot Air Balloons, Inc., completed the following selected transac- tions during 2009:Requirement Record the transactions in the general journal. Feb. 9 Declared a cash dividend on the 10,000 shares of $1.50, no- Feb. 28 Mar. 21 Apr. 18 par preferred stock. Declared a $0.20 per share dividend
The balance sheet of Banc One Corp. at December 31, 2007, reported 500,000 shares of \(\$ 1\) par common stock authorized with 100,000 shares issued. Paid-In Capital in Excess of Par had a balance of \(\$ 300,000\). Retained Earnings had a balance of \(\$ 101,000\). During 2008 the company
Guatemalan Imports is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as Pier 1 Imports. Guatemalan Imports' recent success has made the company a prime target for a takeover. An investment group from Mexico City is
The balance sheet of Oriental Rug Company at December 31, 2008, included the following stockholders' equity:During 2009, Oriental Rug completed the following selected transactions:Requirements 1. Record the transactions in the general journal.2. Prepare the retained earnings statement for the year
The following information was taken from the records of Underwood Company at June 30, 2007:Requirement Prepare a multistep income statement for Underwood Company for the fiscal year ended June 30, 2007. Include earnings per share. Selling expenses General expenses Gain on discontinued operations
Jeremy Hawk, accountant for Rainbow International Corp., was injured in an auto accident. Another employee prepared the following income statement for the year ended December 31, 2007:The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly;
The capital structure of Audiology Associates, Inc., at December 31, 2007 , included 5,000 shares of \(\$ 2\) preferred stock and 100,000 shares of common stock. Common shares outstanding during 2008 were \(100,000\). Income from continuing operations during 2008 was \(\$ 370,000\). The company
A stock dividenda. Decreases Common Stockb. Increases Retained Earningsc. Has no effect on total equityd. All of the above
In a small stock dividend,a. Common stock is debited for the par value of the shares issued.b. Retained Earnings is debited for the market value of the shares issued.c. Paid-In Capital in Excess of Par is debited for the difference between the debits to Retained Earnings and to Common Stock.d. Net
Stock splitsa. Decrease par value per shareb. Increase the number of shares of stock issuedc. Both a and bd. None of the above
Assume that IHOP paid \(\$ 10\) per share to purchase 1,000 of its \(\$ 1\) par common as treasury stock. The purchase of treasury stocka. Decreased total equity by \(\$ 10,000\)b. Increased total equity by \(\$ 1,000\)c. Decreased total equity by \(\$ 1,000\)d. Increased total equity by \(\$
Assume that IHOP sold all 1,000 shares of its treasury stock for \(\$ 15\) per share. The sale of treasury stocka. Decreased total equity by \(\$ 15,000\)b. Increased total equity by \(\$ 5,000\)c. Decreased total equity by \(\$ 5,000\)d. Increased total equity by \(\$ 15,000\)
Allied Electronics in Exhibit 14-8, page 704, is most likely to earn net income of \(\$ x\) next year. How much is \(\$ x\) ?a. \(\$ 90,000\)b. \(\$ 79,000\)c. \(\$ 75,000\)d. \(\$ 54,000\)
Which of the following events would be an extraordinary loss?a. Loss due to an earthquakeb. Loss on the sale of equipmentc. Loss on discontinued operationsd. All of the above are extraordinary items
What is the most widely followed statistic in business?a. Gross profitb. Earnings per sharec. Retained earningsd. Dividends
Earnings per share is not computed fora. Net incomeb. Comprehensive incomec. Discontinued operationsd. Extraordinary items
IHOP issued common stock and received \(\$ 32,000,000\). The par value of the IHOP stock was only \(\$ 32,000\). Is the excess amount of \(\$ 31,968,000\) a profit to IHOP? Does the excess affect net income? If not, what was it?
Smartpages.com issued stock during 2008 and reported the following on its balance sheet at December 31, 2008:Journalize the company's issuance of the stock for cash. Common stock, $0.25 par value Authorized: 5,000 shares Issued: 3,000 shares... $ 750 Paid-in capital in excess of par par........
Hillcrest Corporation reported the following accounts:Prepare the stockholders' equity section of the Hillcrest balance sheet. Cost of goods sold $58.800 Accounts payable $ 6.000 Paid-in capital in excess of par 17,000 Retained earnings 16,000 Common stock, $1 par. Unearned revenue 5.200 40,000
Use the Hillcrest Corporation data in Short Exercise 13-6 to compute Hilkest'sa. Total liabilities b. Total assetsExercise 13-6Hillcrest Corporation reported the following accounts:Prepare the stockholders' equity section of the Hillcrest balance sheet. Cost of goods sold $58.800 Accounts payable
Sterling Trust has the following stockholders' equity:Answer these questions about Sterling's dividends:1. Is Sterling's preferred stock cumulative or noncumulative? How can you tell?2. Sterling declares cash dividends of \(\$ 15,000\) for 2006 . How much of the dividends goes to preferred? How
Refer to the stockholders' equity of Sterling Trust in Short Exercise 13-9. Sterling has not declared preferred dividends for 5 years (including the current year). Compute the book value per share of Sterling's common stock.Exercise 13-9Sterling Trust has the following stockholders' equity:Answer
Coca-Cola's 2004 financial statements reported the following itemswith 2005 figures given for comparison (adapted, in millions):Compute Coca-Cola's rate of return on total assets and rate of return on common stockholders' equity for 2004. Do these rates of return look high or low? 2004 2003
Foxey Flowers had income before income tax of \(\$ 80,000\) and taxable income of \(\$ 70,000\) for 2007, the company's first year of operations. The income tax rate is \(40 \%\).1. Make the entry to record Foxey's income taxes for 2007. 2. Show what Foxey Flowers will report on its 2007 income
Jack and Judy Myers are opening Parties on Demand. To buy stage props and other equipment they need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write a memoran- dum informing them of the steps in forming a corporation. Identify specific
Mustang Properties completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Mustang Properties? June 19 Issued 1,000 shares of $1 par common stock for cash of $8
Manor House Restaurants issued 5,000 shares of no-par common stock for \(\$ 6\) per share. Record issuance of the stock if the stock(a) is true nopar stock (b) has stated value of \(\$ 2\) per share. Which type of stock results in more total paid-in capital?
The charter of Maple Leaf Capital Corporation authorizes the issuance of 1,000 shares of preferred stock and 10,000 shares of common stock.During a two-month period, Maple Leaf completed these stock-issuance transactions:Requirement Prepare the stockholders' equity section of the Maple Leaf
International Publishing Company has the following selected account balances at June 30, 2007. Prepare the stockholders" equity section of International's balance sheet. Inventory $112.000 Common stock, no par Machinery and equipment 109,000 with $1 stated value, Preferred stock, 5%, 10 par, 20,000
Waddell Sc Reed, Inc., has the following stockholders' equity:First, determine whether preferred stock is cumulative or noncumulative. Then compute the amount of dividends to preferred and to common for 2007 and 2008 if total dividends are \(\$ 10,000\) in 2007 and \(\$ 50,000\) in 2008. Paid-in
The following elements of stockholders' equity are adapted from the balance sheet of Volvo Marketing Corp.Volvo paid no preferred dividends in 2008 Requirement Compute the dividends to preferred and common for 2009 if total dividends are \(\$ 150,000\). Stockholders' Equity Preferred stock, 5%
La Salle Exploration Company reported these figures for 2008 and 2007:Compute rate of return on total assets and rate of return on common stockholders' equity for 2008. Do these rates of return suggest strength or weakness? Give your reason. Income statement: Interest expense. Net income.... $
Lance Lot and Arthur King are opening a FedEx Kinko's store. There are no competing copy shops in the area. Their fundamental decision is how to organize the business. Lot thinks the partnership form is best for their business. King favors the corporate form of organization. They seek your
A-Mobile Wireless needed additional capital to) expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to) issue \(50,(0) 0)\) shares of \(6 \%, \$ 100\)-par preferred stock and 100,000 shares of no-par common stock. A-Mobile completed the following
Lockridge-Priest, Inc., was organized in 2008. At December 31, 2008, the Lockridge-Priest balance sheet reported the following stockholders' equity:Requirements 1. During 2009 , the company completed the following selected transactions. Journalize each transaction. Explanations are not required.a.
The following summaries for Centroplex Service, Inc., and JacobsCathey Co. provide the information needed to prepare the stockholders' equity section of each company's balance sheet. The two companies are independent.- Centroplex Service, Inc. Centroplex is authorized to issue 40,000 shares of \(\$
Trane Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June \(30,2008\).Requirements 1. Identify the different issues of stock that Trane has outstanding. 2. What is the par value per share of Trane's preferred stock?3. Make two summary journal entries
The following accounts and December 31, 2006, balances of New York Optical Corporation are arranged in no particular order.Requirements 1. Prepare the company's classified balance sheet in account format at December 31, 2006.2. Compute New York Optical's rate of return on total assets and rate of
Vogue Skincare has 5,000 shares of \(5 \%, \$ 20\) par value preferred stock and 100,000 shares of \(\$ 1.50\) par common stock outstanding. During a three-year period, Vogue declared and paid cash dividends as follows: \(2006, \$ 4,000 ; 2007, \$ 10,000\); and 2008, \(\$ 20,000\).Requirements 1.
The balance sheet of Beechcraft, Inc., reported the following:Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the Beechcraft common stock was \(\$ 30\) per share.Requirements 1. Is the preferred stock cumulative or
Sherry Taft and I.aura Sims are opening Bank Compliance Consultants. The area is growing, and no competitors are located nearby. Their basic decision is how to organize the business. Taft thinks the partnership form is best. Sims favors the corporate form of organization. They seek your
Mailmax Direct is incorporated in the state of Arizona. The charter authorizes Mailmax to issue 1,000 shares of \(6 \%, \$ 100\) par preferred stock and 250,000 shares of \$10-par common stock. In its first month, Mailmax completed these transactions:Requirements 1. Record the transactions in the
Lieberman Corporation was organized in 2007. At December 31, 2007, Lieberman's balance sheet reported the following stockholders' equity:Requirements 1. During 2008, Lieberman completed the following selected transactions. Journalize each transaction. Explanations are not required.a. Issued for
Stockholders' equity information for two independent companies, Monterrey Enterprises, Inc., and Guadalupe Corp., follow.- Monterrey Enterprises, Inc. Monterrey is authorized to issue 60,000 shares of \(\$ 5\) par common stock. All the stock was issued at \(\$ 12\) per share. The company incurred a
Crawford-Austin Properties included the following stockholders' equity on its year-end balance sheet at December 31, 2006.Requirements 1. Identify the different issues of stock that Crawford-Austin has outstanding. 2. Is the preferred stock cumulative or noncumulative? How can you tell? 3. Give
The accounts and June 30, 2007, balances of Cromwell Company are arranged in no particular order:Requirements 1. Prepare the company's classified balance sheet in account format at June 30, 2007.2. Compute Cromwell's rate of return on total assets and rate of return on common stockholders' equity
FHA Loan Company has 10,000 shares of \($3.50,\) no-par preferred stock and 50,000 shares of no-par common stock outstanding. FHA declared and paid the following dividends during a three-year period: 2006, 520,000; 2007, \($100,000;\) and 2008, \($150,000.Requirements\) 1. Compute the total
The balance sheet of Creative Communications, Inc., reported the following:Preferred dividends are in arrears for three years including the current year. On the balance sheet date, the market value of the Creative Communications common stock is $14 per share.Requirements 1. Is the preferred stock
The accounting records of Dwter Minerals Corporation provide income statement data for 2008.Total expenses include depreciation of \(\$ 50,000\) computed under the straight-line method. In calculating taxable income on the tax return, Dwyer uses MAC.RS. MAC.RS depreciation was \(\$ 70,000\) for
Which corporate characteristic is a disadvantage?a. Double taxationb. Mutual agencyc. Limited liabilityd. None of the above
Which class of stockholders takes the greater investment risk?a. Commonb. Preferredc. Neither; bondholders take the most riskd. Both preferred and common take equal risk
Suppose Pier 1 Imports issued 100,000 shares of 50.05 par common stock at \(\$ 1\) per share. Which journal entry correctly records the issuance of this stock? a. Cash. 100.000 Common Stock 100,000 b. Common Stock... 100,000 Cash........... 5,000 Paid-In Capital in Excess of Par 95,000 c. Common
Chewning (orporation has 10,000 shares of \(5 \%, \$ 10\) par preferred stock and \(5000\) shares of common stock outstanding. (hewning declared no dividends in 2008 . In 2009 , (hewning declares a total dividend of \(\$ 50,000\). How much of the dividends go to) the common stockholders?a. \(\$
Connor Health Foods has 10,000 shares of \(\$ 1\) par common stock outstanding, which was issued at \(\$ 10\) per share. Connor also has retained earnings of \(\$ 80,000\). How much is Connor's total stockholders' equity?a. \(\$ 10,000\)b. \(\$ 90,000\)c. \(\$ 100,000\)d. \(\$ 180,000\)
Dale Corporation has the following data:Dale's return on assets isa. \(15 \%\)b. \(12 \%\)c. \(10 \%\)d. \(4 \%\) Net income $22,000 Average total assets $300,000 Interest expense 8,000 Average common equity 100,000 Preferred dividends 10,000
A corporation's income tax payable is computed as:a. Income before tax \(\times\) Income tax rateb. Taxable income \(\times\) Income tax ratec. Net income \(\times\) Income tax rated. Return on equity \(\times\) Income tax rate
Marty Stubbs invests land in a partnership with Lee Dix. Stubbs purchased the land in 2007 for \(\$ 200,000\). A real estate appraiser now values the land at \(\$ 500,000\). Stubbs wants \(\$ 400,000\) capital in the new partnership, but Dix objects. Dix believes that Stubbs' capital investment
Joe Brown and Chris White are forming a partnership to develop a theme park near Panama City, Florida. Brown invests cash of \(\$ 1\) million and land valued at \(\$ 10\) million. When Brown purchased the land in 2007 , its cost was \(\$ 8\) million. The partnership will assume Brown's \(\$ 3\)
Abel and Baker had beginning capital balances of \(\$ 20,000\) and 16,000 , respectively. The two partners fail to agree on a profit-and-loss ratio. For the first month (June 2008), the partnership lost \(\$ 8,000\).1. How much of this loss goes to Abel? How much goes to Baker? 2. The partners
Lee, Muse, and Nall have capital balances of \(\$ 20,000, \$ 30,000\), and \(\$ 50,000\), respectively. The partners share profits and losses as follows:a. The first \(\$ 40,000\) is divided based on the partners' capital balances. b. The next \(\$ 40,000\) is based on service, shared equally by
Ann Todd has a capital balance of \(\$ 30,000\); Vic Carlson's balance is \(\$ 25,000\). Claire Reynaldo pays \(\$ 100,000\) to purchase Carlson's interest in the Todd \& Carlson partnership. Carlson gets the full \(\$ 100,000\).1. Journalize the partnership's transaction to admit Reynaldo to the
Abraham, Isaac, and Jacob each have a \(\$ 50,000\) capital balance. Abraham is very old and is retiring from the business. The partners agree to revalue the assets at current market value. A real-estate appraiser values the land at \(\$ 140,000\) (book value is \(\$ 100,000\) ). The
The partnership of Bush and Carter had these balances at September 30,\(2007:\)Bush gets \(60 \%\) of profits and losses, and Carter \(40 \%\). Prepare the partnership's income statement for the year ended September 30, \(200^{7}\). Cash $20,000 Service revenue $145,000 Liabilities 40.000 Bush,
Monique (oty, a friend from college, asks you to form a partnership to import fragrances. Since graduating, Coty has worked for the French Embassy, developing important contacts among government officials. Coty believes she is in a unique position to capitalize on an important market. With
Nan Fuentes has been operating an apartment-locator service as a proprietorship. She and Misti Fulmer have decided to form a partnership. Fuentes's investment consists of cash, \(\$ 8,000\); accounts receivable, \(\$ 10,000\); furniture, \(\$ 1,000\); a building, \(\$ 55,000\); and a note payable,
Bob Fultz and Jack Hardie form a partnership, investing \(\$ 40,000\) and \(\$ 80,000\), respectively. Determine their shares of net income or net loss for each of the following situations:a. Net loss is \(\$ 90,000\) and the partners have no written partnership agreement. b. Net income is \(\$
Bob Fultz and Jack Hardie each withdrew cash of \(\$ 40,000\) for personal use during the year. Using the data from situation (c) in Exercise 12-16, journalize the entries to close (1) net income to the partners(2) the partners' drawing accounts. Explanations are not required. What was the overall
Heather Hollis is admitted to the partnership of Rose \& Novak. Prior to her admission, the partnership books show Ginny Rose's capital balance at \(\$ 100,000\) and Chris Novak's at \(\$ 50,000\). Compute each partner's equity on the books of the new partnership under the following plans:a. Hollis
Make the partnership journal entry to record the admission of Hollis under plans (a), (b), and (c) in Exercise 12-18. Explanations are not required. Exercise 12-18Heather Hollis is admitted to the partnership of Rose \& Novak. Prior to her admission, the partnership books show Ginny Rose's
The O`Brien and Pope partnership balance sheet reports capital of \(\mathrm{S} 60,000\) for \(\mathrm{O}^{\circ}\) Brien and \(\mathrm{S} 90,000\) for Pope. \(\mathrm{O}^{\circ}\) Brien is withdrawing from the firm. The partners agree to write partnership assets up by \(\$ 30,000\). They have
On May 31, Sam retires from the partnership of Sam, Bob, and Tim. The partner capital balances are Sam、 \(\$ 36,000 ;\) Bob, \(\$ 51,000\); and Tim, S22,000. The partners have the assets revalued to current market values. The appraiser reports that the value of the inventory should be decreased
Ray; Scotr, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ray S33,000; Scott, S28,000; and Van, \(\$ 19,000\). The partnership agreement specifies no division of profits and losses.Requirements 1. After selling the assets
The partnership of Dodd, Gage, and Hamm is liquidating. Business assets, liabilities, and partners' capital balances prior to liquidation follow. The partners share profits and losses as follows: Dodd, \(20 \%\); Gage, \(30 \%\); and Hamm, \(50 \%\).Requirement Create a spreadsheet or solve
On December 31, 2008, Dana Farrell and Lou Flores agree to combine their proprietorships as a partnership. Their balance sheets on December 31 are shown on this and the next page.RequirementPrepare the partnership balance sheet at December 31, 2008. Assets Cash....... Accounts receivable......
Gina Romero and Carlo Ponti are forming a partnership, Italian Leather Goods, to import from Italy. Romero is especially artistic and will travel to Italy to buy the merchandise. Ponti is a super salesman and has already lined up several department stores to sell the leather
Nicole LeBlanc and Keith Rollins formed a partnership on March 15. The partners agreed to invest equal amounts of capital. LeBlanc invested her proprietorship's assets and liabilities (credit balances in parentheses). See the table that follows.On March 15, Rollins invested cash in an amount equal
Hasselback, Krooch \& Kinney, a partnership, is considering admitting Ken Rosenzweig as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:Requirements Journalize the admission of Rosenzweig
Evans, Furr, and Good formed the EF\&G partnership. Evans invested \(\$ 20,000\); Furr, \(\$ 40,000\); and Good, \(\$ 60,000\). Evans will manage the store; Furr will work in the store three-quarters of the time; and Good will not work.Requirements 1. Compute the partners' shares of profits and
Ho-Kim-Li Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of \(30 \%\) to \(\mathrm{Ho}, 40 \%\) to \(\mathrm{Kim}\), and \(30 \%\) to Li. At December 31, 2008, the firm has this balance sheet:Ho withdraws from the partnership on this
The partnership of King. Queen, \&- Page has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of King, \(15 \%\) : Queen, \(60 \%\); and Page, \(25 \%\) are liquidating the business. They ask you to analyze the effects of
ABACUS is a partnership owned by Allen, Bacon, and Cush, who share profits and losses in the ratio of \(1: 3: 4\). The account balances of the partnership at June 30 follow.Requirements 1. Prepare the June 30 entries to close the revenue, expense, income summary, and drawing accounts. 2. Insert
Dave Clinton and Andi Groff are forming a partnership, Compass Web Designs, to create Web sites for clients. Clinton can create designs that draw large sales volumes. Groff is a super salesperson and has already lined up several clients.Requirement Write a partnership agreement to cover all
On June 30, Allie Hayes and Mandy McKay formed a partnership. The women agree to invest equal amounts of capital. Hayes invests her proprietorship's assets and liabilities (credit balances in parentheses), as follows:On June 30, McKay invests cash in an amount equal to the current market value of
Pike, Quinn, and Reed are considering adding Shipp as a new partner. On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:RequirementsJournalize the admission of Shipp as a partner on March 31 for each of the
Beau, Cole, and Drake formed a partnership. Beau invested \(\$ 15,000\), Cole \(\$ 20,000\), and Drake \(\$ 25,000\). Beau will manage the store; Cole will work in the store half-time; and Drake will not work in the business.Requirements 1. Compute the partners' shares of profits and losses under
El Paso Physicians is a partnership of three doctors. The partners share profits and losses in the ratio of \(20 \%\) to Juan Hernandez, \(40 \%\) to Rosa Garcia, and 40\% to Eva Cahill. At December 31, 2008, the firm has the following balance sheet:Garcia withdraws from the partnership on December
The partnership of Donald, Healey \& Jaguar has experienced operating losses. The partners-who have shared profits and losses in the ratio of Donald, \(10 \%\); Healey, \(30 \%\); and Jaguar, \(60 \%\)-are liquidating the business. They ask you to analyze the effects of liquidation and present
LM6vX is a partnership owned by Lee, Mah, and Nguyen, who share profits and losses in the ratio of 5:3:2. The account balances of the partnership at September 30 follow.Requirements 1. Prepare the September 30 entries to close the revenue, expense, income summary, and drawing accounts. 2. Insert
How does a partnership get started?a. The partners reach an agreement and begin operations.b. The partners get a charter from the state.c. The partners register under the Uniform Partnership Act.d. All of the above.
An \(\mathrm{S}\) corporation is taxed like aa. Corporationb. Partnershipc. Either a orb, depending on the stockholders' decisiond. None of the above
Malcolm pays \(\$ 50,000\) to Lloyd to acquire Lloyd's \(\$ 25,000\) interest in a partnership. The journal entry to record this transaction is a. Lloyd, Capital............. 75,000 Malcolm, Capital.... 75,000 b. Lloyd, Capital............. 50,000 Malcolm, Capital.... 50,000 c. Lloyd,
Clark and Douglas admit Evans to their partnership, with Evans paying \(\$ 50,000\) more than the book value of her equity in the new business. Clark and Douglas have no formal profit-and-loss agreement. What effect does admitting Evans to the partnership have on the capital balances of Clark and
Tate retires from the partnership of Roberts, Smith, and Tate. The partners share profits and losses in the ratio of \(4: 3: 3\). Tate's capital balance is \(\$ 40,000\), and he receives \(\$ 47,000\) in final settlement. What is the effect on the capital accounts of Roberts and Smith?a. Smith's
The book value of the assets of the KLM partnership is \(\$ 100,000\). In liquidation, the partnership sells the assets for \(\$ 130,000\). How should the partnership account for the sale of the assets?a. Credit the assets for \(\$ 100,000\)b. Debit cash for \(\$ 130,000\)c. Increase the partners'
Partnership financial statements reporta. Revenues on the income statementb. Liabilities on the income statementc. Net income on the balance sheetd. Expenses on the balance sheet
On June 30, 2006. Cimmaron Co. purchased \(\$ 8,000\) of inventory: on a 1 -year, \(9 \%\) note payable. Journalize the company's(a) accrual of interest expense on December 31,2006, (b) payment of the note plus interest on June 30, \(200^{-}\).
Refer to the data in Short Exercise 11-1. Show what Cimmaron reports for the note parable and related interest payable on its balance sheet at December 31, 2006, and on its income statement for the year ended on that date.Exercise 11-1On June 30, 2006. Cimmaron Co. purchased \(\$ 8,000\) of
Sierra Corporation guarantees its snowmobiles for three years. Company experience indicates that warranty costs will add up to \(5 \%\) of sales.Assume that the Sierra dealer in Colorado Springs made sales totaling S500,000 during January \(200^{-}\), its first month of operations. The company
What amount of warranty expense will Sierra (in Short Exercise 11-3) report during \(200^{-}\)? Does the warranty expense for the year equal the year's cash payments for warranties? Which accounting principle addresses this situation?Exercise 11-3Sierra Corporation guarantees its snowmobiles for

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