12... On April 1, 2016, Ringo Company borrowed $30,000 from its bank by issuing a 10%, 12-month note, with the interest to be paid on the maturity date. Ringo Company correctly recorded the issuance of the note and the related year-end adjusting entry.

Required:

	(a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017, and the journal entry to record the payment of the note on April 1, 2017.
	(b) Assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017.

(a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017.

b) Assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017. Additional Instruction

13....

On October 1, Bandor Company sold land (that cost $17,000) on credit for $24,000. The buyer issued an 10%, 12-month note for this amount, with the interest to be paid on the maturity date.

Required:

Prepare journal entries to record the sale of the land and the related year-end adjusting entry.

Prepare the journal entry to record the sale of the land on October 1. Additional Instructions

Prepare the journal entry to record the related year-end adjusting entry on December 31. Additional Instructions

15. Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016:

Mackenzie Inc.

ADJUSTED TRIAL BALANCE

December 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	2,300.00
2	Accounts Receivable	2,500.00
3	Allowance for Doubtful Accounts		250.00
4	Inventory	6,500.00
5	Prepaid Insurance	800.00
6	Land	5,800.00
7	Buildings and Equipment	30,000.00
8	Accumulated Depreciation		14,500.00
9	Accounts Payable		3,500.00
10	Salaries Payable		400.00
11	Unearned Rent		360.00
12	Income Taxes Payable		2,750.00
13	Note Payable		4,900.00
14	Interest Payable		650.00
15	Common Stock		9,000.00
16	Retained Earnings		7,660.00
17	Dividends	1,300.00
18	Income Summary
19	Sales Revenue		31,030.00
20	Rent Revenue		1,300.00
21	Cost of Goods Sold	15,300.00
22	Selling Expenses	4,900.00
23	Administrative Expenses	3,500.00
24	Interest Expense	650.00
25	Income Tax Expense	2,750.00
26	Totals	76,300.00	76,300.00

	For classification purposes:
	Note payable is due July 1, 2020
	Interest payable is due July 1, 2020

	Required:
	Prepare in proper form for 2016 the companys:
	1. income statement
	2. retained earnings statement
	3. ending balance sheet
	4. closing entries in its general journal

17.. On January 1, Tolson Company purchased a building by paying $90,000. The building has an estimated life of 40 years and an estimated residual value of $10,000.

Required:

Prepare journal entries to record the purchase and the related year-end adjusting entry.

18.. On June 1, 2015, Little Corporation received $5,320 in advance for a two-year rental of some land and properly credited Unearned Rent. In the adjusting entry at December 31, 2015, there would be a

debit to Unearned Rent for $1,108

debit to Unearned Rent for $5,320

credit to Unearned Rent for $1,552

credit to Rent Revenue for $1,552

21... Income Statement

Goldinger Corporation had account balances at the end of the current year as follows: sales revenue, $32,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $5,520. Assume shareholders owned 4,000 shares of Goldinger's common stock during the year.

Prepare Goldinger's income statement for the current year. Round earnings per share to the nearest cent.

GOLDINGER CORPORATION
Income Statement
For the Year Ended December 31, Current Year
	$
	$
Operating expenses
	$
	$
	$