Ex . 1,2,3

On May I, 2012, Winterschid purchased equipment for $13,200 plus sales taxes 2. of S600 (all paid in cash). 1. On July I, 2012, Winterschid sold for $3,500 equipment which originally cost $5,000 depreciation on this eqaipment at Jasuary 1, 2012, was $1.800, 2012 depreciation to the sale of the equipment was $450 3. On December 31. 2012, Winterschid sold f 4 The bailding for $9,000 on account inventory that cost $6,300. g is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. patent was acquired on January 1, 2012, and has a useful life of 10 years from that date. 6. Unpaid salaries and wages at December 31. 2012 7. The unearned rent revenue of $6,000 was received on December 1, 2012, for , total $2,200 3 months" rent. Both the short-term and umg-term notes payable arenate 2012 and carry a 9% interest rate. 8. January All interest is payable in the next 12 months. Instructioas mn ion (a) Prepare journal entries for the transactions listed above. (b) Prepare a 2012 income statement and an owner's equity statement. (e) Prepare a December 31, 2012, classified balance sheet. Exersise II On July 1, 2012. Sagitarius Satellites issued S4 600 000 face value, 9%, 10-year bonds at S4 400,000. This p ce resulted in an effective-interest rate of 1 1% on the bonds. Sagittarius bond premium or discount. The bonds pay semiannual interest July and January 1. Instructions (Round all computations to the nearest dollar.) uses the effective-interest method to amortize 5) Prepare an amortizaltion table throgh December 31. 2013 (6 interes periods) for this bond issue. e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2012 Exercise II Brandon Corporation had the following stockholders' equity accounts on January 1,2012 Eanings $100,00. In 2012, the company had the following treasury stock transactions. Purchased 5,000 shares at $8 per share. n Stock (S5 par) $500,000, Paid-in Capital in Excess of Par Common Stock $200,000, and Retained Mar. 1 Sept. I Dec. I Sold 1,000 shares at $12 per share. Sold 2,000 shares at $10 per share. Sold 1,000 shares at $6 per share. Brandon Corporat reported net income of $30,000. Instructions (a) Journalize the treasury stock transactions (b) Prepare the stockholders' equity section for Jacobsen Corporation at December 31, 2012. tion uses the cost method of accounting for treasury stock. In 2012, the company Exercise IV Presented below are selected transactions at Kirke Company for 2012 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $82,000 on that date. It had a useful life of 10 years with no salvage value. life of 5 years with no salvage value. The computer was sold for $24,000 depreciated based on a 6-year useful life with a $3,000 salvage value. June 30 Sold a computer that was purchased on January 1, 2009. The computer cost $50 ,000. It had a useful Dec. 31 Discarded a delivery truck that was purchased on January 1, 2008. The truck cost $36,000. It was Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on asset depreciation. (Assume depreciation is up to date as of December 31 dKke Cmpany uses strmight-line depreciation. (Assume depreciation is tt December 31 2011.) On May I, 2012, Winterschid purchased equipment for $13,200 plus sales taxes 2. of S600 (all paid in cash). 1. On July I, 2012, Winterschid sold for $3,500 equipment which originally cost $5,000 depreciation on this eqaipment at Jasuary 1, 2012, was $1.800, 2012 depreciation to the sale of the equipment was $450 3. On December 31. 2012, Winterschid sold f 4 The bailding for $9,000 on account inventory that cost $6,300. g is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. patent was acquired on January 1, 2012, and has a useful life of 10 years from that date. 6. Unpaid salaries and wages at December 31. 2012 7. The unearned rent revenue of $6,000 was received on December 1, 2012, for , total $2,200 3 months" rent. Both the short-term and umg-term notes payable arenate 2012 and carry a 9% interest rate. 8. January All interest is payable in the next 12 months. Instructioas mn ion (a) Prepare journal entries for the transactions listed above. (b) Prepare a 2012 income statement and an owner's equity statement. (e) Prepare a December 31, 2012, classified balance sheet. Exersise II On July 1, 2012. Sagitarius Satellites issued S4 600 000 face value, 9%, 10-year bonds at S4 400,000. This p ce resulted in an effective-interest rate of 1 1% on the bonds. Sagittarius bond premium or discount. The bonds pay semiannual interest July and January 1. Instructions (Round all computations to the nearest dollar.) uses the effective-interest method to amortize 5) Prepare an amortizaltion table throgh December 31. 2013 (6 interes periods) for this bond issue. e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2012 Exercise II Brandon Corporation had the following stockholders' equity accounts on January 1,2012 Eanings $100,00. In 2012, the company had the following treasury stock transactions. Purchased 5,000 shares at $8 per share. n Stock (S5 par) $500,000, Paid-in Capital in Excess of Par Common Stock $200,000, and Retained Mar. 1 Sept. I Dec. I Sold 1,000 shares at $12 per share. Sold 2,000 shares at $10 per share. Sold 1,000 shares at $6 per share. Brandon Corporat reported net income of $30,000. Instructions (a) Journalize the treasury stock transactions (b) Prepare the stockholders' equity section for Jacobsen Corporation at December 31, 2012. tion uses the cost method of accounting for treasury stock. In 2012, the company Exercise IV Presented below are selected transactions at Kirke Company for 2012 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $82,000 on that date. It had a useful life of 10 years with no salvage value. life of 5 years with no salvage value. The computer was sold for $24,000 depreciated based on a 6-year useful life with a $3,000 salvage value. June 30 Sold a computer that was purchased on January 1, 2009. The computer cost $50 ,000. It had a useful Dec. 31 Discarded a delivery truck that was purchased on January 1, 2008. The truck cost $36,000. It was Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on asset depreciation. (Assume depreciation is up to date as of December 31 dKke Cmpany uses strmight-line depreciation. (Assume depreciation is tt December 31 2011.)