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Hello; I need help with this accounting homework, please. Thank you Instructions: After having read and understood the learning resources of this module, work the
Hello;
I need help with this accounting homework, please. Thank you
Instructions: After having read and understood the learning resources of this module, work the following exercises: Exercise 1: On February 1, Electrical Warehouse Co. issued a document to 45 days with a face value of $ 70,000 for Yamura Products Co. for cash loan. Calculate paper products under the assumption that carries an interest rate of 10%. Determine the document outputs on the assumption that discounted at a rate of Exercise 2 I-Xtermination Co. sold $15,000 annual subscriptions Ruppert World for $50 each during December 2015. These new subscribers will receive monthly numbers from January 2016. In addition, the business had taxable income of $400,000 during the first calendar quarter of 2016 . the federal tax rate is 40%. quarterly tax payment will be made on April 7, 2016. Develop section Current liabilities balance sheet for Xtermination Co. on March 31, 2016. Exercise 3 A borrower has two alternatives to a loan: 1) issue a document for $240,000, 60 days at a rate of 8%; or 2) issue a document by $240,000, and 60 days, the creditor deducts 8%. a) Calculate the amount of interest expense of each option. b) Determine the products that receive the borrower in every situation. c) What alternative is more favorable to the borrower? explain a. PR 11-1A (538 p.) - Journaling transactions with passive. Exercise 4: Liabilities Transactions We selected some of the transactions carried out by Capri Bay Stores Co. during the year. January 15 bought goods on credit to Todd Co., $220.000, conditions n / 30. February 14 issued a document for $220,000, 60 days, 6% for Hood Co., by buying goods on credit. April 15 Hood Co. payment to the amount due in the document of 14 February. June 2 $187,500 borrowed Super Bank, and issued a document to 60 days, 8%. July 10 Purchased tools by which issued a document for $190,000, 90 days for Columbia Supply Co., which pulled one document at a rate of 6%. August 1st Super Bank paid the interest due on the document June 2 and renewed by the loan of $ 187,500 new document, 60 days, 10%. (Record in the journal debit and credit account payable documents.) September 30 Super Bank payment to the amount due on August 1 document. October 8 Columbia payment to the amount due on July 10 document. December 1 Purchased office equipment Mountain Equipment Co. for $120,000, paid $20,000 and issued a series of 10 documents at a rate of 6% for $10,000 each, which expire every 30 days. On December 5, he reached an agreement with a customer for $76,000 in the demand for product liability, payable in January. Capri Bay loss applied to an account of litigation claims payable. 31, paid the amount due to Mountain Equipment Co. on the first document of the series issued on 1 December. General Journal Date Account Dr. Cr. On February 1, Electrical Warehouse Co. issued a document to 45 days with a face value of $ 70,000 for Yamura Products Determine the document outputs on the assumption that discounted at a rate of 10%. Interest cost Total Value of docment output $ $ 9,625 79,625 $ 70,000 for Yamura Products Co. for cash loan. Review Note: for the short test take into consideration the following points: Notes receivable cannot be classified as other receivables. Credit approval and shows evidenced by the Notes Receivable. They are called commercial transactions notes or receivables resulting from sales operations. It says is lacking assert that all accounts receivable must be made in cash, with certain length of days. The term "accounts receivable" includes money claims against other entities If an organization expects the recovery of other receivables is in a period longer than one year, this investment is classified as non-current assets. To determine whether an account is uncollectible should remember that there is no general rule to determine. The method of direct write-off one of the methods for determining uncollectible accounts. The direct method of depreciation for doubtful accounts is often used by small and few companies accounts receivable. Consider the following example: After the accounts are adjusted and closed at the end of the year, accounts receivable has a final balance of $ 350,000 is estimated for doubtful accounts of $ 50,000 balance. The net realizable value would be $ 300,000. When the amount of use of an asset varies from year to year, the method for determining the amortization charge best suited to the allocation of costs to income is the production units. A machine costing $ 130,000 has an estimated value of $ 10,000 and an estimated residual 4 years or 20.000 hours' life. It is depreciated by the method of production units. What is the amount of depreciation for the second year, during which the machine was used 5.000 hours? Operation ($ 130,000 -. 10,000 = $ 120,000 / 20,000 = $ 6 x 5.000 hours = $ 30,000 depreciation expense is $ 30,000 Comes a year straight-line depreciation (remember: cost less residual value and divide the life) It is an exercise in double declining depreciation (note that the rate is twice the line (lifetime / 100 and giving it multiplies it by 2) Have the examples of an exercise. A computer with a cost of $ 160,000, an estimated $ 40,000 residual value and an estimated life of 15 years is amortized by the straight-line method for 4 years. Due to obsolescence, it determined shorten the life remaining for 3 years and change the residual value to zero. Amortization expense for the current and future year would be $ 16,000. The depreciation method that does not use the residual value when calculating depreciation expense for the first year is the double declining balance If a company buys equipment cash and pay sales taxes, insurance handling fee and the cost of installation, all these costs are recorded as part of the total cost of the equipment. (Add them) Remember that depreciation is a process in which the costs are distributed. Remember that if you buy a computer to depreciate it using the straight-line method should subtract the initial cost less residual value and divide the lifespan (number of years). For example, if you purchase the vehicle for $ 11,000 on January 1, 2014. The vehicle will cost an estimated $ 1,000 at the end of the fifth-year residual value. Using the method of production activities, accumulated depreciation on December 31, 2015 balance is calculated using the following formula: $ 10,000 divided by the estimated X production units for 2012 production. If you decide to sell a team that bought a certain value, you must first subtract depreciation, presuming that their residual value was not determined. Then you subtract the number that will be sold and thus may determine the gain or loss on sale. When there is a change in the estimated depreciation, the depreciation of the current year and future years should be reviewed. Remember have on hand the formula to determine depreciation using the declining balance method. To register entry wages to recognize the accumulated depreciation must include: Dr. to Depreciation and cr. A accumulated depreciation. On February 1, Electrical Warehouse Co. issued a document to 45 days with a face value of $ 70,000 for Yamura Products Determine the document outputs on the assumption that discounted at a rate of 10%. Interest cost Total Value of docment output $ $ 9,625 79,625 $ 70,000 for Yamura Products Co. for cash loan. Review Note: for the short test take into consideration the following points: Notes receivable cannot be classified as other receivables. Credit approval and shows evidenced by the Notes Receivable. They are called commercial transactions notes or receivables resulting from sales operations. It says is lacking assert that all accounts receivable must be made in cash, with certain length of days. The term "accounts receivable" includes money claims against other entities If an organization expects the recovery of other receivables is in a period longer than one year, this investment is classified as non-current assets. To determine whether an account is uncollectible should remember that there is no general rule to determine. The method of direct write-off one of the methods for determining uncollectible accounts. The direct method of depreciation for doubtful accounts is often used by small and few companies accounts receivable. Consider the following example: After the accounts are adjusted and closed at the end of the year, accounts receivable has a final balance of $ 350,000 is estimated for doubtful accounts of $ 50,000 balance. The net realizable value would be $ 300,000. When the amount of use of an asset varies from year to year, the method for determining the amortization charge best suited to the allocation of costs to income is the production units. A machine costing $ 130,000 has an estimated value of $ 10,000 and an estimated residual 4 years or 20.000 hours' life. It is depreciated by the method of production units. What is the amount of depreciation for the second year, during which the machine was used 5.000 hours? Operation ($ 130,000 -. 10,000 = $ 120,000 / 20,000 = $ 6 x 5.000 hours = $ 30,000 depreciation expense is $ 30,000 Comes a year straight-line depreciation (remember: cost less residual value and divide the life) It is an exercise in double declining depreciation (note that the rate is twice the line (lifetime / 100 and giving it multiplies it by 2) Have the examples of an exercise. A computer with a cost of $ 160,000, an estimated $ 40,000 residual value and an estimated life of 15 years is amortized by the straight-line method for 4 years. Due to obsolescence, it determined shorten the life remaining for 3 years and change the residual value to zero. Amortization expense for the current and future year would be $ 16,000. The depreciation method that does not use the residual value when calculating depreciation expense for the first year is the double declining balance If a company buys equipment cash and pay sales taxes, insurance handling fee and the cost of installation, all these costs are recorded as part of the total cost of the equipment. (Add them) Remember that depreciation is a process in which the costs are distributed. Remember that if you buy a computer to depreciate it using the straight-line method should subtract the initial cost less residual value and divide the lifespan (number of years). For example, if you purchase the vehicle for $ 11,000 on January 1, 2014. The vehicle will cost an estimated $ 1,000 at the end of the fifth-year residual value. Using the method of production activities, accumulated depreciation on December 31, 2015 balance is calculated using the following formula: $ 10,000 divided by the estimated X production units for 2012 production. If you decide to sell a team that bought a certain value, you must first subtract depreciation, presuming that their residual value was not determined. Then you subtract the number that will be sold and thus may determine the gain or loss on sale. When there is a change in the estimated depreciation, the depreciation of the current year and future years should be reviewed. Remember have on hand the formula to determine depreciation using the declining balance method. To register entry wages to recognize the accumulated depreciation must include: Dr. to Depreciation and cr. A accumulated depreciationStep by Step Solution
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