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please answer all the answer correctly i really need it and I will you like. ALL THE INFORMATION AND REFERENCE IS PROVIDED. THANKS Carla Vista
please answer all the answer correctly i really need it and I will you like. ALL THE INFORMATION AND REFERENCE IS PROVIDED. THANKS
Carla Vista Productions Corp. purchased equipment on March 1, 2021, for $60,400. The company estimated the equipment would have a useful life of three years and produce 10,000 units, with a residual value of $10,000. During 2021 , the equipment produced 4,400 units. On November 30,2022 , the machine was sold for $18,000 and had produced 5,800 units that year. (a) Record all the necessary journal entries for the years ended December 31, 2021 and 2022, using the following depreciation methods: (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciotion rate in the double-diminishing-balance method to the nearest whole percent, eg. 43% and round depreciation per unit in the units-of-production depreciation method to 2 decimal places, eg. 2.25 and final answers to 0 decimal places, eg. 5,275.) (1) Straight-line (To record depreciation expense) Nov. 30 (To record the sale of machine) (2) Double-diminishing-balance (2) Double-diminishing-balance (3) Units-of-Production (3) Units-of-Production 2022 Nov, 30 (To record depreciation expense) Nov. 30 (To record the sale of machine) eTextbook and Media List of Accounts (b) B (c) $ (2) 254C ught aiir (7p Blossom French Modern Retailers Ltd. has been in operation for several years. It wholesales furniture to its customers. The company's post-closing trial balance at July 31,2021 , the end of its fiscal year, is presented below: The company had a limited amount of business activity in August 2021 because of holidays for both the company and its major customers. You have been hired on a temporary basis to update the company's records for August. The August transactions and adjustments are presented below: Aug : Paid $19,500 for office expenses and $3,323 for the August rent. 2. Accepted a six-month, 8\% note in exchange for Chen Enterprises' overdue account receivable of $103,500. 3 Sale on account to Chavier Ltd. for $501,200. Cost of goods sold, $258,930. The company uses: a perpetual inventory system and estimates that inventory sold for $50,000 (cost $27,000) will likely be returned. 8 Determined that an account receivable from Densmore Ltd. of $66,600 is uncollectible. 9 A $294,000 partial payment on account was received from Chavier (see August 3 transaction). 10 Old equipment was sold for $5,620. The equipment's original cost was $59,930 : accumulated depreciation to the date of disposal was $49,143. 14 Paid a $9,710 income taxinstalment. 21 Purchased a patent for $23,520cash. The estimated useful life of the patent is five years, the legal life, 20 years. 28 Inventory sold on credit for $60,000 and costing $32,400 was returned by customers. 31 Recorded cash received from sales for the month, $77,070. The cost of goods sold is $33,660 31 The monthly bank statement revealed the following unrecorded items: interest on bank loan, $1,600 and bank service charge5.51,217. 21 Purchased a patent for $23,520 cash. The estimated useful life of the patent is five years; the legal life, 20 years. 28 Inventory sold oncredit for $60,000 and costing $32,400 was returned by customers. 31 Recorded cash received from sales for the month, $77,070. The cost of goods sold is $33,660. 31 The monthly bank statement revealed the following unrecorded items: interest on bank loan, $1,600, and bank service charges, $1,217 31 Reviewed outstanding accounts receivable. Determined, through an aging of accounts, that doubtful accounts totalled $303,450 at monthend. 31. Recorded depreciation for the month on the remaining equipment that cost $136,800 and is still in use. Useful life of all equipment is estimated to be four years with no residual value. The straight-line method of depreciation is used and depreciation is calculated to the nearest month. 31 Recorded and paid salaries for the month, $93,400. 31 Accrued interest on the Chen Enterprises note receivable (see August 2 transaction). 31 Recorded amortization on the patent (see August 21 transaction). A full month's amortization is recorded on anly intangible assets acquired during the month. Record the August transactions and adjustments. (List all debit entries before credit entries. Credit account titles are autamatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) (To record rent expense) (To record sale on account) (To recard cost of goods sold) (To record cost of goods sold) Aug. 9 Aug. 10 (b) ( ) (hp) (To record sale on cash) (To record cost of goods sold) Aug. 31 (To record interest expense) (To record bad debts) (To record bad debts) (To record depreciation expense) (To record salaries expense) (To record accrued interest) s. These items are taken from the financial statements of Blossom Corporation for the year ended December 31, 2021: Prepaid insurance 2,000 Repairs and maintenance expense 3,300 Land 170,000 Depreciation expense 6,200 Accounts receivable 13,700 Insurance expense Salaries expense 121,800 Accumulateddepreciation-equipment18,100 Incometaxexpense6,000 Supplies 200 Operating expense 39,400 Supplies expense 1,000 Bankloan payable, due 2024 14.500 Trading investments 19,000 Accumulated depreciation-buildings 18,000 laterestexpense (b) (s) 1.500 00 (2) Additional information: 1. Blossom started the year with $27,000 of common shares and issued $6,200 more during the year: 2. Blossom must pay $1,500 of the bank loan payable next year in 2022 . Prepare a statement of income for the yearStep by Step Solution
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