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Please assist me with these accounting answers and solutions please. I appreciate it. 1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks

Please assist me with these accounting answers and solutions please. I appreciate it.

image text in transcribed 1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $12,500 cash plus 4 percent sales tax. The clock had originally cost Heines $8,500. Assume Heines uses a perpetual inventory system ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.) Greener Pastures Corporation borrowed $1,750,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. (a) The note issued on November 1. (b) The interest accrual on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) 3.) Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. (a) The issuance of these bonds on January 1. (b) The first interest payment on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4.) Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $3,200. When purchased, the patent had an estimated life of 16 years. b. A trademark was registered with the federal government for $7,500. Management estimated that the trademark could be worth as much as $190,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $70,000. The rights are expected to have a five-year useful life to the company. ? Compute the acquisition cost of each intangible asset. ? Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.) ? Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. 5.) The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 6.) To expand operations, Aragon Consulting issued 1,350 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. 1 Complete the table below, indicating the account, amount, and direction of the effect for the stock - issuance. (Enter any decreases to account balances with a minus sign.) a. 1 Prepare the journal entry for the stock issuance. (If no entry is required for a transaction/event, - select "No Journal Entry Required" in the first account field.) b.2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. (Enter any decreases to account balances with a minus sign.) Prepare the journal entry for the stock issuance, if the par value were $2 per share. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 7.) Sturdy Stone Tools, Inc. announced a 100 percent stock dividend. Determine the impact (increase, decrease, no change) of this dividend on the following: 8.) Academy Driving School reported the following amounts in its financial statements: Number of common shares Net income Cash dividends paid on common stock Total stockholders' equity Year 1 11,600 $ 24,360 $ 3,100 $250,000 Year 2 11,600 $ 19,360 $ 3,100 $ 230,000 Calculate EPS and ROE for year 2. (Round EPS to 2 decimal places and ROE to 1 decimal place.) 9.) Last year, Rec Room Sports reported earnings per share of $8.60 when its stock price was $223.60. This year, its earnings increased by 25 percent. If the P/E ratio remains constant, what is likely to be the price of the Stock

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