(See attached files for full problem description) E4-6 The adjusted trial balance of Lanza Company at the end of its fiscal year. E4-7 Prepare an income statement and a retained earnings statement for the year. There were no issuances of stock during the year. Prepare a classified balance sheet at July 31.
(See attached file for full problem description) P4-1A The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31, 2006, are as follows. Prepare a work sheet, financial statements, and adjusting and closing entries.
E20-7 (Basic Pension Work Sheet) The following defined pension data of Doreen Corp. apply to the year 2005. Projected benefit obligation, 1/1/05 (before amendment) $560,000 Plan assets, 1/1/05 546,200 Prepaid/accrued pension cost (credi
E22-19 (Change from Fair Value to Equity) On January 1, 2004, Barbra Streisand Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John's net assets were $13,000,000. On July 1, 2005, Streisand paid $3,040,000 for 50,000 additional shares of John
P17-2 (Debt Securities Available-for-Sale) On January 1, 2004, Bon Jovi Company purchased $200,000, 8% bonds of Mercury Co. for $184,557. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2009. Bon Jovi Company uses the effective interest meth
The Costello Music Company has been in business for 5 years, selling electric organs. Below are the quarterly sales by year, with annual totals. Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total 1 4 2 1 5 12 2 6
Case 5-2 IBM Data Center for Eastman Kodiak In 1989, IBM and Kodak entered into and agreement whereby IBM would build and operate a data processing center in Rochester, NY that consolidates five Kodak data centers into one. Of the five original data centers, three were at separate sites in Rochester, one was in Colorado, and
P17-11 (Equity Investments?Available for Sale) Big Brother Holdings, Inc. had the following available-for-sale investment portfolio at January 1, 2002. Earl Company 1,000 shares @ $15 each $15,000 Josie Company 900 shares @ $20 each
P16-7 (Computation of Basic and Diluted EPS) The information on page 826 pertains to Prancer Company for 2004. Net income for the year $1,200,000 8% convertible bonds issued at par ($1,000 per bond). Each bond is convertible into 40 shares of common stock.
P15-2 (Treasury Stock Transactions and Presentation) Jodz Company had the following stockholders' equity as of January 1, 2004. Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital in excess of par 300,000 Retained earnings
Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to m
Record the following selected transactions in general journal form for Sun Orthopedic Clinic, Inc.Include a brief explanation of the transaction as part of each journal entry. Oct. 1 The clinic issued 4,000 additional shares of capital stock to Doctor Soges at $50 per share. Oct. 4 The clinic purchased diagnostic equipme
In June 2005, Wendy Winger organized a corporation to provide aerial photography services. The company, called Aerial Views, began operations immediately. Transactions during the month of June were as follows: June 1 The corporation issued 60,000 shares of capital stock to Wendy Winger in exchange for $60,000 cash. June 2
The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates the need for a bank loan in 2001. Late in 2000, Simon instructs the store's accountant to record a $10,000 sale of furniture to the Simon family, even though the goods will not be shipped from the
Judi Dench is a licensed architect. During the first month of the operation of her company, Judi Dench, Inc., the following events and transactions occurred. April 1 Stockholders invested $25,000 cash in exchange for common stock. 1 Hired a secretary-receptionist at a salary of $300 per week payable monthly.
Historical demand for a product is DEMAND January 12 February 11 March 15 April 12 May 16 June 15 a. Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast. b. Using a simple three-month moving average, find the July
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,80
The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services provided but not recorded total $1,250. 3. Salaries earned by employees of $900 have not been recorded. Use the following account titles: Service Reve
Problem 5: On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on July 1 and the adjusting entry on December 31. ----------------------------------------------------------------------
At the end of its first year, the trial balance of Easton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and Depreciation Expense. Depreciation for the year is estimated to be $6,000. Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and ind
Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the a
(See attached file for full problem description) Do not do D in # 8 --- 8) A local real estate investor in Orlando is considering thre3e alternative investments: a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourist; profits fro
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. Decrease an asset and decrease a liability. Increase a
The ledger of Elburn Company at the end of the current year shows the following: Accounts Receivable $110,000 Sales $840,000 Sales Returns and Allowances $28,000 Instructions (a) If Elburn uses the direct write-off method to account for uncollected accounts, journalize the adjusting entry at December 31, assuming Elburn
1. Air Filter, Inc., sells its products for $6 per unit. It has the following costs: Rent $100,000 Factory labor $1.20 per unit Executive salaries $89,000 Raw material $.60 per unit Separate the expenses between fixed and variable cost per unit. Using this information and the sales price per unit of $6, compute the brea
1. Which line is parallel to the y-axis 2. Sales reductions force a factory to cut back its output by 20%. By what percentage must the reduced sales be increased allow production to be brought back to normal? 3. The current sales price of a power drill is $117. This is $30 more than half the list price. At what discount is
E4-1 The adjusted trial balance for Cajon Company, P4-1A Trial balance column for Undercover Roofing Inc., E4-6 The adjusted trial balance of Lanza Company (See attached files for full problem descriptions)
Postulate the future trends of business management.
You invest $250 in your savings account at the end of each year and earn an average of 6% per year in interest. How much will you have in your savings account at the end of forty years? Can you explain how to solve this without using all the symbols or at least tell me what these symbols me such as: * ^ [
Suppose we express the amount of land under cultivation as the product of four factors: Land = (land/food) x (food/kcal) x (kcal/person) x (population) The annual growth rates for each factor are: 1) the land required to grow a unit of food, -1% (due to greater productivity per unit of land) 2) the amount of food grown p