6. Correction of errors. Unruh Company reported net incomes for a three-year period as follows: 2003, $62,000; 2004, $63,000; 2005, $60,000. In reviewing the accounts in 2006 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities: 2003 2004
Taking into account international risk factors, how should an organization decide on a mode of entry when expanding internationally? Which mode of entry has a company like Sony used?
The company borrowed $125,000 in cash from Far West Bank. a. List the accounts impacted by the transaction. b. For each account, indicate whether the transaction increased or decreased the account. c. For each account, indicate how much the transaction increased or decreased the account. d. Compute the impact of the
Wendy Winger organized a corporation to provide aerial photography services. The company called, Aerial Views, began operations immediately. Prepare journal entries, trial balance. Total assets, total liabilities, and owners' equity. See attached file for full problem description.
1) Would you say that Credit postings to the accounts receivable general ledger account come from the cash receipts journal and the general journal. True or False 2) Sales revenue minus sales returns and allowances and sales discounts equals: (a) Gross margin (b)Income from Operations (c) Cost of goods sold (d) Net sale
Recording purchase commitments (Purchase Commitments) Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2008, at an agreed price of $
The following information relates to three grants that the town of College Hills received from the state during its fiscal year ending December 31, 2003: a. A cash grant of $200,000 must be used to repair roads. b. $150,000 in cash is received out of a total grant of $200,000 intended to reimburse the town for actual expendi
E12-2 Garza Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate. June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000. Ju
The following transaction would be journalized in the books of Company #1 and Company #2 "Bogus company" engaged in the following transactions during July: July 2nd purchased inventory for cash $800 July 5th purchased store supplies on credit terms of net eom,$600 July 8th purchased inventory of $3,000, plus
On April 30th company purchased inventory of $8,000 on an account from a supplier. The terms were 3/15 net 45( 3% of total, if paid in 15 days or full amount if paid in 45 days). After receiving goods the buyer realized that $1,000 of the goods are defective. The buyer then returns the defective goods on May 4th. To pay the r
(Computation of Unrecognized Prior Service Cost Amortization, Pension Expense, Journal Entries, Net Gain or Loss, and Reconciliation Schedule) Ekedahl Inc. has sponsored a non-contributory defined benefit pension plan for its employees since 1984. Prior to 2004, cumulative net pension expense recognized equaled cumulative c
Treasury Stock The stockholders' equity section of Carol Aityassine's (CA) balance sheet at December 31, 2003, was as follows: Common stock--$10 par (authorized 1,000,000 shares, issued and outstanding 600,000 shares) $ 6,000,000 Paid-in capital in excess of par 1,500,000 Retained earnings 3,250,000 $10,750,0
Please help me with the given accounting problem: (Pension Expense, Journal Entries) The following information is available for the pension plan of Kiley Company for the year 2004. Actual and expected return on plan assets $ 12,000 Benefits paid to retirees 40,000 Contributions (funding) 95,000 Interest/discou
E17-2 (Entries for Held-to-Maturity Securities) On January 1, 2003, Dagwood Company purchased at par 12% bonds having a maturity value of $300,000. They are dated January 1, 2003, and mature January 1, 2008, with interest receivable December 31 of each year. The bonds are classified in the held-to-maturity category. Instructi
P15-11 (Stock and Cash Dividends) Gul Ducat Corporation has outstanding 2,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2003, was $24,000,000, and it then had Additional Paid-in Capital of $5,000,000. During 2003, the company's net income was $5,700,000. A c
(See attached file for full problem description) --- 1. For Featherstone Real Estate Company, need to prepare required closing entries in journal form. Cash $7,275 Acc. Receivable 2,325 Prepaid insurance 585 Office supplies 440 Office equipment 6,300 accumulat
E3) Green Mountain Company of Montpelier, Vermont, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pat subscriptions either one year or two years in advance. Cash received from subscribers is credited to an account called Magazine Subscriptions Recei
Outline the important characteristics of a creative environment, and how it might impact their day to day operations: identify how managers and supervisors need to interact with employees in a creative environment. Discipline is still important, but it is managed differently. What are the important characteristics for managers t
Please see attachment. (I am still unlcear on how to input data in the ledger- please help) --- Each of the following columns represents a Supplies account: (see data attached) 1. Determine the amounts indicated by the question marks 2. Make the adjusting entry for column a, assuming supplies purchased are debited
(3) During the month of June, Heather's Boutique had cash sales of $243,800 and credit sales of $137,800, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting journal entry that should be recorded to fairly present the June 30 financial statements. (4) Cheryl
The following is a chapter study question I do not understand. What is the correct answer and why. The following entry appears in Tri-County's general journal on March 10, 2005: DEBIT CREDIT Accounts Receivable.............. 25,000 Cash..................................
Smithfield Farms purchased a combine from John Deere for $175,000 on January 2, 2005. Smithfield paid $25,000 in cash and signed an installment note calling for five annual payments of $39,569.58 beginning on December 31, 2005. Deere based the payments on a 10% rate of interest. Smithfield made the first payment, but a failed
Question 17: On the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were sold for $2,125,000. Present entries to record the following transactions for the current fiscal year: (a) Issuance of the bonds. (b) First annual interest payment. (c) Amortization o
Question 15: Doe Co. issued $10,000,000 of 30-year, 8% bonds on May 1 of the current year, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year: May 1 Issued the bonds for cash
A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 noncumulative preferred stock, $12 par, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 30 Issued 15,000 shares of common stoc
On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occurred. Jan. 5 Sold $6,000 of merchandise to Cheryl Crow Company, terms n
(See attached file for full problem description) 1. On January 1, 2003, Bentwood Company issued bonds with a face value of $400,000. The bonds carry a stated interest rate of 10 percent that is payable each July 1 and January 1. Instructions: a. Prepare the journal entry for the issuance assuming the bonds are issued a
Journalize the following entries on the books of Wells Co. for November 1, December 1, December 31, and March 1. Nov. 1 Wells Co. purchased merchandise for $30,000 on account from Burke Co., terms n/30. Dec. 1 Wells Co. issued a 90-day, 5% note for $30,000 on account. 31 Accrued interest on the note.
In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles. (a) The president of Fresh Horses, Inc. used his expense account to purchase a new Suburban solely for personal use. The following journal entry was made. Miscellaneous Expense 29,000 Cash
42. Information concerning the exchange of assets with Myers Equipment by two companies is as following: Cox Troy Company Company Cost $32,000 $25,000 Accumulated depreciation 12,000 13,000 Fair market of old e