The XYZ corporation has negotiated the purchase of a new piece of equipment at $8,000 plus trade in , f.o.b. factory. The XYZ corporation paid $8,000 cash and traded in used equipment. The used equipment originally cost $62,000; it had a book value of $42,000 and a second hand market value of $47,800, as indicated by recent tra
A review of the ledger of Greeberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $750.00 each per week, a
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.
Your department was just given a new project to pilot and rollout to your organization. The project involves assembling a cross-organizational team that will be given the responsibility for reviewing different payroll systems that Faraday Enterprises can use, and choosing the best payroll system to implement. You've chosen S
7. (Trading Securities Entries) On December 21, 2003, Tiger Company provided you with the following information regarding its trading securities. December 31, 2003 Investments (Trading) Cost Fair Value Unrealized Gain
9. (Correcting Entries for Equity Transactions) Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the follow
Make 2 journal entries to record sale of accounts receivable with factoring arrangement.
Adjusting Journal Entries for Balance Sheet Accounts Following are several December 31 account balances of Brookhaven Square, Inc. prior to the preparation of year-end adjusting journal entries: Property, Plant & Equipment $1,530,200 Cash 120,600 Unearned Rental Revenue 72,000
Indicate whether each statement is true (T) or false (F). (1) If a journal entry affects one asset account and two liability accounts, that journal entry must be out of balance in reference to the accounting equation. (2) If a business's trial balance is "in balance", then the entity's accounting records are free of
8. (Nonmonetary Exchanges with Boot) Susquehanna Corporation wishes to exchange a machine used in its operations. Susquehanna has received the following offers from other companies in the industry. 1. Choctaw Company offered to exchange a similar machine plus $23,000. 2. Powhatan Company offered to exchange a similar machine
16. (Impairment) Presented below is information related to equipment owned by Suarez Company at December 31, 2004. Cost $9,000,000 Accumulated depreciation to date 1,000,000 Expected future net cash flows 7,000,000 F
8. FOR THE FOLLOWING TWO PROBLEMS PREPARE THE JOURNAL ENTRIES AND INDICATE THE INTEREST EXPENSES FOR 1977 AND 1978. I ALSO NEED THE 1987 INTEREST BY THE BOND CARRYING AMOUNT. THE FOLLOWING TRANSACTIONS WERE COMPLETED BY PEARSON CO. WHOSE FISCAL YEAR IS A CALENDER YEAR. 1977 SEPT 30 ISSUED 2,000,000 OF 20 YEAR 7% CAL
# 7 needs to be put in journal entries. 7. THE STOCK HOLDERS EQUITY ACCOUNTS OF MALDEN ENTERPRISES INC WITH BALANCES ON JAN 1 OF THE CURRENT FISCAL YEAR ARE AS FOLLOWS. COMMON STOCK STATED VALUE 20 DOLLARS (20,000 SHARES AUTHORIZED 12,000 SHARES ISSUED) 240,000 PAID IN CAPITAL IN EXCESS OF STATED VALUE
Elite Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2005, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000
(See attached file for full problem description) Adjusting entry for bade debt expense Entry for write off of Flake co. Enrty for reinstatement of Flake Co. account and collection and write off
I have some examples of the type of problem I need help understanding and how to put all the components together in order to solve a problem in accounting. I need help with the journal entries and adjusting entries. Also, with which of the entries goes on which financial statement...the balance sheet or the income statement?
P10-3A On January 1, 2005, Solomon Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $38,500. Related expenditures included: sales tax $2,200, shipping costs $175, insurance during shipping $75, installation and testing costs $50, and $90 of oil
(See attached file for full problem description) --- Problem 1 On May 31, 2004, Porter Company paid $2,100,000 to acquire all of the common stock of Dryer Corporation, which became a division of Porter. Dryer reported the following balance sheet at the time of acquisition: Current assets: $ 500,000 Current liab
On 8/1/05, Cardinals Co issued 600 of its $1,000 face value, 6%, 7-year bonds at {106} plus accrued interest. The bonds were authorized on 4/1/05, and pay interest each 4/1 and 10/1. The straight-line method is used to amortize any discount or premium. Give the journal entry on : 1) 8/1/05, to issue the bond 2) 10/1/05, t
I need a example problem to learn from because I am having trouble with closing entries and would like this one question explained in detail (please!) so that I can work off of it and figure out how to do this on my own. (See attached file for full problem description) --- The stockholders' equity accounts of Pedro Corpor
E3-4-On Jan 1, 2002, the stockholders' equity section of Ted Parge Corporation shows common stock ($5 par value) $1,500,000; paid in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar 1 Purchased 50,000 shares for cash at $14 p
E3-7 Art Wyatt Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, the accountant made the following entries for the corpo
E3-4. ... (a) Journalize the treasury stock transactions (b) Restate the entry for Sept 1, assuming the treasury shares were sold at ... Please see attachment for complete set of questions. Thanks.
Exercises Ex. 147 Epson Company had the following transactions: 1. Issued 4,000 shares of $100 par preferred stock at $110 for cash. 2. Issued 5,000 shares of common stock with a par value of $10 for $85,000. 3. Purchased 500 shares of common treasury stock for $10,000. Instructions Prepare the appropriate journal entr
I need this exercise performed in excel; additionally part C is still not clear. Thanks. The following are selected transactions of Detroit Company... Please see attached. JOURNAL ENTRY JAN 2 1.PURCHASES A/C 15000 TERESSA SPECK COMPANY 15000 FEB1 2. TERESSA SPEC
1) Music City held 1,500 of Navia common stock with a book value of $55,275. It sold the shares on December 13 for $74,387. Prepare the journal entry to record the sale. 2) Micron held airport bond with a par value of $250,000 and a fair market value of $247,380. Micron also held 1,500 shares of Navia common stock with a p
The following errors took place in journazlizing and posting transactions. a) A withdrawal of $15,000 by Gerald Owen, owner of the business, was recorded as a debit to wages expense and a credit to cash. b) Rent of $4,500 paid for the current month was recorded as a debit to Rent expense and a credit to prepaid rent. c) A
On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. 1. Journalize the entry to record the amount
1. Calculate operating income and net income. The attached information is available from the accounting records of Spenser Co. for the year ended December 31, 2004. Use gross profit ratio to calculate inventory loss 2. Record transactions: Use the horizontal model, or write the journal entry, for each of the following trans
A debit always decreases an account balance A. True B. False