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Journal Entries


Hi I need step by step instructions on how to solve the following questions. The textbook is not as clear on the topics as I had hoped. Please give detailed explanations so that the concept is clear. Thanks. Question 1 In 2010, CopperCo Corporation purchased a mine for $200 million ($30 million were applicable to the l

Business Objectives and Critical Success Factors

Please structure the following document just as the purchasing document below. Business Objectives/Critical Success Factors Please structure the following document just as the purchasing document below. See the attached file. General Ledge a) Training Discussion Fixed Asset a) Training Discussion Accounts Payable

Improving the SRP System

Put together a summary or recommendation for the following that will help improve the SRP system a) General Ledger b) Fixed Assets c) Accounts Payables d) Accounts Receivable Part II Requirements Document Test Plan Design Document Best Course of Action Plan Proposal Document.

Periodic versus Perpetual Entries

#1 Please review illustration below (in attached file). Comparative Entries between these systems and state what the major difference is based on your observation. (See attached file for data) #2 On January 1, 2006, Phantom Company acquires $200,000 of Spiderman Products, Inc., 9% bonds at a price of $185,589. The interes

Journal Entries and GASB: Government vs For-Profit Journal Entries

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal entries might differ from for-profit journal entries in these similar events. * When was GASB Statement No. 5

Fabulous Felines: Preparing journal entries

A).October 1: Sold $10,000 of merchandise on account, 1/10, n/30 to Fabulous Felines. PROBLEM: Record the entry for sale of merchandise on account to Fabulous Felines. B) November 1: Accepted a $10,000, 90-day, 10% promissory note from Fabulous Felines in exchange for its account receivable. PROBLEM: Record the entry for ac

intellectual biography about Robert E. Lucas, Jr

I need help writing an intellectual biography about Robert E. Lucas, Jr and economic philosophy including his contemporary economic issue and how this economist would respond to today's economic issues. And, "his 1995 Nobel Prize in economics for having developed and applied the hypothesis of rational expectations"!

Advanced Accounting: Journal Entries

Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events. 1. A state issued $50,000,000 of 4%, 20 year term bonds at 105 to provide financing for construction of a new state legislative office building. The premium which is to be used for debt service, was transf

Depreciation and Journal Entries: A Taxi Company

Calculating depreciation has proved problematic for me and I need some assistance. On January 1, 2010, a taxi company purchased a new cab at a cost of $25,000. The estimated salvage value of the cab is $5,000, and the cab's useful life is 5 years. The new cab will be driven an estimated 100,000 miles. Required: a) Write t

Issuing Bonds and Amortizing Discount by Straight-Line Method

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannualy were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year: (a) Issuance of the bonds (b) First semiannual interest payment (c) Amoritization of bond discount for the yea

Bonds: Journalized Entries

2012 July 1 Issued $ 42,000,000 of 10 yr, 13% callable bonds dated July 1, 12 at a market (effective) rate of 10%, receiving cash of $49,851,213. Interest is payable semiannually on December 31 and June 30. Oct 1 Borrowed $510,000 as a six yr 9% installment from Challenger Bank The note requires annual payments of $113,689,

T-Accounts and Journal Entries

The accounting period has just ended and you are preparing journal entries for the transactions that took place during the month. Make sure to include entries that affect the COGS account. 1. Prepare the proper journal entries in an Excel file, including Notes, and properly update the T-accounts affected by each of the follo

Lee Corporation Equity Scenario

Lee Corporation Equity Scenario Lee Corporation is an American Company that began operations on January 1, 2004. It has just completed its fourth full year of operations on December 31, 2007. Ending Year Balances for the prior year ended on December 2006 were as follows: Retained Earning

Negotiation Style

Describe a dominant negotiation style based on the Thomas-Kilman model. Include examples. Include text principles and at least two references from sources on negotiation such as business journals, etc. Analyze the effectiveness of the style and comment on improvements that can be made in terms of the negotiation style.

Advanced Accounting: McGuire Company Consolidation Journal Entry

McGuire Company acquired 90 percent of Hogan Company on January 1, 2010, for $234,000 cash. This amount is reflective of Hogan's total fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: .....................

E21-7 (Lessee-Lessor Entries; Sales-Type Lease) Woods Co Palmer Co

On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with no renewal option. The equipment reverts to the lessor at the termination of the lease. 2. Equal rental payments are due on January 1 of

Mass Customized Footwear

Please help me to write a reserach narrative describing the mass customization of footwear and marketing addressing the following issues below. 1. What is a proposed title of your project? Describe the project you have in mind. What question(s) will be answered by your research??") 2. Why are you interested in pursuing this p

Prepare journal entries to record transactions, a table to compare year-end costs and fair values, and adjusting entries for short-term investments in available for sale securities.

See attached MS Word document titled Ethan Company Problem. Perry Company had no short-term investments prior to year 2011. It had the following transactions involving short-term investments in available-for-sale securities during 2011. Apr. 16 Purchased 8,000 shares of Gem Co. stock at $24.25 per share plus a 360 broker

Journal entries: percentage of completion method

Record the journal entries for each year using the % of completion method. Show the partial accounts on the December 31 balance sheet for each year. Show the January 1 to Dec 31 Income statement for each year. Details below: Year..........Const. costs.........Invoiced.......Cash Collected......%complete 2010.........2,500

Compensated Absences for the Matthewson Company

Case Study: Matthewson Company began operations on January 2, 2012. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year in which they are earned. Sick days may be taken as soo

Worksheet and Adjusting and Closing Entries

Preparation of Work Sheet and Adjusting and Closing Entries The following account balances are taken from the general ledger of Whitni Corporation on December 31, 20013, the end of its fiscal year. The corporation was organized January 2005. Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Warranty Contracts in Journal Entries

Leo corporation sells DVD players. The corporation also offers its customer a two year warranty contract. During 2012, Leo sold 20,000 warranty contracts at $99.00 each. The corporation spent 180,000 serving warranties during 2012, and it estmates that an additional $900,000 will be spent in the future to service the warrantie

Asset Retirement Obligation Journal Entries

Burns Company purchase an oil tanker depot on Jan 1,2012 at a cost of 600,000. They expect to operate the depot for 10 years at which time it is legally require to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost 70,000 to dismantle the depot and remove the tanks at the end of the d

Journal Entries: Updike and Patterson Investments Inc.

Updike and Patterson Investments Inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities. As such, the investments are carried on the balance sheet as fair value, with unrealized gains and losses reported in other comprehensive income. At the end of

Mortgage Note Records

1. Bondorf Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2012, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the entry to record the mortgage loan on December 31, 2012, and the first installment payment. 2. Pas Company issued $1,000,000

Accounting Journal Entry

Provide an example of a general journal entry using prepaid expenses, unearned revenue, or depreciation expense. (1) Explain the type of entry. (2) What would the outcome of the net income on the income statement be if your entry is never posted? (Answer provided in less than 100 words.)

Journal entries recording employee admission

William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm. Required: Prepare the journal entries required to record Sammy's admission under each of the following assumptions: - Sammy invests $200,0