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Journal Entries

Parent Company Entries Three Methods

Problem 4-1 Parent Company Entries, Three Methods On Jan 1,2004, Perelli Company purchased 90,000 of the 100,000 outstanding shares of common stock of Singer Company as a long term investment. The purchase price of $4,972,000 was paid in cash. At the purchase date, the balance sheet of Singer Company included the following:

P2-1 Consolidation

P2-1 Consolidation Phillips Solina Current Assets $180,000.00 $85,000.00 Plant & equipment (net) $450,000.00 $140,000.00 Total Assets $630,000.00 $225,000.00 Total Liabilities $95,000 $35,000 Common Stock, $10 par value

Error Analysis: Correcting Entries for Julie Hartsack Corporation

(Error Analysis; Correcting Entries) A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2008. Supplies on hand 2,700 Dr. Accrued salaries and wages 1,500 Cr. Interest receivable on investments 5,100 Dr. Prepaid insurance 90,000 Dr. Unearned rent -0-

P14-1A Carolinas Company Journal Entries

On January 1, 2010, Carolinas Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) - $1,200,000 Paid-in Capital in Excess of Par Value - $200,000 Retained Earnings - $600,000 During the year, the following transactions occurred. Feb. 1 - Declar

Journal Entries for the Beka Company's stock issuances.

E10-10 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions: Prepare Beka Company's journal entries for the sale of the equipment in these

Journal Entries and T accounts for DeCort Company

Record the adjusting entries at December 31, using T-accounts. DeCort Company had these adjusting entry situations at the end of December: 1. May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as insurance e

Journal entry and accrual basis accounting

Can you help me with this assignment? During 2010, Lakeview Co. completed the following two transactions. The annual accounting period ends Dec. 31. a. On Dec 31, 2010, calculated the payroll, which indicates gross earnings for wages ($82,000), payroll deductions for income tax ($8,000), payroll deductions for FICA( $6,000

Dividend Entries for Masefield Corporation

(Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2007. Current Assets $540,000 Investments $624,000 Common Stock (par value $10) $500,000 Paid in Capital in excess of par $150,000 Retained Earnings $840,000 Instructions Prepare the required jou

Journal Entry for a Bond that is Being Retired Early

Information: On January 1,2010 IN Inc., issued $200,000 in bonds at face value. The bonds have a stated rate of 6%. The bonds mature in 10 years and pay interest once per year on Dec. 31. Question: If the bonds were retired immediately after the first interest payment at a quoted price of 102, how would I prepare the journal

Calculation of accumulated depletion for the Salter Mining Company.

Depletion Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated to contain 2.5 million tons of ore and to have a residual value of $1 million. During the first year of mining operations at the Northern Tier Mine, 50,000 tons of ore were mined, of which 40,000 tons were sold. 1.

Westy Company - compute equivalent units in the assembly department and more...

Westy Company manufactures cribs. Each crib passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Westy Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materi

Pinehollow and Stonebriar Scenario - purchase entries and goodwill

Pinehollow and Stonebriar Scenario Pinehollow acquired all of the outstanding stock of Stonebriar by issuing 100,000 shares of its $1 par value stock. The shares have a fair value of $15 per share. Pinehollow also paid $25,000 in direct acquisition costs. Prior to the transaction, the companies have the following balance shee

Variance Analysis of the Clemson Company

Clemson company prepares its budgets on the basis of standard costs.A resposibility report is prepared monthly showing the differences between master budget and actual results. Variances are analysed and reported separately. There are no materials inventories. The following information relates to the current peri

Journal entries for selling or disposing of assets

Berman Company sold equipment on June 30, 2005 for $40,000. The equipment had cost $105,000 and had $60,000 of accumulated depreciation as of January 1, 2005. Depreciation for the first 6 months of 2005 was $6,000. Prepare the journal entry to record the sale of the equipment. Account Title Debit Credit

Inventory, notes, journal entries

1. Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler within 15 days. Prepare the journal entry for Candlestick Corporation to record

Asset disposals

1. Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated Prepare the journal entry recording the scrapping of the truck. 2. Alik Amal is a bar in Panama City, Florida, in April 2008, rowdy spring bre

journal entry to record the change in accounting principle

Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will continue to use completed-contract method for tax purposes. For years prior to 2010, pre-tax income under the two methods was as follows: percen

Preparing Correcting Entries for the Springer Company

Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts: 1. The declaration and payment of a $50,000 cash dividend was recorded as a debut to Interest Expense $50,000, and a credit to Cash $50,000. 2. A 10% stock dividend

Calculations for the weekly payroll of the Piniella Company

Piniella Company company has the following data for the weekly payroll ending January 31. Hours Hourly Federal Income Tax Health M T W T F S Rate Withholding Insurance Employees M. Hindi 8 8 9 8 10 3 $11 $34 $10 E. Benson 8 8 8 8 8 2 $13 $37 $15 K. Estes 9 10 8 8 9 0 $14 $58 $15

Internal Controls: Limits, Procedures, Symptoms

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control syste

Worcester Company Adjusting Entries

At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Debits Credits Accounts receivable $385,000 Allowance for doubtful accounts $

Sale of Equipment/Fixed Assets Journal entries

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Beka Company's journal entries to record the sale of the equipment in these four ind

Bliny Corporation Prepare material and labor journal entries

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 1.20 meters at $5.30 per meter $6.36 Direct labor: .40 hours at $14.00 per hour $5.60 ________________________________________ During the most recent month, 8,300 units were produced. The c

James Equipment Company: Prepare entries for warranty expense transactions

26. James Equipment Company sells computers for $1,500 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2008, the company sold 700 computers. Based on past experience, the company has estimated the total 2-year warranty costs as $30