The Calvin Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2010. You may omit journal entry explanations. May 20 The account of Larry Taylor for $950 was deemed to be uncollectible and is written off as a bad debt.
Required: 1.) For direct materials: a.) Compute the direct materials price and quantity of variances. b.) Prepare journal entries to record the purchase of materials and the use of materials in production. 2.) For direct labor: a.) Compute the direct labor rate and efficiency variances.
Presented below are two independent situations. 1. Josh Car Rental leased a car to Bayfield Company for one year. Terms of the operation lease agreement call for monthly payments of $500. 2. On January 1, 2008, James Inc. entered into an agreement to lease 20 computers from Marcus Electronics. The terms of the lease agreem
Please see attached file. P5-36 Consolidation Workpaper at End of First Year of Ownership Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8, for $96,000. At that date, the fair value of Best's buildings and equipment was $20,000 more than book value. Buildings and equipme
Can someone take a look at the below e-mail I need to send to a Sr. Director requesting help and give me suggestions/comments on how to make this email flow and sound better? Thanks. Hi Melanie, Per our conversation, each month I do an entry to accrue all costs associated with pending foreclosures. The costs used for the
Preparing the above for the following: Raw materials $53,000.00 Work in process $33,400.00 Finished goods $81,000.00 I am having trouble with where each entry needs to go and preparing the T-accounts and income statement.
On 12/31/07 Joe Smith Company acquired a computer from Louis Corporation by issuing a $400,000 zero-bearing note payable in full on 12/31/11. Joe Smith Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a %50,000 salvage value. A.) Pre
I need this information. I need to see how it would look posted in a journal that i provide because i do not know how to input the information. I keep getting it wrong please help!!! Business is booming for Dan Brown's home inspection business. He has been so busy the first month of business that he hasn't had tome to ke
(Journalize Various Accounts Receivable Transactions) The balance sheet of Antonio Vivaldi Company at December 31, 2007, includes the following. Notes receivable 36,000 Accounts receivable 182,000 Less: Allowance for doubtful accounts 17,300 200,800 Transactions in 20
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage value........ -Machinery, 10 year estimated useful life, $500,000 cost, no salvage value. The building has been depreciate
Can you help me get started with this assignment? Presented below is information related to major Department stores, Inc. pension plan for 2008 Accumulated benefit obligation (at year -end) $600,000 Service cost 520,000 Funding contribution for 2008
Journal Entry The following are the transactions relating to the formation of Cardinal Mowing Services, Inc. and its first month of operations. Write journal entry(ies) for the following transactions: a) The firm was organized and owners invested cash of $600 b) The company borrowed $900 from a relative of the owners, a sh
Please help with the following problem. Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You provide the missing closing entry.
Pacific has the following account balances as of Feb 1. Inventory....................................$600,000 Land..........................................500,000 Buildings (net) (valued at $1,000,000)........900,000 Common Stock ($10 par value)..................(800,000) Retained earnings 1/1.........................(1,
Please provide guidance in completing the following: In November 2006, after incorporating, Cookie Creations Inc., the owner "Natalie" begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Complete steps a-c
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognition. For each, tell why you made an entry or why you did not. 1. A local not-for-p
I need help working with: Journal entries, adjusting entries, bank reconciliation, trial balance, and an aging schedule. ** See attached word document for complete description/problem ** Taggert Transcontinental, Inc Trial Balance December 30, 2007 Debits Credits Cash 76,235 Accounts Receivable
On April 1, 2007 Pepsi received an condemnation award of $430,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $60,000 and $280,000, respectively when they were acquired. At April 1, 2007 the accumulated depreciation relati
Please help with journal entries 1. On April 5, purchased merchandise from Allman Company for $20,000 terms 2/10, net/30, FOB shipping point. Date Account Titles and Explanation Debit Credit 2. On April 6, paid freight costs of $900 on merchandise purchased from Allman.
The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations
Problem is in Chapter 11 of Depreciation, Impairments and Depletion Intermediate Accounting Kieso, Weygandt, & Warfield E11-18 Petro Garcia, Inc. (Impairment) The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equip
Warner Co. entered into the following transactions involving short-term liabilities in 2007 and 2008. 2007 Apr. 22 Purchased $5,000 of merchandise on credit from Fox Products, terms are 1/10, n/30. Warner uses the perpetual inventory system. May 23 Replaced the April 22 account payable to Fox Products with a 60-day,
Requirement 3: Total Debits & Credits = $116 Requirement 6: Net income = $6 Requirement 8: Total Debits & Credits = $75 PA4-5 Comprehensive Review Problem: From Recording Transactions (including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) Drs. Glenn Feltha
On January 2, 2008, Cleaver Video Stores decided to step up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January the following receipts were given to Ha
23. Gray County Bank agrees to lend the Starkwood Building Company $100,000 on January 1. Starkwood Building Company signs a $100,000, 9%, 9-month note. The entry made by Starkwood Building Company on January 1 to record the proceeds and issuance of the note is: _________. a)Interest Expense 9,000 Cash 91,000
Please help me to solve the attached problems. 1- Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for stock. 2. Hired two employees to work in the warehouse. Th
Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.) 1. Services provided on account of $1,530 2. Purchase of supplies on account for $1,365 3. Service provided for cash $750 4. Purchase of equipment for c
Mulder Corporation's balance sheet at December 31, 2006 is presented below. Mulder Corporation Balance sheet December 31, 2006 Cash $13,100 Accounts payable $8,750 Accounts receivable 19,780 Common Stock 20,000 Allowance for doubtful accounts (1000) Retained earnings 12,530 Merch
1A The following information, based on the 2007 Annual Report to Shareholders of Kroger Foods (all in $ millions), Accounts payable 1,897 Accounts receivables (net) 3,131 Accrued liabilities and taxes 4,105 Cash and cash equivalents 162 Cost of sales 17,531 Current payables to parent and affiliates 1,652 Current
Please assist with the attached questions and explain the steps for better comprehension. 1. On February 1, 2003, Mario Andretti Corporation issued 2,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2003, journal entry. 2. Minnesota Fats Corporation has outstanding 10,000 share
In 2003, its first year of operations, Landon Corp. has a $700,000 net operating loss when the tax rate is 30%. In 2004, Landon has $300,000 taxable income and the tax rate remains 30%. Assume the management of Landon Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the ne