** Please see the attached file for the complete problem description ** Chapter 12 The City of Wetteville has a fiscal year ending June 30. Examine the following transactions for Wetteville: (A) On 6/1/10, Wetteville enters into a 5-year lease on a copying machine. The lease meets the criteria of a capita
See problems in attached Excel file. Problem 1 Norton Co., a U.S. corporation, sold inventory on December 1, 2007, with payment of 10,000 British pounds to be received in 60 days. The pertinent exchange rates were as follows: SPOT RATE December 1, 2007 $1.7241 December 31, 2007 $1.8182 January
See attachment. Lisa Ortega is president of Ortega Riding Academy, Inc. The academy's primary sources of revenue are riding fees and lesson fees, which are paid on a cash basis. Lisa also boards horses for owners, who are billed monthly for boarding fees. In a few cases, boarders pay in advance of expected use. For its rev
Presented here are selected transactions for Lulu Corporation for 2010. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2000. The machine cost $71,000 on that date and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2007. The computer cost
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. I need to prepare journal entries to record the last of the following events: (I finished most of this; but stuck on these questions). I need to understand this for my timed test tomorrow. a) Jan 1 ~
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Grainger Company rings up sales and sales taxes separately on its cash register. On April 10 the register totals are sales $25,000 and sales taxes $1,750. Darby Company does not segregate sales and sales
BE10-7 The balance sheet for Reading Company reports the following information on July 1, 2010. READING COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds payable 30,000 $1,970,000 Reading decides to redeem these bonds at 102 after pay
Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction ( ). Column headings reflect the expanded balance
See attached format for response. Columbia Coffee Company earned net income of $85,000 during the year ended December 31, 20x8. On December 15, Columbia declared the annual cash dividend on its 6% preferred stock (10,000 shares with a $10 par value) and a $0.50 per share cash dividend on its common stock (50,000 shares with
I have a phone interview with the Asst. Controller for a Senior Accountant position. How should I answer the questions what are your strengths and weaknesses? Why should I hire you? What are your career goals. Here's a brief description of the job. Summary of Role: Prepares income and balance sheet statements, consolidate
E11-2 On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (d) What
First mover Last mover theory and explanation of both.
5. The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. June 2 Purchased 400 shares of Dolen Corporation common stock for $45 per share. July 1 Purchased 200 Oslo Corporation bonds for $220,000. 30 Received a cash dividend of $2 per share from Dolen
On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. a. Prepare the journal entry for the issuance assuming the bonds are issued at 97. b. Prepare the journal entry for the issuance assuming the bonds are issued at 102
E3-7. The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciationâ?"Equipment $ 8,400 Notes Payable 20,000 Unearned Rent 9
Lower-of-Cost-or-Market Fortner Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the companyâ??s inventory records as of December 31, 2006. Estimated Completion Norma
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Mikor only had enough cash on hand then to pay $1,700 of the amount due, so Mikors treasurer called and Smiley's treasurer and agreed to sign a note payable for the balance. The note was dated Octobe
1. The City of Wetteville has a fiscal year ending June 30. Examine the following transactions for Wetteville: (A) On 6/1/10, Wetteville enters into a 5-year lease on a copying machine. The lease meets the criteria of a capital lease and carries an implied interest rate of 10%. The copier has a present value of $2
On January 1, 2007, Lucy Corporation issued $1,200,000 face value, 7% 10 -year bonds at $1,119,479 This price resulted in an effective-interest rate of 8% on the bonds. Lucy uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instr
Your company is in financial trouble and is in the process of reorganizing. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment. This is the liability section of your company's balance sheet: CURRENT LIABILITIES Accounts payable
See excel for better formatting. Peru Corporation sold $1,500,000 6% 10 -year bonds on January 1, 2007. The bonds were dated January 1, 2007, and pay interest on January 1. Peru Corporation uses the straight-line method to amortize bond premium or discount. Instructions: (a) Prepare al
1. Cram Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: A. Total assets decrease and equity increases. B. Both total assets and total liabilities decrease. C. Total assets, total liabilities, and equity are unchanged
At the end of the fiscal year, an adjusting entry was made for accrued salaries of $2,000. The salaries for one week, $4,250, were paid on the first Friday of the new fiscal period. When the weekly salaries are paid on the first Friday of the new accounting period, what will be the general journal entry? A. Salaries Expense
Lehman Pottery Company manufactures clay molded pottery on an assembly line. Its standard costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conv
2. Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. The County formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At the beginning of the fiscal year, the Co
On 25 March, Phelps Company declared $2 per share cash dividend on 20,000 shares of common stock outstanding; paid cash dividends on 20 April that were declared on 25 March; On December 31st, Phelps Company closed its $52,000 credit balance in Income Summary (reflecting net income) to Retained Earnings. What would be the journal
The fiscal year of Duchess County ends on December 31. Property taxes are due March 31 on the year they are levied. 1. Prepare journal entries(excluding budgetary and closing entries) to record the following property tax related transactions in which the country engaged in 2007 and 2008. a. Jan 15, 2007 the county council
E11-11 (Depreciation - Change in Estimate) Machinery purchased for $60,000 by Tom Brady Co. in 2003 was orginally to have a life of 8 yrs. with a salvage value of $4,000 at the end of that time. Depeciaition has been entered for f5 years on this basis. In 2008, it is determined that the total estimated life should be 10 yea
Please see attachment for selected article. The aim of the critique is to describe how the study followed or failed to follow the criteria for good research. Kindly include the following topics in the critique: -Study design -Problem or objective -Literature review -Population sampling for study -Measurement -D
Maso Company recorded journal entries for the issuance of common stock for $40,000, the payment of $13,000 on accounts payable, and the payment of salaries expense of $21,000. What net effect do these entries have on owners' equity? Increase of $40,000. Increase of $27,000. Increase of $19,000. Increase