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Cost Accounting
On January 1, 2012, the Key West Company acquired a pie-making machine for $75,000. The machine was expected to have a useful life of 10 years with no residual value. Key West uses the straight-line
1. Anniston Company purchased equipment and incurred the following costs: Purchase price ............................. $68,500 Cost of trial runs ................................ 400 Installation
1. Jerabek Inc. decided to sell one of its fixed assets that had a cost of $55,000 and accumulated depreciation of $35,000 on July 1, 2019. On that date, Jerabek sold the fixed asset for $15,000.
Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $125,000; real estate commissions, $9,500;
Refer to the information for Irons Delivery Inc. above. Irons uses the straight-line method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020?
Refer to the information for Irons Delivery Inc. above. Irons uses the double-declining-balance method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and
Refer to the information for Irons Delivery Inc. above. Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 160,000 miles. The actual miles driven in 2019
On January 1, 2017, Slade Inc. purchased a machine for $90,000. Slade depreciated the machine with the straight-line depreciation method over a useful life of 10 years, using a residual value of
At December 31, 2019, Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and
Advanced Technological Devices Inc. acquired a patent for $91,500. It spent an additional $31,250 successfully defending the patent in legal proceedings. Required: Determine the cost of the patent?
Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for $1,850,000. Brandon spent $10,000,000 preparing the oil for extraction from the ground. Brandon
On January 1, 2019, Loeffler Company acquired a machine at a cost of $200,000. Loeffler estimates that it will use the machine for 4 years or 8,000 machine hours. It estimates that after 4 years the
Listed below are several transactions: a. Paid $80 cash to replace a minor part of an air conditioning system. b. Paid $40,000 to fix structural damage to a building. c. Paid $8,000 for monthly
On January 1, 2019, the Kelley Company ledger showed a building with a cost of $250,000 and related accumulated depreciation of $96,000. The depreciation resulted from using straight-line
Jolie Company owns equipment with a cost of $85,500 and accumulated depreciation of 76,200. Required: Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie
Pitt reported the following information for 2018 and 2019:Required:Compute Pitt's fixed asset turnover ratio and the average age of its fixed assets.
On January 2, 2019, Frazier Company purchased a restaurant franchise for $85,000. The terms of the franchise agreement allowed Frazier to have exclusive rights to operate a restaurant under the
Luper Company acquired a tract of land which contained iron deposits for $2,500,000. Luper spent $120,000 to access the iron ore. Luper estimates that 2,000,000 tons of ore will be extracted. The
Listed below is information related to three assets reported in the financial statements of Grant Company:Required: For each scenario, indicate whether the asset has been impaired and, if so, the
Laurel Cleaners purchased an automatic dry cleaning machine for $165,000 from TGF Corporation on April 1, 2019. Laurel paid $25,000 in cash and signed a 5-year, 10% note for $140,000. Laurel will pay
On January 1, 2019, Quick Stop, a convenience store, purchased a new soft-drink cooler. Quick Stop paid $15,380 cash for the cooler. Quick Stop also paid $750 to have the cooler shipped to its
Berkshire Corporation purchased a copying machine for $8,700 on January 1, 2019. The machine's residual value was $425 and its expected life was 5 years or 2,000,000 copies. Actual usage was 480,000
Clear-copy, a printing company, acquired a new press on January 1, 2019. The press cost $173,400 and had an expected life of 8 years or 4,500,000 pages and an expected residual value of $15,000.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c.
Quick-as-Lightning, a delivery service, purchased a new delivery truck for $45,000 on January 1, 2019. The truck is expected to have a useful life of 10 years or 150,000 miles and an expected
Barton Construction Company purchased a piece of heavy equipment on January 1, 2017, which it is depreciating using the straight-line method. The equipment's useful life is 5 years and its residual
On January 1, 2017, Blizzards-R-Us purchased a snow-blowing machine for $125,000. The machine was expected to have a residual value of $12,000 at the end of its 5-year useful life. On January 1,
Roanoke Manufacturing placed a robotic arm on a large assembly machine on January 1, 2019. At that time, the assembly machine was expected to last another 3 years. The following information is
Eastern National Bank installed a wireless encryption device in January 2015. The device cost $120,000. At the time the device was installed, Eastern estimated that it would have an expected life of
Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of
Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for
1. Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used (Round your answer to the nearest dollar)? a.
Stanley Company reported the following information regarding its equipment:Account ______________________________________ AmountEquipment, Jan. 1, 2019 .....................................
TLM Technologies had these transactions related to intangible assets during 2019.Jan. 2 Purchased a patent from Luna Industries for $175,000. The remaining legal life of the patent is 15 years, and
On January 1, 2019, Boulder Investments Inc. acquired a franchise to operate a Burger Doodle restaurant. Boulder paid $225,000 for a 10-year franchise and incurred organization costs of
Oxford Quarries purchased 45 acres of land for $185,000. The land contained stone that Oxford will remove from the ground, finish, and then sell as facing material for buildings. Oxford spent
Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,650,000 pine trees that, when mature, can be used for utility poles. Bedford
Olympic Acquisitions Inc. prepared the following post-closing trial balance at December 31, 2019:Required: Prepare a classified balance sheet for Olympic at December 31, 2019. (Olympic reports the
Mist City Car Wash purchased a new brushless car-washing machine for one of its bays. The machine cost $41,700. Mist City borrowed the purchase price from its bank on a 1-year, 8% note payable. Mist
Hansen Supermarkets purchased a radio frequency identification (RFID) system for one of its stores at a cost of $190,000. Hansen determined that the system had an expected life of 8 years (or
Pasta, a restaurant specializing in fresh pasta, installed a pasta cooker in early 2017 at a cost of $12,400. The cooker had an expected life of 5 years and a residual value of $900 when installed.
On January 1, 2013, Technocraft Inc. acquired a patent that was used for manufacturing semiconductor-based electronic circuitry. The patent was originally recorded in Technocraft's ledger at its cost
Obtain Verizon Communications, Inc.'s 2016 annual report either through the ''Investor Relations'' portion of its website (do a web search for Verizon Communications investor relations) or go to
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: 1. With regard to depreciation
After a successful first year, Cam and Anna decide to expand Front Row Entertainment's operations by becoming a venue operator as well as a tour promoter. A venue operator contracts with promoters to
Athens Inc. prepared the following post-closing trial balance at December 31, 2019:Required: Prepare a classified balance sheet for Athens at December 31, 2019. (Athens reports the three categories
Metropolis Country Club purchased a new tractor to be used for golf course maintenance. The tractor cost $64,200. Metropolis borrowed the purchase price from its bank on a 1-year, 7% note payable.
Graphic Design Inc. purchased a state-of-the-art laser engraving machine for $65,200. Graphic Design determined that the system had an expected life of 10 years (or 1,500,000 items engraved) and an
Murray's Fish Market, a store that specializes in providing fresh fish to the Nashville, Tennessee, area, installed a new refrigeration unit in January 2018 at a cost of $27,500. The refrigeration
In 2019, the Mudcat Gas Company purchased a small natural gas company with two assets- land and natural gas reserves-for $158,000,000. The fair value of the land was $1,500,000 and the fair value of
Blackford and Medford Publishing Company own the copyrights on many top authors. On January 5, 2020, Blackford and Medford acquired the copyright on the literary works of Susan Monroe, an underground
Jennifer's Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.'s office buildings. Jennifer's received 4 months' service fees
Conti Products owed $80,000 on account for inventory purchased on December 1, 2020. Conti uses a perpetual inventory system and has a fiscal year that ends on December 31. Conti was unable to pay the
Reagan Gas provides gas utilities to a wide area of eastern Illinois. During May 2019 it billed 36,000 of its residential customers located in the town of Moline a total of $3,295,000 for electricity
Lincoln Repairs and Detailing has recently opened its doors to provide quality auto repair services.To encourage business, Lincoln offers a 9-month warranty on all repairs. The following data are
Monte Cristo Products, which uses a perpetual inventory system, owed $770,000 on account for inventory purchased on November 1, 2020. The company's fiscal year ends on December 31.Monte Cristo was
Yossarian Power Corporation provides electricity to a wide area of eastern Maine. During March 2020, it billed 3,000 of its residential customers located in the town of Maryville a total of $393,000
Describe at least two ways in which current liabilities are frequently ordered on the balance sheet.
Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%, interest-bearing note. Required: 1. Record the borrowing transaction. 2. Record the repayment transaction.
Skiles Company's weekly payroll amounts to $15,000, and payday is every Friday. Employees work 5 days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the
Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash. Required: Prepare the journal entry to record the sale.
Kinsella Inc. has a gross payroll of $13,500 for the pay period. Kinsella must also withhold $1,750 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the
1. Refer to the information for Kinsella Seed above. What journal entry should be recorded on December 31, 2019? a. Debit Interest Expense 5,000; credit Interest Payable 5,000. b. Debit Interest
In 2019, BMJ Plumbing Company sold 250 water heaters for $1,050 each. The water heaters carry a 5-year warranty for repairs. BMJ Plumbing estimates that repair costs will average 2% of the total
In 2019, Waldo Balloons sold 50 hot air balloons at $25,000 each. The balloons carry a 5-year warranty for defects. Waldo estimates that repair costs will average 3% of the total selling price. The
On September 30, Bello International borrows $320,000 from Chase Bank with a 9-month, 8% note. Required: What journal entry is made at Bello's year-end, December 31?
Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $500,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology.
On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750
On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment, but Garnett was only able to furnish $75,000 of its own cash to purchase the equipment. Garnett borrowed the
Nolan Inc. had taxable income of $400,000 in 2019. Its effective tax rate is 35%. Nolan pays its 2019 income taxes on April 15, 2020. Required: 1. Given this information, determine the adjusting
Natalie's Bakery pays its 20 hourly employees every Friday. Each of Natalie's employees earns a wage of $10 per hour and works 35 hours per week, spread evenly from Monday through Sunday. During the
A company employs a part-time staff of 50 employees, each earning $10 per hour and working 30 hours per week. Employees work 5 days per week, Monday through Friday, and are paid weekly on Fridays.
Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of $35,000 every other Friday. During the current year December 31 falls on a Wednesday, and the next payday is
Betty's Antique Shop, a shop specializing in antiques from the 19th century, recently sold a chair from the Civil War era for $60,000 on account. The state sales tax is 5%, and there is a $400-
Farrah's Furniture sold 35 couches to Angel's Inc. for $850 each plus an additional state sales tax of 7%. Angel's Inc. purchased on credit. Required: Provide the journal entry to record the sale
Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly
Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $25,000 for the pay period. The entire payroll is subject to
It's the Tooth Dental works to provide high quality pediatric dental services in a fun-loving environment for children. During December, It's the Tooth Dental employees earned $90,000 in wages.
Curtis's Carpet Cleaning normally charges $90 to clean one room of carpeting. During the holiday season, Curtis offers a promotion to clean the customer's carpet 10 times at a discounted rate if the
Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year lease with a yearly rent of $420,000 and agrees to pay the
In 2019, Lee Electronics, a franchise of electronics stores located in small towns throughout the United States, sold 450 32-inch televisions for $575 each. The televisions carry an attached 3-year
Wally's Party Warehouse provides wholesale party equipment and materials to Party Shops. In 2019, Wally's Party sold 30 bounce houses at $30,000 each. The bounce houses carry a 3-year warranty for
JRL's financial statements contain the following information:Required: 1. What is its current ratio? 2. What is its quick ratio? 3. What is its cash ratio? 4. Discuss JRL's liquidity using these
SJM's financial statements contain the following information:Required:1. What is the current ratio?2. What is the quick ratio?3. What is the cash ratio?4. Discuss SJM's liquidity using these ratios.
Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. (Note: Assume a periodic inventory system.) b. Year-end wages
Plymouth Electronics had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $80,000. (Note: Assume a periodic inventory system.) b. Year-end
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the first 10 days of June: a. Purchased, on credit, space
Far and Wide Broadband provides Internet connection services to customers living in remote areas. During February 2020, it billed a customer a total of $295,000 before taxes. Weston also must pay the
Ed's Athletics sells bicycles and other sports and athletic equipment. Sales and expected warranty claims for the year are as follows:Required: 1. Prepare the entry to record warranty expense for
Richmond Company engaged in the following transactions during 2019: a. Purchased $160,000 of supplies from ABC Supplies on February 16. Amount due in full on March 31. b. Paid for 25% of the
Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned........................................ $485,000* Federal income taxes withheld ......................
Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on October 1, 2019. Fairborne ends its fiscal year on December 31. The note was paid with interest on May 1, 2020. Required: 1.
On November 20, 2019, Green Bay Electronics agreed to manufacture and supply 750 electronic control units used by Wausau Heating Systems in large commercial and industrial installments. On that date,
Consider the following information taken from GER's financial statements:Also, GER's operating cash flows were $12,829 and $14,874 in 2020 and 2019, respectively.Note: Round all answers to two
Rocky Mountain Products has a line-of-credit agreement with Norwest Bank that allows it to borrow up to $100,000 at any given time provided that Rocky Mountain's current assets always exceed its
Obtain Whole Foods' 2016 annual report (filed November 18, 2016) either through the ''Investor Relations'' portion of its website (do a web search for Whole Foods investor relations) or go to
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: 1. Under Armour (Note 6, under the
Front Row has the following selected balances at the February 28, 2020:The following information is not reflected in these balances:a. On February 28, 2020, Front Row accepted delivery of $5,325 of
Daniels Company engaged in the following transactions during 2020: a. Purchased $25,000 of merchandise from XYZ Supplies on January 26. Amount due in full on February 28. b. Paid for 40% of the
McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: Wages earned ......................................................... $1,250,000* Federal income taxes
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