Granny Carney Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each asset. During 2016, Granny Carney completed the following transactions: Jan. 1 Purchased office equipment, $112,000. Paid $78,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $410,000 paid in cash. An independent appraisal valued the land at $322,875 and the communication equipment at $107,625. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $240,000 through December 31 of the preceding year). Granny Carney received $360,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $60,000. Dec. 31 Recorded depreciation as follows: Communication equipment is depreciated by the straight-line method over a five-year life with zero residual value. Office equipment is depreciated using the double-declining-balance method over five years with a $5,000 residual value. Record the transactions in the journal of Granny Carney Associates.
During January Boyden completed the following transactions Jan 3 Purchased merchandise on account...... ... on account from Wortham Co on January 3 6 Made cash sales for the week totaling 3150 8 Purchased merchandise on account from Noyes Co 4500 9 Sold merchandise on account to Connor Corp 6400...
7362 Regis One then entered into the following transactions Jan 1 Purchased 500 treasury shares at...... ... shares at 50 per share Jan 3 Resold 200 of the treasury shares at 40 per share Jan 4 Resold 400 of the treasure shares at 50 per share Jan 5 Resold 200 of the treasury shares at 20 per
Grace Carol Associates surveys American eating habits. The company’s accounts include Land,...... ... equipment is depreciated by the straight-line method over a five-year life with zero residual value. Office equipment is depreciated using the double-declining-balance method over five years with...
In Shelanu v. Three Print, the Ontario Court of Appeal held that franchisors owe a duty of good faith to franchisees. What factors led the court to this conclusion? In what other contractual relationships might one party owe the other party a duty of good faith? What does “good faith” mean? How...
Hartford Research issues bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds have a $ 40,000 par value and an annual contract rate of 10%, and they mature in 10 years. Required For each of the following three separate situations, (a) Determine the...
An LCR series circuit satisfies the following system dQ d²Q L- +R dt² + + 1/ Q = E(t) dt and we will assume that t = 0, Q = 0, and t = 0, dQ/dt = 0. Assume that the system is critically damped with L = C = 1 and R=2. Assume that the laplace transform of I(t) is W(s) and Q(t) is Z(s). Assume that...
In this exercise, you modify the Check Digit application from this chapter’s Apply lesson. Use Windows to make a copy of the Check Digit Solution folder. Rename the copy Check Digit Solution-Hyphens. Open the Check Digit Solution.sln file contained in the Check Digit Solution-Hyphens folder. a....
On January 3, 2016, Quick Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Quick spent $2,500 painting it, $1,800 replacing tires, and $4,700 overhauling the engine. The truck should remain in service for five years and have a residual value of $9,000....
Gandy Oil Incorporated has an account titled Oil and Gas Properties. Gandy paid $6,100,000 for oil reserves holding an estimated 300,000 barrels of oil. Assume the company paid $560,000 for additional geological tests of the property and $480,000 to prepare for drilling. During the first year,...
Lily Flower\'s weekly gross earnings for the present week were $2,500. Flower has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $75 standard withholding allowance for each exemption, what is Flower\'s federal income tax withholding?