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financial accounting
Financial Accounting 5th edition Robert Kemp, Jeffrey Waybright - Solutions
Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2018. Credit terms are 2/10, n/45. A-1 Sports pays Outdoor Wear, Inc., on December 8, 2018.1. Journalize the transactions for A-1 Sports on December 1, 2018, and December 8, 2018, assuming the
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material. This case uses both the income statement (statement of operations) and the balance sheet of Columbia Sportswear in Appendix A at the end of the book.Requirements1.
Let’s consider Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s earning net income or loss? What resources did Dick’s need to operate? Think about
In this problem, we continue the accounting for Fitness Equipment Doctor, Inc., from Chapter 3. On June 1, Fitness Equipment Doctor, Inc., expanded its business and began selling and installing gym equipment. The post-closing trial balance for Fitness Equipment Doctor, Inc., as of May 31, 2018, is
Eaton Supply, Inc., has the following account balances at May 31, 2018. The inventory balance was determined using FIFO. Eaton Supply, Inc., has determined that the replacement cost (current market value) of the May 31, 2018, ending inventory is $35,900. Requirements 1. What value would Eaton
Mike?s Custom Furniture, Inc., reported the following comparative income statements for the years ended April 30, 2018, and April 30, 2017. During 2018, Mike?s Custom Furniture, Inc., discovered that the 2017 ending inventory, as previously reported, was overstated by $1,900. Requirements 1.
Wild Things, Inc., has the following information as of December 31, 2018: Requirements 1. Compute the rate of inventory turnover for Wild Things, Inc., for the year ended December 31, 2018. Round the result to two decimal places. 2. The rate of inventory turnover for Wild Things, Inc., was 12.16
Eagle Resources, Inc., has the following account balances at October 31, 2018. The inventory balance was determined using FIFO. Eagle Resources, Inc., has determined that the replacement cost (current market value) of the October 31, 2018, ending inventory is $35,100. Requirements 1. What value
Jacob?s Upholstery, Inc., reported the following comparative income statements for the years ended September 30, 2018, and September 30, 2017. During 2018, Jacob?s Upholstery, Inc., discovered that the 2017 ending inventory, as previously reported, was understated by $1,500. Requirements 1.
Julia?s Jungle, Inc., has the following information as of August 31, 2018: Requirements 1. Compute the rate of inventory turnover for Julia?s Jungle, Inc., for the year ended August 31, 2018. Round the result to two decimal places. 2. The rate of inventory turnover for Julia?s Jungle, Inc., was
Mid Valley Sporting Goods, Inc., uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Mid Valley Sporting Goods, Inc., has the following account balances at December 31, 2018, before releasing its financial statements for the year: The accountant
Because of a nationwide recession, Liquidation Universe, Inc.’s merchandise inventory is gathering dust. It is now November 30, 2018, and the $162,750 that Liquidation Universe, Inc., paid for its ending inventory is $3,125 higher than the current replacement cost. Before any adjustments at the
Build Right Supply, Co., shows the following financial statement data for 2016, 2017, and 2018. Before issuing the 2018 statements, auditors found the ending inventory for 2016 was understated by $1,000 and that the ending inventory for 2018 was overstated by $3,000. The ending inventory at
Gallinger Enterprises, Inc., lost its entire inventory in a hurricane that occurred on May 31, 2018. Over the past five years, gross profit has averaged 38 percent of net sales. The company’s records reveal the following data for the month of May:Beginning
Pugliese Whole Foods, Inc., has the following information for the years ending December 31, 2018, and December 31, 2017: Requirements 1. Compute the rate of inventory turnover for Pugliese Whole Foods, Inc., for the years ended December 31, 2018, and December 31, 2017. Round the result to two
Titan Truck Parts, Inc., uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Titan Truck Parts, Inc., has the following account balances at December 31, 2018, before releasing its financial statements for the year: The accountant for Titan Truck
Because of a nationwide recession, Computer World, Inc.’s merchandise inventory is gathering dust. It is now October 31, 2018, and the $66,800 that Computer World, Inc., paid for its ending inventory is $2,300 higher than current replacement cost. Before any adjustments at the end of the period,
Savemore Supply, Co., shows the following financial statement data for 2016, 2017, and 2018: Before issuing the 2018 statements, auditors found that the ending inventory for 2016 was overstated by $4,000 and that the ending inventory for 2018 was understated by $2,000. The ending inventory at
Sundance Marine Supply, Inc., lost its entire inventory in a hurricane that occurred on March 31, 2018. Over the past five years, gross profit has averaged 35 percent of net sales. The company’s records reveal the following data for the month of March:Beginning
Osborne Organic Foods, Inc., has the following information for the years ending December 31, 2018, and December 31, 2017: Requirements 1. Compute the rate of inventory turnover for Osborne Organic Foods, Inc., for the years ended December 31, 2018, and December 31, 2017. Round the result to two
Let’s resume our examination of Dick’s Sporting Goods (Dick’s). Return to Dick’s Annual Report (see the Continuing Financial Statement Analysis Problem in Chapter 2 for instructions on how to access the Annual Report). Now answer the following questions:1. Look at Dick’s latest audit
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the section titled “Design and Evaluation of Internal Control Over Financial Reporting” in Item 9A starting on page 693.
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case addresses the accounts receivable reflected on Columbia Sportswear’s balance sheet. We once again refer to the annual report for
The T-account for Cash and the bank statement of Sinclair Food Services for the month of October 2018 follow: Prepare Sinclair Food Services? bank reconciliation at October 31. Cash Oct 1 Bal. Oct 10 deposit Oct 31 deposit 3,310 Check #704 925 Check #705 640 300 930 240 Check #706 Pre-adjusted
Let’s continue our examination of Dick’s Sporting Goods (Dick’s). Return to Dick’s Annual Report (see the Continuing Financial Statement Analysis Problem in Chapter 2 for instructions on how to access the Annual Report). Now answer the following questions:1. Look at Dick’s balance sheet.
Prepare the current assets section of the balance sheet as of May 31, 2018, for Spices and More, Inc., using the following information:Accounts Receivable ....................................................................................$54,200Petty
During its first year of operations, World Wide Travel earned revenue of $620,000 on account. Industry experience suggests that World Wide Travel’s uncollectible accounts will amount to 3 percent of revenues. On December 31, 2018, accounts receivable totaled $177,400. The company uses the
Wilson’s Auto Repair ended 2017 with Accounts Receivable of $85,000 and a credit balance of $11,000 in Allowance for Uncollectible Accounts. During 2018, Wilson’s Auto Repair had the following activity:a. Service revenue earned on account, $545,000b. Collections on account, $575,000c.
Bright Smile Dental Group started 2018 with Accounts Receivable of $134,000 and a credit balance of $9,000 in Allowance for Uncollectible Accounts. The following information relates to Bright Smile Dental’s 2018 operations:a. Credit sales, $322,000b. Collections on account, $309,000c. Write-offs
Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments: The aging of receivables yields these data: Journalize Umbrella?s entry to adjust the allowance account to its correct balance on December 31, 2018. Accounts Receivable Allowance for Uncollectible
For each of the following notes receivable, compute the amount of interest revenue earned during 2018. Use a 360-day year, and round to the nearest dollar. Interest Period During 2018 Principal Interest Rate $ 25,000 11 months 75 days 45 days 9 months Note 1. Note 2. Note 3. Note 4.. 9% 8% 6%
Cryer?s Produce, Inc.?s checkbook lists the following: Cryers?s Produce, Inc.?s November bank statement shows the following: Requirements 1. Prepare Cryer?s Produce, Inc.?s bank reconciliation on November 30, 2018. How much cash does Cryer?s Produce actually have on November 30? 2. Prepare all
DJ’s Auto Repair, Inc., ended December 2017 with Accounts Receivable of $8,500 and a credit balance of $275 in Allowance for Uncollectible Accounts. During January 2018, DJ’s Auto Repair, Inc., completed the following transactions:a. Sales of $85,000, which included $62,000 in credit sales and
On December 31, 2018, the Accounts Receivable balance of TDS Distribution, Inc., is $194,000. The Allowance for Uncollectible Accounts has a $1,200 credit balance. TDS Distribution, Inc., prepares the following aging schedule for its accounts receivable: Requirements 1. Journalize the year-end
River City Supply, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2018, Allowance for Uncollectible Accounts has a $375 credit balance. Journalize the year-end adjusting entry for uncollectible accounts, assuming the following independent scenarios:1. River
On April 30, 2018, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year, 8 percent note.Requirements1. Compute the interest on the note for the years ended December 31, 2018, and December 31, 2019. Round interest calculations to the nearest dollar.2. Which party
Valley Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Valley Hardware Supply converts the account to a note receivable. During 2018, Valley Hardware Supply completed these transactions:Jan 29 Sold goods on account to Peter’s Hardware Inc., $6,200. Ignore
Lakota Equipment reported the following items on December 31, 2018 (last year?s amounts are also given as needed): Requirements 1. Compute Lakota Equipment?s (a) quick ratio, (b) current ratio, and (c) accounts receivable turnover for 2018. 2. Evaluate each ratio value as strong or weak. Assume
Casey?s Construction, Inc.?s checkbook lists the following: Casey?s Construction, Inc.?s September bank statement shows the following: Requirements 1. Prepare Casey?s Construction, Inc.?s bank reconciliation on September 30, 2018. How much cash does Casey?s Construction, Inc., actually have on
Beckett Appliance Repair, Inc., ended December 2017 with Accounts Receivable of $2,400 and a debit balance of $175 in Allowance for Uncollectible Accounts. During January 2018, Beckett Appliance Repair, Inc., completed the following transactions:a. Sales of $52,000, which included $38,000 in
On March 31, 2018, the Accounts Receivable balance of Dunham Manufacturing, Inc., is $173,000. The Allowance for Uncollectible Accounts has a $1,650 credit balance. Dunham Manufacturing, Inc., prepares the following aging schedule for its accounts receivable: Requirements 1. Journalize the
Inland Paving, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2018, Allowance for Uncollectible Accounts has a $725 credit balance. Journalize the year-end adjusting entry for uncollectible accounts assuming the following independent scenarios:1. Inland
On July 31, 2018, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7 percent note.Requirements1. Compute the interest on the note for the years ended December 31, 2018, and December 31, 2019. Round interest calculations to the nearest dollar.2. Which party hasa. a note
Jitterz Coffee Supply, Inc., sells on account. When a customer account becomes four months old, Jitterz Coffee Supply, Inc., converts the account to a note receivable. During 2018, Jitterz Coffee Supply completed these transactions:Jan 31 Sold goods on account to Bean Me Up, Inc., $2,800. Ignore
Tri-State Equipment reported the following items on July 31, 2018 (last year?s amounts are also given as needed): Requirements 1. Compute Tri-State Equipment?s (a) quick ratio, (b) current ratio, and (c) accounts receivable turnover for 2018. 2. Evaluate each ratio value as strong or weak. Assume
Turyin Auto Parts, Inc., completed the following selected transactions during 2018:Jan 17 Sold inventory to Pete Hanson $675, on account. Ignore cost of goods sold.Jun 29 Wrote off the Pete Hanson account as uncollectible after repeated efforts to collect from him.Aug 6 Received $300 from Pete
Titan Truck, Inc., received the following notes during 2018: Requirements 1. Identifying each note by number, compute the total interest on each note over the note term using a 360-day year, and determine the due date and maturity value of each note. Round interest calculations to the nearest
Record the following transactions in the journal of Redmond Printing Supply, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar.2017Dec 19 Received a $2,400, 60-day, 8% note on account from The CGS Publishing.31 Made an adjusting entry
The comparative financial statements of O?Doherty?s Irish Grille for 2018, 2017, and 2016 include the following selected data: Requirements 1. Compute these ratios for 2018 and 2017: a. Quick ratio b. Current ratio c. Accounts receivable turnover (assume all sales are credit sales) d.
Checker Flag Auto Parts, Inc., completed the following selected transactions during 2018:Jan 17 Sold inventory to Sandy Skovic, $500 on account. Ignore cost of goods sold.Jun 29 Wrote off Sandy Skovic’s account as uncollectible after repeated efforts to collect from her.Aug 6 Received $400 from
KJ Auto Sales, Inc., received the following notes during 2018: Requirements 1. Identifying each note by number, compute the total interest on each note over the note term using a 360-day year, and determine the due date and maturity value of each note. Round interest calculations to the nearest
Record the following transactions in the journal of Sounds on Wheels, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar.2017Dec 6 Received a $3,800, 90-day, 6% note on account from JA Audio.31 Made an adjusting entry to accrue interest
The comparative financial statements of Appleway Flowers, Inc., for 2018, 2017, and 2016 include the following selected data: Requirements 1. Compute these ratios for 2018 and 2017: a. Quick ratio b. Current ratio c. Accounts receivable turnover (assume all sales are credit sales) d. Receivable
This problem continues our accounting for Fitness Equipment Doctor, Inc., from Chapter 7. During 2018, Fitness Equipment Doctor made the following purchases:• On March 3, Fitness Equipment Doctor, Inc., purchased equipment for $3,600 cash. The equipment has an estimated useful life of four years
Let’s look at Dick’s Sporting Goods (Dick’s) some more. Think about Dick’s. What assets did Dick’s need to operate? Return to Dick’s Annual Report (see the Continuing Financial Statement Analysis Problem in Chapter 2 for instructions on how to access the Annual Report). Now answer the
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case addresses the long-term assets of Columbia Sportswear. The majority of these assets consist of property and equipment and intangible
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Notes to the Consolidated Financial Statements starting on page 668. Now access the 2016 Annual Report for Under Armour,
On March 31, 2018, Titan Trucking purchased a used Kenworth truck at a cost of $52,000. Titan Trucking expects to drive the truck for five years and to have a residual value of $10,000. Compute Titan Trucking’s depreciation expense on the truck for year 1 using the straight-line method.
Top Flight Airways purchased a baggage-handling truck for $64,000. Suppose Top Flight Airways sold the truck on December 31, 2018, for $42,000 cash, after using the truck for three full years and accumulating depreciation of $27,000. Make the journal entry to record Top Flight Airways’ sale of
Bargain Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2018, Bargain Oil’s cost of oil reserves totaled approximately $14.4 million, representing 1.2 million barrels of oil reserves in the ground.Requirements1. Calculate Bargain Oil’s depletion expense per
Mackay Industries, Inc., purchased land, paying $80,000 cash as a down payment and signing a $160,000 note payable for the balance. In addition, Mackay Industries, Inc., paid delinquent property tax of $4,300, title insurance costing $3,100, and a $7,800 charge for leveling the land and removing an
Whelan Transfer manufactures conveyor belts. Early in August 2018, Whelan Transfer constructed its own building at a cost of $910,000 (for materials, labor, and overhead). Whelan Transfer paid cash for the construction costs. Whelan Transfer also paid $71,000 for architect fees and building
On January 2, 2018, Evergreen Lighting purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for 5 years. Evergreen Lighting has depreciated the fixtures on a straight-line basis, with zero residual value. On August 2, 2019, Evergreen Lighting sold the fixtures
Assume that Hart Corporation?s comparative balance sheet reported these amounts: Requirement Assume that on January 1, 2018, Hart sold one-tenth of its plant and equipment for $56,000 cash. Journalize this transaction for Hart. December 31 2017 2016 Plant and Equipment. Less: Accumulated
Ludlow Transport is a large trucking company. Ludlow Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Ludlow Transport acquired a Mack truck costing $410,000, with a useful life of 10 years or 1,250,000 miles. Estimated residual value was $10,000. The truck was
At the end of 2018, Crawford Corp. had total assets of $321,800 and total liabilities of $183,400. Included in the assets were property, plant, and equipment, with a cost of $242,000, and accumulated depreciation of $116,000. Also included in the assets were $24,300 of patents, $120,000 of
On January 2, 2018, Trendz Lighting purchased showroom fixtures for $20,000 cash, expecting the fixtures to remain in service for four years. Trendz Lighting has depreciated the fixtures on a straight-line basis, with zero residual value. On March 31, 2019, Trendz Lighting sold the fixtures for
Assume that Branson Corporation?s comparative balance sheet reported these amounts: Requirement Assume that on January 1, 2018, Branson sold one-eighth of its plant and equipment for $60,500 cash. Journalize this transaction for Branson. December 31 2017 2016 Plant and Equipment.. Less:
Mesa Transport is a large trucking company. Mesa Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Mesa Transport acquired a Mack truck costing $330,000, with a useful life of 10 years or 900,000 miles. Estimated residual value was $33,000. The truck was driven
At the end of 2018, Zepher Corp. had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600, and accumulated depreciation of $114,800. Also included in the assets were $84,000 of patents; $68,100 of goodwill;
Regal Freightway provides freight service. The company’s balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Regal Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Regal Freightway completed the following transactions:Jan 1
On January 3, 2018, Grey Enterprises, Inc., paid $280,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $500 for transportation charges, $300 for insurance for the equipment while in transit, $12,100 sales tax, and $1,500 for a
Allen Construction, Inc., had a piece of equipment that cost $32,000 and had accumulated depreciation of $24,000.Requirement1. Record the disposition of the equipment assuming the following independent situations:a. Allen Construction discarded the equipment, receiving $0.b. Allen Construction sold
Allied Corp. issued at par 8 percent, five-year bonds payable with a maturity value of $50,000 on May 1, 2018. Assume the fiscal year ends December 31. Journalize the following transactions and include an explanation for each entry. Round calculations to the nearest dollar.a. Issuance of the bonds
Wildflower Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 2018: Requirement Prepare the liabilities section of Wildflower Magazine?s balance sheet at December 31, 2018, to show how the company would report these items. Report a total for current
Record the following note payable transactions of Concilio Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar. Explanations are not required.2018Sep 1 Purchased equipment costing $40,000 by issuing a one-year, 8%
The accounting records of Prestige Auto Repair showed a balance of $6,700 in Estimated Warranty Payable at December 31, 2017. In the past, Prestige Auto Repair’s warranty expense has been 2 percent of sales. During 2018, Prestige Auto Repair made sales of $431,000 on account and paid $9,800 to
Horizon Publishing Company completed the following transactions during 2018:Sep 1 Sold 312 six-month subscriptions, collecting cash of $600, plus sales tax of 4%.Oct 15 Remitted the sales tax to the state of Idaho.Dec 31 Made the necessary adjustment at year-end to record the amount of subscription
The accounting records of Miller Upholstery showed a balance of $2,300 in Estimated Warranty Payable at December 31, 2017. In the past, Miller Upholstery’s warranty expense has been 2.5 percent of sales. During 2018, Miller Upholstery made sales of $312,000 on account and paid $8,250 to satisfy
Solar Corp. issued a $460,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Solar Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record the journal entries for (a) issuance of the
Seattle Physicians Group borrowed $300,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next three years. Requirement Insert the appropriate amounts below to show how Seattle Physicians Group
At December 31, 2018, Christianson Cabinets owes $5,700 on accounts payable, plus salaries payable of $3,200 and income tax payable of $7,000. Christianson Cabinets also has $280,000 of notes payable that require payment of a $20,000 installment in 2019 and the remainder in later years. The notes
Appleway Supply had the following balances as of December 31, 2018:Total Current Assets........................................................................................$ 122,000Total Long-Term
Record the following note payable transactions of Cranmore Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar. Explanations are not required.2018Apr 1 Purchased equipment costing $22,000 by issuing a one-year, 9%
Adirondack Publishing Company completed the following transactions during 2018:Aug 1 Sold 30 six-month subscriptions, collecting cash of $1,500, plus sales tax of 7%.Sep 15 Remitted the sales tax to the state of Alabama.Dec 31 Made the necessary adjustment at year-end to record the amount of
Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Orbit Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record the journal entries for (a) issuance of the
At December 31, 2018, Salish Hardware owes $4,800 on accounts payable, plus salaries payable of $5,300 and income tax payable of $6,100. Salish Hardware also has $320,000 of notes payable that require payment of a $26,000 installment in 2019 and the remainder in later years. The notes payable also
The accounting records of Boardman Corp. include the following items at December 31, 2018: Requirement Report these liabilities on Boardman?s balance sheet at December 31, 2018, including headings. $ 14,350 Accounts Payable . Mortgage Note Payable, Salaries Payable . Mortgage Note Payable,
Country Supply had the following balances as of December 31, 2018:Total Current Assets........................................................................................$ 181,000Total Long-Term
The following transactions of Newport Marine Supply occurred during 2018 and 2019:2018Feb 3 Purchased equipment for $8,000, signing a six-month, 10% note payable.28 Recorded the week’s sales of $75,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 3% sales
Paiscik Corp. completed the following transactions in 2018: Jan 1 Purchased a building costing $190,000 and signed a 10%, 15-year mortgage note payable for the same amount.Jun 30 Made the first semiannual payment on the mortgage note payable.Dec 1 Signed a five-year lease to rent a warehouse for
Assume that on February 1, 2018, Sierra Corp. issues 7 percent, 10-year bonds payable with a maturity value of $500,000. The bonds pay interest on January 31 and July 31, and Sierra amortizes any premium or discount using the straight-line method. Sierra’s fiscal year end is December
On May 1, 2018, Hudson Theatres issued $600,000 of 25-year, 10 percent bonds payable. The bonds were sold for $552,000. The bonds pay interest each October 31 and April 30, and any discount or premium is amortized using straight-line amortization.Requirements1. Fill in the blanks to complete these
The accounting records of Azul Industries, Inc., include the following items at December 31, 2018: Requirement Report these liabilities on Azul Industries? balance sheet at December 31, 2018, including headings. Salaries Payable. Mortgage Notes Payable, Current Portion Discount on Bonds Payable
The classified balance sheet and selected income statement data for Shreveport Auto, Inc., as of December 31, 2018, are presented next. Selected Income Statement Data Gross Profit.......................................................................$293,200Operating
The following transactions of Brewton’s Marine Supply occurred during 2018 and 2019:2018Feb 3 Purchased equipment for $15,000, signing a six-month, 11% note payable.28 Recorded the week’s sales of $66,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 6%
Kamin Corp. completed the following transactions in 2018:Jan 1 Purchased a building costing $150,000 and signed a 12%, 15-year mortgage note payable for the same amount.Jun 30 Made the first semiannual payment on the mortgage note payable.Dec 1 Signed a five-year lease to rent a warehouse for
Assume that on April 1, 2018, Yukon Corp. issued 10 percent, 10-year bonds payable with maturity value of $800,000. The bonds pay interest on March 31 and September 30, and Yukon amortizes any premium or discount using the straight-line method. Yukon’s fiscal year end is December
On March 1, 2018, Rock Canyon Golf Course issued $750,000 of 10-year, 9 percent bonds payable. The bonds were sold for $765,000. The bonds pay interest each August 31 and February 28, and any discount or premium is amortized using straight-line amortization.Requirements1. Fill in the blanks to
The classified balance sheet and selected income statement data for Amarillo Auto Supply, Inc., as of December 31, 2018, are presented next. Selected Income Statement Data Gross Profit..........................................................$275,600Operating
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