Question: Need some help with these journal entries. Please show steps on how to get the amounts for the entries. Thanks Cash $2,830,725 Accounts Payable 103,000

Need some help with these journal entries. Please show steps on how to get the amounts for the entries. Thanks

Need some help with these journal entries. Please show steps on howto get the amounts for the entries. Thanks Cash $2,830,725 Accounts Payable

Cash $2,830,725 Accounts Payable 103,000 Intangible Assets $1,227,845 FUTA Taxes Payable $40 Treasury Stock $230,000 FICA Taxes Payable $7,700 Unearned Revenue $16.000 Interest Payable $110,000 Retained Earnings $596,673 SUTA Taxes Payable $60 Accounts Receivable $1,434,485 Inventory $780,000 Dividends Payable $210,000 Federal Inc. Tax Withholding Payable $35,000 LIFO Reserve $139,700 Allowance for Doubtful Accounts $43,035 Machinery $420,000 Bonds Payable $1,000,000 Estimated Warranty Payable $18,500 Common Stock $5 par value $2,700,000 Additional Paid-in Capital $1,590,000 Accumulated Depreciation - Machinery $276,035 1. On May 1, 2021, we received a $400,000, 5% interest, 4-year note for goods sold. The cost of the goods sold was $250,000. The prevailing market interest rate is 2% at the time the note is received. Interest on the note is due annually on January 1. 2. A machine which cost $465,000 was acquired on March 25, 2017. Its estimated salvage value is $22,000 and its expected life is eight years. Record any necessary 2021 entries associated with this machine. The machine is depreciated using the double-declining balance method. On November 30, 2021, this machine has a fair value of $189,000 and is exchanged for similar machinery having a fair value of $170,000 and $17,000 cash is received. This exchange lacks commercial substance. The new machinery is depreciated using the double-declining balance method and has an eight year useful life. 3. We sell computers for $1,900 each. The cost of the computers was $11,950 each. During 2021, the company sold 800 computers. 25% of the sales were on account, the remainder of the sales were for cash. We also sell an extended warranty for $100 more, which protects the buyer for 2 years. 84% of the sales purchased the additional warranty. All extended warranty purchases were made for cash. During 2021, we spent $11,900 servicing warranties from this year's sales. We estimate that the total cost of servicing these warranties will be $24,000 for 2 years. 4. Purchased a truck for $153,000 cash on July 6, 2021. The truck has a five year useful life and will be depreciated using the double-declining depreciation method. 5. We have ending inventory in 2016 of $510,000, an ending inventory of $615,000 in 2017, an ending inventory of $753,000 in 2018, an ending inventory of $789,000 in 2019, and an ending inventory of $900,000 in 2020. The price index for each year is 100, 110, 115,120, 125 respectively. The price index for 2021 is 135. Using dollar-value LIFO, calculate the ending inventory that should be reported on the 2021 year-end balance sheet (report it appropriately). 6. Assume that the estimate of uncollectible accounts is determined by taking 2% of gross accounts receivable and is accounted for on December 31. 7. On January 1, 2014, Judd Company sold $1,070,000 in long-term bonds. The bonds will mature in 10 years and have a stated interest rate of 10% and a yield rate of 8%. The bonds pay interest annually on January 1 of each year. The bonds are to be accounted for under the effective-interest method. 8. On December 31, 2021, we redeemed $800,000 of the bonds described in transaction (13) at 102, after all other entries have been recorded. 9. On August 11, 2021, Judd purchases equipment by issuing a $495,000, 7%, 5- year note. The market rate of interest for similar notes is 3%. The equipment has a 10-year useful life and a $11,000 salvage value. The equipment is to be depreciated using the straight-line method. 10. On Dec. 12, 2021, declared a $0.35 per share cash dividend, payable February 15, 2022 to stockholders of record on February 5, 2022. Cash $2,830,725 Accounts Payable 103,000 Intangible Assets $1,227,845 FUTA Taxes Payable $40 Treasury Stock $230,000 FICA Taxes Payable $7,700 Unearned Revenue $16.000 Interest Payable $110,000 Retained Earnings $596,673 SUTA Taxes Payable $60 Accounts Receivable $1,434,485 Inventory $780,000 Dividends Payable $210,000 Federal Inc. Tax Withholding Payable $35,000 LIFO Reserve $139,700 Allowance for Doubtful Accounts $43,035 Machinery $420,000 Bonds Payable $1,000,000 Estimated Warranty Payable $18,500 Common Stock $5 par value $2,700,000 Additional Paid-in Capital $1,590,000 Accumulated Depreciation - Machinery $276,035 1. On May 1, 2021, we received a $400,000, 5% interest, 4-year note for goods sold. The cost of the goods sold was $250,000. The prevailing market interest rate is 2% at the time the note is received. Interest on the note is due annually on January 1. 2. A machine which cost $465,000 was acquired on March 25, 2017. Its estimated salvage value is $22,000 and its expected life is eight years. Record any necessary 2021 entries associated with this machine. The machine is depreciated using the double-declining balance method. On November 30, 2021, this machine has a fair value of $189,000 and is exchanged for similar machinery having a fair value of $170,000 and $17,000 cash is received. This exchange lacks commercial substance. The new machinery is depreciated using the double-declining balance method and has an eight year useful life. 3. We sell computers for $1,900 each. The cost of the computers was $11,950 each. During 2021, the company sold 800 computers. 25% of the sales were on account, the remainder of the sales were for cash. We also sell an extended warranty for $100 more, which protects the buyer for 2 years. 84% of the sales purchased the additional warranty. All extended warranty purchases were made for cash. During 2021, we spent $11,900 servicing warranties from this year's sales. We estimate that the total cost of servicing these warranties will be $24,000 for 2 years. 4. Purchased a truck for $153,000 cash on July 6, 2021. The truck has a five year useful life and will be depreciated using the double-declining depreciation method. 5. We have ending inventory in 2016 of $510,000, an ending inventory of $615,000 in 2017, an ending inventory of $753,000 in 2018, an ending inventory of $789,000 in 2019, and an ending inventory of $900,000 in 2020. The price index for each year is 100, 110, 115,120, 125 respectively. The price index for 2021 is 135. Using dollar-value LIFO, calculate the ending inventory that should be reported on the 2021 year-end balance sheet (report it appropriately). 6. Assume that the estimate of uncollectible accounts is determined by taking 2% of gross accounts receivable and is accounted for on December 31. 7. On January 1, 2014, Judd Company sold $1,070,000 in long-term bonds. The bonds will mature in 10 years and have a stated interest rate of 10% and a yield rate of 8%. The bonds pay interest annually on January 1 of each year. The bonds are to be accounted for under the effective-interest method. 8. On December 31, 2021, we redeemed $800,000 of the bonds described in transaction (13) at 102, after all other entries have been recorded. 9. On August 11, 2021, Judd purchases equipment by issuing a $495,000, 7%, 5- year note. The market rate of interest for similar notes is 3%. The equipment has a 10-year useful life and a $11,000 salvage value. The equipment is to be depreciated using the straight-line method. 10. On Dec. 12, 2021, declared a $0.35 per share cash dividend, payable February 15, 2022 to stockholders of record on February 5, 2022

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