On March 1st, 2023, J&s Trucking issues $1,000,000, 6% bonds at 102. The bonds pay interest...
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On March 1st, 2023, J&s Trucking issues $1,000,000, 6% bonds at 102. The bonds pay interest annually. Prepare the journal entry to record the issuance of the bond? On December 31st 2023 do a JE to record the adjusting entry accruing the interest for those pertinent months? A/C Debit Credit Account Description 1020000 Cash Bonds Payable 20000 Premium on Bonds 1000000 Interest expense 50000 Interest Payable 50000 On July 1st 2022, Bob Sugar established the J&s Trucking Corporation. He interviewed 3 candidates for the Adminstrative Director position on July 21st 2022. He offerred the position to Jim Lang at $90,000 per year on July 25th. Jim Lang told Bob Sugar that he would consider the offer and provide an answer in the next few days. What Journal Entry (JE) should be made by the J&S Accountant on July 28th? If Jim Lang accepts offer on August 1st, what entry would be made at that time? A/C No entry No entry Account Description Debit Credit On September 1st, 2022, J&s Trucking sold in cash $1,500 a pre-delivery to be done for XYZ Inc. J&S will transport 300 Television sets from Miami to Los Angeles. The delivery is to take place on October 15th 2022. What JE should, the J&S Accountant, do for September 2022 closing regarding the above pre-delivery? J&S sent XYZ inc discount vouchers for future deliveries. J&s sent the vouchers FOB Destination and the appropriate party payed DHL $35 in cash for the delivery of the vouchers? A/C Account Description Transporting expen: Debit Credit J&S Fiscal Year is based on calendar year (January 1st to December 31st). On the morning of December 30th, 2022 a J&S Truck driver accidentally backs up and hits a structural beam on the J&S building. On December 31st, 2022, Bob Sugar contracts out ABC Construction to fix the structural beam. Once they finished the job on December 31st, ABC provides an invoice to the J&S Accountant for $2,500. What JE should the accountant do? A/C Account Description Debit Credit I On April 1st, 2023, J&S purchases a new delivery truck for $65,000. The expected salvage value is $20,000 and the delivery truck is expected to drive for 500,000 miles over its expected useful life of 5 years. Using the units-of-activity method, calculate the first years depreciation expense as of 12/31/2023 and do a JE? The delivery truck is estimated to be driven for 75,000 miles from 4/1/2023 to 12/31/23. A/C Account Description Debit Credit On February 1st, 2024, J&S purchases a company vehicle 2024 Tesla Model 20 for $40,000. The expected salvage value is $12,000 and the vehicle is expected to have a useful life of 7 years. Calculate the first years depreciation expense as of 12/31/2024, utilizing the double-declining method and do a JE? Calculate the second years depreciation as of 12/31/2025 and do a JE? Account A/C Description Debit Credit On April 15th, 2024 J&S authorized 375,000 shares at $4 par value. On June 15, 2024, J&S issued 200,000 shares at $5.50 per share. Do a JE to record the sale? On July 4th 2024, J&s issued 175,000 shares at $5.75 per share. Do a JE to record the sale? A/C Account Description Debit Credit On April 7th, 2025 J&S purchased from its stockholders 3,500 shares of its own previously issued stock for $28,000. Record a JE recognizing the buyback? On August 24th, 2025 J&S resold 2,000 shares (of the 3,500 buyback) for $10 per share. Record a JE recognizing the sale? A/C Account Description Debit Credit Below is a comparative Balance Sheet utilized for a Statement of Cash Flows. Fill-out columns TYPE and Increase/Decrease to CASH. For TYPE, put whether Account is Operating, Investing or Financing. For Increase/Decrease column type in either INCREASE or DECREASE based on the variance columns affect on CASH. BALANCE SHEET 2020 2021 Variance TYPE Increase or Decrease to Ca ASSETS Cash $180,000 $205,000 $25,000 N/A Inventory $85,000 $87,000 $2,000 Land $123,000 $115,000 ($8,000) Equipment $10,000 $17,500 $7,500 Accum Dep ($1,500) ($2,200) ($700) Equip TATAL $396,500 $422,300 $25,800 $396,500 $422,300 $25,800 TOTAL LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable $55,000 $52,000 ($3,000) Bonds Payable $35,000 $35,000 $0 Common Stock ($7 par) $200,000 $222,000 $22,000 Retained Earnings $106,500 $113,300 $6,800 N/A TOTAL $396,500 $422,300 $25,800 a. Do a horizontal analysis for J&s for years 2021 v 2020 b. Calculate the profit margin for both years. 2021 Variance INCOME STATEMENT 2020 NET SALES $67,000 $72,000 Selling $25,000 $25,500 Expenses Administrative $8,350 $10,000 Expenses TOTAL $33,350 $35,500 OPERATING EXPENSES NET $33,650 $35,500 INCOME PROFIT MARGIN On March 1st, 2023, J&s Trucking issues $1,000,000, 6% bonds at 102. The bonds pay interest annually. Prepare the journal entry to record the issuance of the bond? On December 31st 2023 do a JE to record the adjusting entry accruing the interest for those pertinent months? A/C Debit Credit Account Description 1020000 Cash Bonds Payable 20000 Premium on Bonds 1000000 Interest expense 50000 Interest Payable 50000 On July 1st 2022, Bob Sugar established the J&s Trucking Corporation. He interviewed 3 candidates for the Adminstrative Director position on July 21st 2022. He offerred the position to Jim Lang at $90,000 per year on July 25th. Jim Lang told Bob Sugar that he would consider the offer and provide an answer in the next few days. What Journal Entry (JE) should be made by the J&S Accountant on July 28th? If Jim Lang accepts offer on August 1st, what entry would be made at that time? A/C No entry No entry Account Description Debit Credit On September 1st, 2022, J&s Trucking sold in cash $1,500 a pre-delivery to be done for XYZ Inc. J&S will transport 300 Television sets from Miami to Los Angeles. The delivery is to take place on October 15th 2022. What JE should, the J&S Accountant, do for September 2022 closing regarding the above pre-delivery? J&S sent XYZ inc discount vouchers for future deliveries. J&s sent the vouchers FOB Destination and the appropriate party payed DHL $35 in cash for the delivery of the vouchers? A/C Account Description Transporting expen: Debit Credit J&S Fiscal Year is based on calendar year (January 1st to December 31st). On the morning of December 30th, 2022 a J&S Truck driver accidentally backs up and hits a structural beam on the J&S building. On December 31st, 2022, Bob Sugar contracts out ABC Construction to fix the structural beam. Once they finished the job on December 31st, ABC provides an invoice to the J&S Accountant for $2,500. What JE should the accountant do? A/C Account Description Debit Credit I On April 1st, 2023, J&S purchases a new delivery truck for $65,000. The expected salvage value is $20,000 and the delivery truck is expected to drive for 500,000 miles over its expected useful life of 5 years. Using the units-of-activity method, calculate the first years depreciation expense as of 12/31/2023 and do a JE? The delivery truck is estimated to be driven for 75,000 miles from 4/1/2023 to 12/31/23. A/C Account Description Debit Credit On February 1st, 2024, J&S purchases a company vehicle 2024 Tesla Model 20 for $40,000. The expected salvage value is $12,000 and the vehicle is expected to have a useful life of 7 years. Calculate the first years depreciation expense as of 12/31/2024, utilizing the double-declining method and do a JE? Calculate the second years depreciation as of 12/31/2025 and do a JE? Account A/C Description Debit Credit On April 15th, 2024 J&S authorized 375,000 shares at $4 par value. On June 15, 2024, J&S issued 200,000 shares at $5.50 per share. Do a JE to record the sale? On July 4th 2024, J&s issued 175,000 shares at $5.75 per share. Do a JE to record the sale? A/C Account Description Debit Credit On April 7th, 2025 J&S purchased from its stockholders 3,500 shares of its own previously issued stock for $28,000. Record a JE recognizing the buyback? On August 24th, 2025 J&S resold 2,000 shares (of the 3,500 buyback) for $10 per share. Record a JE recognizing the sale? A/C Account Description Debit Credit Below is a comparative Balance Sheet utilized for a Statement of Cash Flows. Fill-out columns TYPE and Increase/Decrease to CASH. For TYPE, put whether Account is Operating, Investing or Financing. For Increase/Decrease column type in either INCREASE or DECREASE based on the variance columns affect on CASH. BALANCE SHEET 2020 2021 Variance TYPE Increase or Decrease to Ca ASSETS Cash $180,000 $205,000 $25,000 N/A Inventory $85,000 $87,000 $2,000 Land $123,000 $115,000 ($8,000) Equipment $10,000 $17,500 $7,500 Accum Dep ($1,500) ($2,200) ($700) Equip TATAL $396,500 $422,300 $25,800 $396,500 $422,300 $25,800 TOTAL LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable $55,000 $52,000 ($3,000) Bonds Payable $35,000 $35,000 $0 Common Stock ($7 par) $200,000 $222,000 $22,000 Retained Earnings $106,500 $113,300 $6,800 N/A TOTAL $396,500 $422,300 $25,800 a. Do a horizontal analysis for J&s for years 2021 v 2020 b. Calculate the profit margin for both years. 2021 Variance INCOME STATEMENT 2020 NET SALES $67,000 $72,000 Selling $25,000 $25,500 Expenses Administrative $8,350 $10,000 Expenses TOTAL $33,350 $35,500 OPERATING EXPENSES NET $33,650 $35,500 INCOME PROFIT MARGIN
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