Question: Please request help solving the attached accounting questions. Thanks in advance. 1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is

Please request help solving the attached accounting questions. Thanks in advance.

Please request help solving the attached accounting questions. Thanks in advance. 1.)

1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $12,500 cash plus 4 percent sales tax. The clock had originally cost Heines $8,500. Assume Heines uses a perpetual inventory system ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.) Greener Pastures Corporation borrowed $1,750,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. (a) The note issued on November 1. (b) The interest accrual on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) 3.) Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. (a) The issuance of these bonds on January 1. (b) The first interest payment on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4.) Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $3,200. When purchased, the patent had an estimated life of 16 years. b. A trademark was registered with the federal government for $7,500. Management estimated that the trademark could be worth as much as $190,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $70,000. The rights are expected to have a five-year useful life to the company. ? Compute the acquisition cost of each intangible asset. ? Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.) ? Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year

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