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Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
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Brief Exercise 7-1
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Brief Exercise 7-15
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Brief Exercise 7-1
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Brief Exercise 7-14
This document provides study materials and practice questions for ACC 422 Final Exam, including summaries of key concepts, sample journal entries, and multiple choice questions covering topics like inventory valuation methods, long-term asset acquisition and disposal, notes payable, and intangible assets. An Excel file is included to help solve problems.
This document provides a guide and materials for ACC 422 final exam preparation, including Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, notes payable, and stock transactions. The guide contains over 20 practice problems and exercises with step-by-step solutions to help review concepts needed for the final exam.
This document provides an ACC 422 final exam guide that includes sample questions, exercises, and brief exercises covering various accounting topics such as cash, inventory valuation methods, long-term assets, and long-term liabilities. It contains over 30 practice problems and questions to help students prepare for the final exam. Excel files are also included to solve problems for changes in values.
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This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
This document provides study materials and practice questions for ACC 422 Final Exam, including summaries of key concepts, sample journal entries, and multiple choice questions covering topics like inventory valuation methods, long-term asset acquisition and disposal, notes payable, and intangible assets. An Excel file is included to help solve problems.
This document provides a guide and materials for ACC 422 final exam preparation, including Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, notes payable, and stock transactions. The guide contains over 20 practice problems and exercises with step-by-step solutions to help review concepts needed for the final exam.
This document provides an ACC 422 final exam guide that includes sample questions, exercises, and brief exercises covering various accounting topics such as cash, inventory valuation methods, long-term assets, and long-term liabilities. It contains over 30 practice problems and questions to help students prepare for the final exam. Excel files are also included to solve problems for changes in values.
ACC 422 NERD Lessons in Excellence--acc422nerd.comthomashard68
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
ACC 422 NERD Education for Service--acc422nerd.comRoelofMerwe149
This document provides a guide for ACC 422 final exam with solutions to multiple choice questions and exercises involving accounting for cash, receivables, inventory, long-term assets, current and long-term liabilities, and equity. It includes journal entries, T-accounts, and calculations for various accounting topics. An Excel file is provided to help solve problems by changing values. The guide aims to help students prepare and score well on the ACC 422 final exam.
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
This document provides study materials for an ACC 422 exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains journal entries, calculations, and multiple choice questions for students to practice with.
This document provides study materials for an ACC 422 final exam, including practice problems, exercises, and multiple choice questions covering various accounting topics like inventory valuation, long-term assets, and depreciation. It includes excel files and solutions to help students prepare for the exam.
This document provides study materials for an ACC 422 final exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains over 30 practice problems and exercises with step-by-step solutions to help review concepts from the course.
This document provides study materials and practice exercises for an ACC 422 final exam. It includes Excel files to solve problems, brief exercises covering various accounting topics like inventory, long-term notes, bonds, depreciation, and multiple choice questions. The exercises provide step-by-step workings and answers to help students prepare for the exam.
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief Exercise 8-4 (Part Level Submission)
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Acc 422 final exam guide (new 2018, with excel file, score 29 30)berrystraw2
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Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
Brief Exercise 8-6
Multiple Choice Question 21
ACC 422 NERD Education for Service--acc422nerd.comRoelofMerwe149
This document provides a guide for ACC 422 final exam with solutions to multiple choice questions and exercises involving accounting for cash, receivables, inventory, long-term assets, current and long-term liabilities, and equity. It includes journal entries, T-accounts, and calculations for various accounting topics. An Excel file is provided to help solve problems by changing values. The guide aims to help students prepare and score well on the ACC 422 final exam.
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
This document provides study materials for an ACC 422 exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains journal entries, calculations, and multiple choice questions for students to practice with.
This document provides study materials for an ACC 422 final exam, including practice problems, exercises, and multiple choice questions covering various accounting topics like inventory valuation, long-term assets, and depreciation. It includes excel files and solutions to help students prepare for the exam.
This document provides study materials for an ACC 422 final exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains over 30 practice problems and exercises with step-by-step solutions to help review concepts from the course.
This document provides study materials and practice exercises for an ACC 422 final exam. It includes Excel files to solve problems, brief exercises covering various accounting topics like inventory, long-term notes, bonds, depreciation, and multiple choice questions. The exercises provide step-by-step workings and answers to help students prepare for the exam.
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief Exercise 8-4 (Part Level Submission)
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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For more classes visit
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Acc 422 final exam guide (new 2018, with excel file, score 29 30)berrystraw2
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
Brief Exercise 8-6
Multiple Choice Question 21
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/snaptutorialdotcomapjk535
This document provides guidance and sample exercises for an ACC 422 final exam. It includes multiple choice questions, brief exercises, and longer exercises involving the preparation of journal entries related to various accounting topics like inventory, fixed assets, intangible assets, bonds, notes, and leases. The exercises require calculations of amounts such as depreciation, impairment losses, warranty expenses, and amortization of bond premiums/discounts.
This document outlines the course content and assignments for ACC 422 Entire Course. It includes discussion questions, individual and team assignments, practice exams, and tutorials covering topics like inventory valuation, internal controls, long-term assets, and more. The course appears to provide comprehensive coverage of accounting principles and practices to help students prepare for the CPA exam.
Chapter 9 Exercise 31. Liquidity ratios. Edison, Stagg, and Thor.docxchristinemaritza
This document discusses a project to develop an improved version of Microsoft Windows 10 Enterprise Client. It provides key details about the project, including objectives to create a more usable, secure and integrated operating system. It outlines projected costs of $70,450 which include research, staffing, testing equipment and software. It also discusses necessary resources like human resources, computers and finances. A responsibility assignment matrix is included to define roles for tasks. The critical path focuses on defining requirements, integration testing, and security/compatibility testing to ensure the new software meets needs.
This document provides instructions for completing assignments in WileyPLUS for ACC 422 Week 3, including brief exercises, problems, and essays. It lists 10 assignments that involve preparing journal entries for various asset acquisition transactions, calculating depreciation expense using different methods, and computing ratios from financial statements. The assignments require using information on equipment purchases, asset exchanges, inventory valuation, and impairment of intangible assets.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
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Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
ACC 422 Final Exam Guide seek Your Dream/uophelpdotcom
1. ACC 422 Final Exam Guide
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This Tutorial contains excel File which can be used to solve for any
change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
4. Exercise 21-1
Multiple Choice Question 99
Multiple Choice Question 70
Brief Exercise 7-1
https://edugen.wileyplus.com/edugen/art2/common/pixel.gif
Your answer is correct.
Vaughn Enterprises owns the following assets at December 31, 2017.
Cash in bank—savings account
69,000
Checking account balance
5. 17,600
Cash on hand
9,030
Postdated checks
770
Cash refund due from IRS
35,600
Certificates of deposit (180-day)
94,570
What amount should be reported as cash?
Brief Exercise 7-7
6. Larkspur Family Importers sold goods to Tung Decorators for
$40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month,
6% note.
Prepare Larkspur’s November 1 entry, December 31 annual
adjusting entry, and May 1 entry for the collection of the note and
interest.
Brief Exercise 7-14
Recent financial statements of General Mills, Inc. report net sales of
$12,442,000,000. Accounts receivable are $912,000,000 at the
beginning of the year and $953,000,000 at the end of the year.
Brief Exercise 7-15
Indigo Company designated Jill Holland as petty cash custodian and
established a petty cash fund of $290. The fund is reimbursed when
the cash in the fund is at $26, which it is. Petty cash receipts indicate
funds were disbursed for office supplies $92 and miscellaneous
expense $169.
Prepare journal entries for the establishment of the fund and the
reimbursement.
Brief Exercise 8-4 (Part Level Submission)
Pharoah Company uses a periodic inventory system. For April, when
the company sold 500 units, the following information is available.
10. $ 8,100
April 15 purchase
440
36
15,840
April 23 purchase
290
39
11,310
1,000
11. $35,250
Compute the April 30 inventory and the April cost of goods sold using
the LIFO method.
Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is
similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on
February 10, 2017. Presented below is information compiled up to
the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
12. Purchases to February 10, 2017
1,104,580
Freight-in to February 10, 2017
59,180
Rate of gross profit on selling price
35%
What is the approximate inventory on February 10, 2017?
Exercise 9-4
Martinez Company began operations in 2017 and determined its
ending inventory at cost and at LCNRV at December 31, 2017, and
December 31, 2018. This information is presented below.
Cost
13. Net Realizable Value
12/31/17
$322,170
$299,520
12/31/18
409,250
390,440
(a) Prepare the journal entries required at December 31, 2017, and
December 31, 2018, assuming inventory is recorded at LCNRV and a
perpetual inventory system using the cost-of-goods-sold method.
Brief Exercise 10-6
Waterway Inc. purchased land, building, and equipment from Laguna
Corporation for a cash payment of $327,600. The estimated fair
values of the assets are land $62,400, building $228,800, and
14. equipment $83,200. At what amounts should each of the three assets
be recorded?
Brief Exercise 10-8
Pearl Corporation traded a used truck (cost $29,600, accumulated
depreciation $26,640) for a small computer with a fair value of
$4,884. Pearl also paid $740 in the transaction.
Prepare the journal entry to record the exchange. (The exchange has
commercial substance.)
Exercise 10-1
The expenditures and receipts below are related to land, land
improvements, and buildings acquired for use in a business
enterprise. The receipts are enclosed in parentheses.
(a)
Money borrowed to pay building contractor (signed a note)
$(285,400
)
(b)
Payment for construction from note proceeds
15. 285,400
(c)
Cost of land fill and clearing
11,790
(d)
Delinquent real estate taxes on property assumed by purchaser
7,300
(e)
Premium on 6-month insurance policy during construction
8,580
16. (f)
Refund of 1-month insurance premium because construction
completed early
(1,430
)
(g)
Architect’s fee on building
26,200
(h)
Cost of real estate purchased as a plant site (land $209,100 and
building $52,900)
262,000
(i)
17. Commission fee paid to real estate agency
8,970
(j)
Installation of fences around property
3,770
(k)
Cost of razing and removing building
11,710
(l)
Proceeds from salvage of demolished building
(4,550
18. )
(m)
Interest paid during construction on money borrowed for
construction
13,150
(n)
Cost of parking lots and driveways
20,050
(o)
Cost of trees and shrubbery planted (permanent in nature)
14,440
(p)
19. Excavation costs for new building
2,700
Identify each item by letter and list the items in columnar form, using
the headings shown below. All receipt amounts should be reported in
parentheses. For any amounts entered in the Other Accounts column,
also indicate the account title.
Question 9
Sage Company purchased machinery for $174,300 on January 1,
2017. It is estimated that the machinery will have a useful life of 20
years, salvage value of $14,700, production of 81,900 units, and
working hours of 44,000. During 2017, the company uses the
machinery for 11,440 hours, and the machinery produces 9,009 units.
Compute depreciation under the straight-line, units-of-output,
working hours, sum-of-the-years’-digits, and double-declining-
balance methods.
Brief Exercise 11-8
Carla Company owns equipment that cost $1,008,000 and has
accumulated depreciation of $425,600. The expected future net cash
flows from the use of the asset are expected to be $560,000. The fair
value of the equipment is $448,000.
Prepare the journal entry, if any, to record the impairment loss.
20. Brief Exercise 12-8
Concord Corporation purchased Johnson Company 3 years ago and
at that time recorded goodwill of $330,000. The Johnson Division’s
net assets, including the goodwill, have a carrying amount of
$700,000. The fair value of the division is estimated to be $668,000
and the implied goodwill is $298,000.
Prepare Concord journal entry to record impairment of the goodwill.
Exercise 12-3
Joni Marin Inc. has the following amounts reported in its general
ledger at the end of the current year.
Organization costs
$24,400
Trademarks
16,900
Discount on bonds payable
37,400
Deposits with advertising agency for ads to promote goodwill of
company
21. 12,400
Excess of cost over fair value of net identifiable assets of acquired
subsidiary
77,400
Cost of equipment acquired for research and development projects;
the
equipment has an alternative future use
87,400
Costs of developing a secret formula for a product that is expected to
be marketed for at least 20 years
83,800
(a)
On the basis of this information, compute the total amount to be
reported by Marin for intangible assets on its balance sheet at year-
end.
22. Brief Exercise 13-2
Ivanhoe Company borrowed $30,000 on November 1, 2017, by
signing a $30,000, 8%, 3-month note. Prepare Ivanhoe’s November
1, 2017, entry; the December 31, 2017, annual adjusting entry; and
the February 1, 2018, entry.
Brief Exercise 13-5
Riverbed Corporation made credit sales of $19,800 which are subject
to 7% sales tax. The corporation also made cash sales which totaled
$28,462 including the 7% sales tax.
Prepare the entry to record Riverbed’s credit sales.
Brief Exercise 13-10
Windsor Inc. is involved in a lawsuit at December 31, 2017.
Prepare the December 31 entry assuming it is probable that Windsor
will be liable for $862,200 as a result of this suit.
Brief Exercise 13-13
Martinez Factory provides a 2-year warranty with one of its products
which was first sold in 2017. Martinez sold $930,400 of products
subject to the warranty. Martinez expects $124,050 of warranty costs
over the next 2 years. In that year, Martinez spent $70,460 servicing
warranty claims. Prepare Martinez’s journal entry to record the sales
(ignore cost of goods sold) and the December 31 adjusting entry,
assuming the expenditures are inventory costs.
23. Brief Exercise 14-3
The Skysong Company issued $260,000 of 10% bonds on January 1,
2017. The bonds are due January 1, 2022, with interest payable each
July 1 and January 1. The bonds were issued at 98.
Prepare the journal entries for (a) January 1, (b) July 1, and (c)
December 31. Assume The Skysong Company records straight-line
amortization semiannually.
Brief Exercise 14-12
Vaughn Corporation issued a 4-year, $55,000, 5% note to Greenbush
Company on January 1, 2017, and received a computer that normally
sells for $44,762. The note requires annual interest payments each
December 31. The market rate of interest for a note of similar risk is
11%.
Prepare Vaughn’s journal entries for (a) the January 1 issuance and
(b) the December 31 interest.
Multiple Choice Question 99
On June 30, 2018, Sheridan Co. sold equipment to an unaffiliated
company for $2250000. The equipment had a book value of $1205000
and a remaining useful life of 10 years. That same day, Sheridan
leased back the equipment at $12500 per month for 5 years with no
option to renew the lease or repurchase the equipment. Sheridan’s
rent expense for this equipment for the year ended December 31,
2018, should be