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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
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FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
FIN 515 Week 7 Project Capital Budgeting Analysis (Nike)
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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
FIN 515 Effective Communication/tutorialrank.comjonhson216
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FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
FIN 515 Week 7 Project Capital Budgeting Analysis (Nike)
Strayer university acc 304 final exam part 1 (3 sets) newshyaminfotech
This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms of plan, employees are entitled to purchase 10 shares at 10% discount. The par values of shares were $10. Overall, 60 employees accepted the offer and each employee purchased six shares. The market price on purchase date was $100.
Fin 515 Education Organization / snaptutorial.comBaileya98
For more classes visit
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FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
Fin 515 Education Redefined - snaptutorial.comDavisMurphyC88
For more classes visit
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FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
ACC 423 MART Education for Service--acc423mart.comkopiko57
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Create a 10- to 12-slide presentation that addresses each question within the Comparative Analysis Case, pp. 824-825. Click the Assignment Files tab to submit your
For more course tutorials visit
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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
For more course tutorials visit
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Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docxrhetttrevannion
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Strayer university acc 304 final exam part 1 (3 sets) newshyaminfotech
This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms of plan, employees are entitled to purchase 10 shares at 10% discount. The par values of shares were $10. Overall, 60 employees accepted the offer and each employee purchased six shares. The market price on purchase date was $100.
Fin 515 Education Organization / snaptutorial.comBaileya98
For more classes visit
www.snaptutorial.com
FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
Fin 515 Education Redefined - snaptutorial.comDavisMurphyC88
For more classes visit
www.snaptutorial.com
FIN 515 Week 2 Project Financial Statement Analysis (Nike)
FIN 515 Week 3 Project Financial Statement Analysis (Nike)
FIN 515 Week 6 Project Calculating the Weighted Average Cost of Capital (Nike)
ACC 423 MART Education for Service--acc423mart.comkopiko57
FOR MORE CLASSES VISIT
www.acc423mart.com
Create a 10- to 12-slide presentation that addresses each question within the Comparative Analysis Case, pp. 824-825. Click the Assignment Files tab to submit your
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
For more course tutorials visit
Uophelp is now newtonhelp.com
www.newtonhelp.com
Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docxrhetttrevannion
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Omit all general journal entry explanations.Be sure to include cor.docxcherishwinsland
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
c.
Question 4 (14 points)
4A. Janu.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docxLacieKlineeb
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Omit all general journal entry explanations.Be sure to include c.docxIlonaThornburg83
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Intermediate Accounting I Final Exam Booklet Replacement.docxmariuse18nolet
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docxteofilapeerless
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an
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Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
1. KELLER ACCT 551 Midterm Exam Set 2 NEW
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Question 1. (TCO C) The major problem of accounting for
intangibles is determining
Question 2. Question : (TCO C) Wriglee, Inc. went to court this
year and successfully defended its patent from infringement by
a competitor. The cost of this defense should be charged to
Question 3. Question : (TCO C) A loss on impairment of an
intangible asset is the difference between the asset’s
Question 4. Question : (TCO C) ELO Corporation purchased a
patent for $90,000 on September 1, 2008. It had a useful life of
10 years. On January 1, 2010, ELO spent $22,000 to successfully
defend the patent in a lawsuit. ELO feels that as of that date, the
remaining useful life is 5 years. What amount should be
reported for patent amortization expense for 2010?
Question 5. Question : (TCO C) General Products Company
bought Special Products Division in 2010 and appropriately
recorded $500,000 of goodwill related to the purchase. On
December 31, 2011, the fair value of Special Products Division
is $4,000,000 and it is carried on General Products’ books for a
total of $3,400,000, including the goodwill. An analysis of
2. Special Products Division’s assets indicates that goodwill of
$400,000 exists on December 31, 2011. What goodwill
impairment should be recognized by General Products in 2011?
Question 6. Question : (TCO D) Which of these is not included in
an employer's payroll tax expense?
Question 7. Question : (TCO D) Which of the following taxes
does not represent a payroll deduction a company may incur?
Question 8. Question : (TCO D) Which of the following is not
acceptable treatment for the presentation of current liabilities?
Question 9. Question : (TCO D) On December 31, 2010, Irey Co.
has $2,000,000 of short-term notes payable due on February
14, 2011. On January 10, 2011, Irey arranged a line of credit
with County Bank that allows Irey to borrow up to $1,500,000
at 1% above the prime rate for 3 years. On February 2, 2011,
Irey borrowed $1,200,000 from County Bank and used
$500,000 additional cash to liquidate $1,700,000 of the short-
term notes payable. The amount of the short-term notes
payable that should be reported as current liabilities on the
December 31, 2010 balance sheet issued on March 5, 2011 is
Question 10. Question : (TCO D) Vargas Company has 35
employees who work 8-hour days and are paid hourly. On
January 1, 2009, the company began a program of granting its
employees 10 days of paid vacation each year. Vacation days
earned in 2009 may first be taken on January 1, 2010.
Information relative to these employees is as follows:
Vargas has chosen to accrue the liability for compensated
3. absences at the current rates of pay in effect when the
compensated time is earned. What is the amount of the accrued
liability for compensated absences that should be reported at
December 31, 2011?
Question 11. Question : (TCO D) Reich, Inc. issued bonds with a
maturity amount of $200,000 and a maturity 10 years from
date of issue. If the bonds were issued at a premium, this
indicates that
Question 12. Question : (TCO D) If bonds are issued between
interest dates, the entry on the books of the issuing corporation
could include a
Question 13. Question : (TCO D) On January 1, 2010, Ellison Co.
issued 8-year bonds with a face value of $1,000,000 and a
stated interest rate of 6%, payable semiannually on June 30
and December 31. The bonds were sold to yield 8%. Table
values are as follows:
Present value of 1 for eight periods at 6% .627
Present value of 1 for eight periods at 8% .540
Present value of 1 for 16 periods at 3% .623
Present value of 1 for 16 periods at 4% .534
Present value of annuity for eight periods at 6% 6.210
Present value of annuity for eight periods at 8% 5.747
Present value of annuity for 16 periods at 3% 12.561
Present value of annuity for 16 periods at 4% 11.652
The issue price of the bonds is
Question 14. Question : (TCO D) A company issues
$20,000,000, 7.8%, 20-year bonds to yield 8% on January 1,
2010. Interest is paid on June 30 and December 31. The
proceeds from the bonds are $19,604,145. What is the interest
expense for 2011, using straight-line amortization?
4. Question 15. Question : (TCO D) On October 1, 2010, Bartley
Corporation issued 5%, 10-year bonds with a face value of
$500,000 at 104. Interest is paid on October 1 and April 1, with
any premiums or discounts amortized on a straight-line basis.
The entry to record the issuance of the bonds would include a
(TCO C) Intangible assets may be internally generated or
purchased from another party. In either case, the cost that
should be included in the initial valuation of the asset is an
issue.
Instructions:
- Identify the typical costs included in the cash purchase of an
intangible asset.
- Discuss how to determine the cost of an intangible asset
acquired in a noncash transaction.
- Describe how to determine the cost of several intangible
assets acquired in a basket purchase. Provide a numerical
example involving intangibles being acquired for a total price
of $120,000.
Question 2. Question : (TCO C) Recently, a group of university
students decided to incorporate for the purposes of selling a
process to recycle the waste product from manufacturing
cheese. Some of the initial costs involved were legal fees and
office expenses incurred in starting the business, state
incorporation fees, and stamp taxes. One student wishes to
5. charge these costs against revenue in the current period.
Another student wishes to defer these costs and amortize them
in the future. Which student is correct and why?
Question 3. Question : (TCO D) Edwards Co. includes one
coupon in each bag of dog food it sells. In return for four
coupons, customers receive a dog toy that the company
purchases for $1.20 each. Edward’s experience indicates that
60% of the coupons will be redeemed. During 2010, 100,000
bags of dog food were sold, 12,000 toys were purchased, and
40,000 coupons were redeemed. During 2011, 120,000 bags of
dog food were sold, 16,000 toys were purchased, and 60,000
coupons were redeemed.
Instructions:
Determine the premium expense to be reported in the income
statement and the estimated liability for premiums on the
balance sheet for 2010 and 2011.
Question 4. Question : (TCO D) On January 1, 2011, Piper Co.
issued 10-year bonds with a face value of $1,000,000 and a
stated interest rate of 10%, payable semiannually on June 30
and December 31. The bonds were sold to yield 12%. Table
values are:
11.470
Instructions:
6. - Calculate the issue price of the bonds.
- Without prejudice to your solution in Part (a), assume that the
issue price was $884,000. Prepare the amortization table for
2011, assuming that amortization is recorded on interest
payment dates.
Question 5. Question : (TCO D) Hurst, Inc. sold its 8% bonds
with a maturity value of $3,000,000 on August 1, 2009 for
$2,946,000. At the time of the sale, the bonds had 5 years until
they reached maturity. Interest on the bonds is payable
semiannually on August 1 and February 1. The bonds are
callable at 104 at any time after August 1, 2011. By October 1,
2011, the market rate of interest has declined and the market
price of Hurst’s bonds has risen to a price of 101. The firm
decides to refund the bonds by selling a new 6% bond issue to
mature in 5 years. Hurst begins to reacquire its 8% bonds in
the market and is able to purchase $500,000 worth at 101. The
remainder of the outstanding bonds is reacquired by exercising
the bonds’ call feature. In the final analysis, how much was the
gain or loss experienced by Hurst in reacquiring its 8% bonds?
(Assume the firm used straight-line amortization.) Show
calculations.
7. - Calculate the issue price of the bonds.
- Without prejudice to your solution in Part (a), assume that the
issue price was $884,000. Prepare the amortization table for
2011, assuming that amortization is recorded on interest
payment dates.
Question 5. Question : (TCO D) Hurst, Inc. sold its 8% bonds
with a maturity value of $3,000,000 on August 1, 2009 for
$2,946,000. At the time of the sale, the bonds had 5 years until
they reached maturity. Interest on the bonds is payable
semiannually on August 1 and February 1. The bonds are
callable at 104 at any time after August 1, 2011. By October 1,
2011, the market rate of interest has declined and the market
price of Hurst’s bonds has risen to a price of 101. The firm
decides to refund the bonds by selling a new 6% bond issue to
mature in 5 years. Hurst begins to reacquire its 8% bonds in
the market and is able to purchase $500,000 worth at 101. The
remainder of the outstanding bonds is reacquired by exercising
the bonds’ call feature. In the final analysis, how much was the
gain or loss experienced by Hurst in reacquiring its 8% bonds?
(Assume the firm used straight-line amortization.) Show
calculations.
