On July 31, Kenton Companys petty cash fund contained coins andc.pdf
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On July 31, Kenton Company\'s petty cash fund contained coins and currency of $260, an IOU from an employee of $30, and vouchers showing expenditures of $120 for postage, $52 for taxi fare, and $138 to entertain a customer. The Petty Cash account shows a balance of $600. The fund is replenished on July 31 because financial statements are to be prepared. What journal entry is required on July 31? Solution Journal Entry Expenditures a/c ...........................dr (120+52+138) To petty cash 310.
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On October 15, 2015, A common stock of Nasson Co. sells for $42 per .pdf
On October 15, 2015, A common stock of Nasson Co. sells for $42 per share, has a growth rate
of 5% and a dividend that was just paid of $1.84
in December 2014. What is the annual percent yield per share?
Use excel and explain all numerical inputs and formulas
Solution
STOCK PRICE(P)=$42
GROWTH RATE(G)=5%
DIVIDEND(D0)=$1.84
DIVIDEND IN YEAR 1(D1)=$1.84+5%=$1.932
ANNUAL PERCENT YIELD PER SHARE=(D1/P)+G
=($1.932/$42)+5%
=9.6%.
On April 30, the Dussault Corporation performed a month-end inventor.pdf
On April 30, the Dussault Corporation performed a month-end inventory and counted office
supplies valued at $1,425. On April 1, the balance in the Supplies account was $750. Assuming
that $2,900 of purchases for the month was posted to the Supplies account, what adjusting entry
would Dussalt Corporation make on April 30?
Solution
Date Particulars Debit $ Credit $ Supplies expense $ 2,225 Supplies $ 2,225 (To
record supplies consumed).
On April 30, Hilte Corporation performed a month-end inventory and c.pdf
On April 30, Hilte Corporation performed a month-end inventory and counted office supplies
valued at $1,425. On April 1, the balance in the Supplies account was $750. Assuming that
$2,900 of purchases for the month was posted to the Supplies account, what adjusting entry
would Hilte Corporation make on April 30?
None of these
None of these
Solution
Supplies Expenses to be recorded = Beginning balance in Supplies A/c + Purchase - Ending
Balance in Supplies Account
Supplies Expenses to be recorded = 750+2900-1425
Supplies Expenses to be recorded = $ 2225
Adjusting Journal EntryDateAccount Title & ExplainationDebitCreditApr-30Supplies
Expenses2225Supplies2225.
On a Sunday morning in September 2008, a reader browsing through arc.pdf
On a Sunday morning in September 2008, a reader browsing through archived stories in a
Florida newspaper came across a six year old article on the bankruptcy of United Airlines
(UAL). UAL had declared bankruptcy in 2002 but emerged from it in 2006. The single viewer
accessed the article at a low traffic time and Google crawler classified and published it as a
“popular” news item in Google News. Later that day, an investment firm employee came across
the Google-fed story and assumed that UAL had filed for bankruptcy again. He went on to post a
summary in Bloomberg and investors scanning Bloomberg started selling UAL stocks. This
coupled with automatic selling by computerized trading systems lead to the fall of UAL stock
prices from $12 to $3 representing a one billion drop in investor wealth.
Solution
An erroneous headline that flashed across trading screens Monday, saying United had filed for a
second bankruptcy, sent the airline’s stock plummeting.United Airlines shares fell to about $3
from more than $12 in less than an hour before trading was halted, wiping more than $1 billion
in value. Its shares closed at $10.92, down 11.2 percent.
By the end of the day, fingers were pointing in many directions to assign blame.The episode was
a reminder of how negative news, rumors and even outdated articles can travel at lightning
speed, with some investors selling before pausing to check facts.
United Airlines operated under bankruptcy protection from 2002 to 2006, and it has struggled
this year in the face of record prices for jet fuel, announcing plans to ground planes, like big
Boeing 747s, to eliminate flights and to cut 7,000 jobs.
That gave the report of another bankruptcy filing some credence, even though the airline has
taken none of the preliminary moves for such a drastic step, like warning regulators of its
financial distress or lining up a restructuring company for advice.Despite its recent problems,
analysts said another bankruptcy filing did not appear to be imminent for the airline, especially
since it had taken steps recently to raise cash..
On June 1, 2015, Nelly Co reacquired 12,000 shares of its $2 par val.pdf
On June 1, 2015, Nelly Co reacquired 12,000 shares of its $2 par value common stock for $40
per share. Nelly uses the cost method to account for treasury stock. The journal entry to record
the reacquisition of the stock should debit
Solution
Debit the common stock account..
On July 1, B. Darin Company sold merchandise costing $4,500 to S. De.pdf
On July 1, B. Darin Company sold merchandise costing $4,500 to S. Dee Company for $6,000,
terms 2/10, n/30. Both companies use a perpetual inventory system. What is the journal entry
that S. Dee Company will make on July 1? A) Purchases B) Inventory C) Inventory D) Cost of
goods sold 6,000 6,000 6,000 4,500 Accounts payable 6,000 6,000 6,000 4,500 Accounts
receivable Accounts payable Inventory
Solution
A. Option A
Purchases A/C Dr 6000
To Accounts Payable 6000.
On January 2, Peyroux Company acquired 35 of the outstanding stock .pdf
On January 2, Peyroux Company acquired 35% of the outstanding stock of Gruden Company for
$625,000. For the year ended December 31, Gruden Company earned income of $110,000 and
paid dividends of $26,000.
Prepare the entries for Peyroux Company for the purchase of the stock, the share of Gruden
income, and the dividends received from Gruden Company. Refer to the Chart of Accounts for
exact wording of account titles.
Peyroux CompanyGeneral LedgerASSETS110Cash111Petty Cash120Accounts
Receivable121Allowance for Doubtful Accounts131Notes Receivable132Interest
Receivable141Merchandise Inventory145Office Supplies161Investment in Gruden Company
Stock165Valuation Allowance for Trading Investments166Valuation Allowance for Available-
for-Sale Investments181Land193Office Equipment194Accumulated Depreciation-Office
Equipment
Solution
2-Jan Investment in Gruden Company Stock 625000 Cash 625000 31-Dec
Investment in Gruden Company Stock 38500 =110000*35% Income of Gruden Company
38500 31-Dec Cash 9100 =26000*35% Investment in Gruden Company Stock
9100.
On January 2, 2011, a 7.1 magnitude earthquake struck the central co.pdf
On January 2, 2011, a 7.1 magnitude earthquake struck the central coastal area of Chile,
approximately 45 miles northwest of Temuco. No major damage or injury was reported when the
earthquake hit, though the quake was felt 370 miles away in Santiago. Find the intensity of the
earthquake and express its intensity in terms of the intensity of a standard earthquake, that is, I0.
I0
Solution
The magnitude, M, of an earthquake on the Richter scale is equal to the log of the intensity of the
earthquake, I, divided by the intensity of a standard earthquake, I0. If you plug in 7.1 for M, you
get:
7.1 = log (I/ I0)
If you change the equation from log form to exponential form, you get
107.1 = I / I0
Then multiply both sides of the equation by I0 to get the intensity.
107.1 * I0 = I
You could leave your answer as 107.1 or evaluate it to find that the earthquake is 12,589, 254.12
times more intense than a standard earthquake.
Hope this helps!.
Recommended
On October 15, 2015, A common stock of Nasson Co. sells for $42 per .pdf
On October 15, 2015, A common stock of Nasson Co. sells for $42 per share, has a growth rate
of 5% and a dividend that was just paid of $1.84
in December 2014. What is the annual percent yield per share?
Use excel and explain all numerical inputs and formulas
Solution
STOCK PRICE(P)=$42
GROWTH RATE(G)=5%
DIVIDEND(D0)=$1.84
DIVIDEND IN YEAR 1(D1)=$1.84+5%=$1.932
ANNUAL PERCENT YIELD PER SHARE=(D1/P)+G
=($1.932/$42)+5%
=9.6%.
On April 30, the Dussault Corporation performed a month-end inventor.pdf
On April 30, the Dussault Corporation performed a month-end inventory and counted office
supplies valued at $1,425. On April 1, the balance in the Supplies account was $750. Assuming
that $2,900 of purchases for the month was posted to the Supplies account, what adjusting entry
would Dussalt Corporation make on April 30?
Solution
Date Particulars Debit $ Credit $ Supplies expense $ 2,225 Supplies $ 2,225 (To
record supplies consumed).
On April 30, Hilte Corporation performed a month-end inventory and c.pdf
On April 30, Hilte Corporation performed a month-end inventory and counted office supplies
valued at $1,425. On April 1, the balance in the Supplies account was $750. Assuming that
$2,900 of purchases for the month was posted to the Supplies account, what adjusting entry
would Hilte Corporation make on April 30?
None of these
None of these
Solution
Supplies Expenses to be recorded = Beginning balance in Supplies A/c + Purchase - Ending
Balance in Supplies Account
Supplies Expenses to be recorded = 750+2900-1425
Supplies Expenses to be recorded = $ 2225
Adjusting Journal EntryDateAccount Title & ExplainationDebitCreditApr-30Supplies
Expenses2225Supplies2225.
On a Sunday morning in September 2008, a reader browsing through arc.pdf
On a Sunday morning in September 2008, a reader browsing through archived stories in a
Florida newspaper came across a six year old article on the bankruptcy of United Airlines
(UAL). UAL had declared bankruptcy in 2002 but emerged from it in 2006. The single viewer
accessed the article at a low traffic time and Google crawler classified and published it as a
“popular” news item in Google News. Later that day, an investment firm employee came across
the Google-fed story and assumed that UAL had filed for bankruptcy again. He went on to post a
summary in Bloomberg and investors scanning Bloomberg started selling UAL stocks. This
coupled with automatic selling by computerized trading systems lead to the fall of UAL stock
prices from $12 to $3 representing a one billion drop in investor wealth.
Solution
An erroneous headline that flashed across trading screens Monday, saying United had filed for a
second bankruptcy, sent the airline’s stock plummeting.United Airlines shares fell to about $3
from more than $12 in less than an hour before trading was halted, wiping more than $1 billion
in value. Its shares closed at $10.92, down 11.2 percent.
By the end of the day, fingers were pointing in many directions to assign blame.The episode was
a reminder of how negative news, rumors and even outdated articles can travel at lightning
speed, with some investors selling before pausing to check facts.
United Airlines operated under bankruptcy protection from 2002 to 2006, and it has struggled
this year in the face of record prices for jet fuel, announcing plans to ground planes, like big
Boeing 747s, to eliminate flights and to cut 7,000 jobs.
That gave the report of another bankruptcy filing some credence, even though the airline has
taken none of the preliminary moves for such a drastic step, like warning regulators of its
financial distress or lining up a restructuring company for advice.Despite its recent problems,
analysts said another bankruptcy filing did not appear to be imminent for the airline, especially
since it had taken steps recently to raise cash..
On June 1, 2015, Nelly Co reacquired 12,000 shares of its $2 par val.pdf
On June 1, 2015, Nelly Co reacquired 12,000 shares of its $2 par value common stock for $40
per share. Nelly uses the cost method to account for treasury stock. The journal entry to record
the reacquisition of the stock should debit
Solution
Debit the common stock account..
On July 1, B. Darin Company sold merchandise costing $4,500 to S. De.pdf
On July 1, B. Darin Company sold merchandise costing $4,500 to S. Dee Company for $6,000,
terms 2/10, n/30. Both companies use a perpetual inventory system. What is the journal entry
that S. Dee Company will make on July 1? A) Purchases B) Inventory C) Inventory D) Cost of
goods sold 6,000 6,000 6,000 4,500 Accounts payable 6,000 6,000 6,000 4,500 Accounts
receivable Accounts payable Inventory
Solution
A. Option A
Purchases A/C Dr 6000
To Accounts Payable 6000.
On January 2, Peyroux Company acquired 35 of the outstanding stock .pdf
On January 2, Peyroux Company acquired 35% of the outstanding stock of Gruden Company for
$625,000. For the year ended December 31, Gruden Company earned income of $110,000 and
paid dividends of $26,000.
Prepare the entries for Peyroux Company for the purchase of the stock, the share of Gruden
income, and the dividends received from Gruden Company. Refer to the Chart of Accounts for
exact wording of account titles.
Peyroux CompanyGeneral LedgerASSETS110Cash111Petty Cash120Accounts
Receivable121Allowance for Doubtful Accounts131Notes Receivable132Interest
Receivable141Merchandise Inventory145Office Supplies161Investment in Gruden Company
Stock165Valuation Allowance for Trading Investments166Valuation Allowance for Available-
for-Sale Investments181Land193Office Equipment194Accumulated Depreciation-Office
Equipment
Solution
2-Jan Investment in Gruden Company Stock 625000 Cash 625000 31-Dec
Investment in Gruden Company Stock 38500 =110000*35% Income of Gruden Company
38500 31-Dec Cash 9100 =26000*35% Investment in Gruden Company Stock
9100.
On January 2, 2011, a 7.1 magnitude earthquake struck the central co.pdf
On January 2, 2011, a 7.1 magnitude earthquake struck the central coastal area of Chile,
approximately 45 miles northwest of Temuco. No major damage or injury was reported when the
earthquake hit, though the quake was felt 370 miles away in Santiago. Find the intensity of the
earthquake and express its intensity in terms of the intensity of a standard earthquake, that is, I0.
I0
Solution
The magnitude, M, of an earthquake on the Richter scale is equal to the log of the intensity of the
earthquake, I, divided by the intensity of a standard earthquake, I0. If you plug in 7.1 for M, you
get:
7.1 = log (I/ I0)
If you change the equation from log form to exponential form, you get
107.1 = I / I0
Then multiply both sides of the equation by I0 to get the intensity.
107.1 * I0 = I
You could leave your answer as 107.1 or evaluate it to find that the earthquake is 12,589, 254.12
times more intense than a standard earthquake.
Hope this helps!.
On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf
On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. On this date, Subsidiary had total owners equity of $540,000
Any excess of cost over book value is attritbutable to land, undervalued $197,500 and to
goodwill.
During 20XI and 20X2, Parent has appropriately accounted for its investment in Subsidiary
using the simple equity method.
On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During
20X2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent
on December 31, 20X2. Subsidiary usual gross profit on affiliated sales is 40%.
On Dcember 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in
December of 20X2.
On January 1, 20X2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a
book value of $20,000. The sales price was $40,000, Subsidiary uses the equipment in its
business and is depreciating the equipment over a fire year life, assuming no salvage value and
using the straight line method.
****Prepare the Determenation and Distribution Schedule as of the Date of Acquisiton, 1/1/X1,
Please Use Good Form!!
Solution
Since it is given that Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. & Subsidiary had total owners equity of $540,000 & it is also given that
excess of cost over book value is attritbutable to land, undervalued $197,500 and balance to
goodwill
therefore following is the distributionParticularsAmountInvestment as 1st Jan 20x1
7,50,000DistributionCommon Stock (80%) 4,32,000Revalution of Land
1,97,500Goodwill (Balance) 1,20,500.
On January 1, 20X4, Plimsol Company acquired 100 percent of Shipping.pdf
On January 1, 20X4, Plimsol Company acquired 100 percent of Shipping Corporation\'s voting
shares, at underlying book value. Plimsol uses the cost method in accounting for its investment
in Shipping. Shipping\'s retained earnings was $75,000 on the date of acquisition. On December
31, 20X4, the data on the trial balances data for the two companies are as follows: Plimsol Co:
Current Assets $100,000; Depreciable Assets $200,000; Investment in Shipping Corp. $125,000;
Other Expenses $60,000; Depreciation Expense $20,000; Dividends declared $25,000; Current
Liabilities $40,000; Long-term debt $75,000; Common Stock $100,000; Retained earnings
$150,000; Sales $150,000; Dividend Revenue $15,000. Shipping Corp: Current Assets $75,000;
Depreciable Assets $150,000; Other Expenses $45,000; Depreciation Expense $15,000;
Dividends declared $15,000; Current Liabilities $25,000; Long-term debt $50,000; Common
Stock $50,000; Retained earnings $75,000; Sales $10,000. Based on the information provided,
what amount of retained earnings will be reported in the consolidated balance sheet prepared on
December 31, 20X4?
a. $235,000
b. $210,000
c. $310,000
d. $225,000
Solution
Retained earnings of Shipping corporation at the date of acquisition =75000
Retained earnings of Plimsol Company at the end of the year =150000
This amount comprises 75000 of retained earnings acquired from the Shipping company
Retained earnings of Shipping at the end of the year =75000
Total retained earnings at the end of the year =Retained earnings of Plimsol+ Retained earnings
of Shipping corporation=150000+75000=225000.
On December 28, 2011, Mary Lee went to her accountants, Gorskikov LL.pdf
On December 28, 2011, Mary Lee went to her accountants, Gorskikov LLP, to get assistance in
planning for her child\'s college education. Ms. Lee had the following alternatives for setting
aside cash for a college fund, which must be available on December 31, 2021 :
o Effective January 2, 2012, Ms. Lee could deposit a single amount of $215,000 in an investment
that would guarantee a 6% return until the funds were withdrawn on December 3 1, 2021.
o Effective December 31, 2012, Ms. Lee could deposit $240,000, at an expected rate of return of
5%, guaranteed until the funds were withdrawn on December 3 1, 2021.
o Effective January 2, 2012, Ms. Lee could deposit $29,600 a year in an investment that would
provide a return of 4.5% annually, until the funds were withdrawn on December 3 1, 2021.
Prepare the schedule that Gorskikov LLP would prepare for Ms. Lee at December 31, 2011,
setting forth the amounts that would be available for the college fund under each of the above
alternatives. Brief explanation and calculations.
Solution
o Effective January 2, 2012, Ms. Lee could deposit a single amount of $215,000 in an investment
that would guarantee a 6% return until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Deposit*(1+rate)^n
Amounts that would be available for the college fund = 215000*(1+6%)^10
Amounts that would be available for the college fund = $ 385,032.25
o Effective December 31, 2012, Ms. Lee could deposit $240,000, at an expected rate of return of
5%, guaranteed until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Deposit*(1+rate)^n
Amounts that would be available for the college fund = 240000*(1+5%)^9
Amounts that would be available for the college fund = $ 372,318.77
o Effective January 2, 2012, Ms. Lee could deposit $29,600 a year in an investment that would
provide a return of 4.5% annually, until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Annual Deposit*((1+rate)^n-1)/r
Amounts that would be available for the college fund = 29600*((1+4.5%)^10 -1)/4.5%
Amounts that would be available for the college fund = $ 363,731.
On January 1, 2014 Leo Paid $15,000 for 5 percent of the stock in BL.pdf
On January 1, 2014 Leo Paid $15,000 for 5 percent of the stock in BLS, an S corporation. In
November, he loaned $8,000 to BLS in return for a promissory note. BLS generated a $600,000
operating loss in 2014.
a. How much of his share of the loss can leo deduct on his 2014 return?
b. Compute Leo\'s basis in his BLS stock and his BLS note at the end of 2014.
Solution
Loss that leo can deduct on his 2014 return = 600000*5% i.e 30000
Basis in BSL stock = 15000 and promissory note = 8000.
On January 1, 2011, Musial Corp. sold equipment to Martin Inc. (a wh.pdf
On January 1, 2011, Musial Corp. sold equipment to Martin Inc. (a wholly-owned subsidiary) for
$110,000 in cash. The equipment originally cost $140,000 but had a book value of only $98,000
when transferred. On that date, the equipment had a five-year remaining life. Depreciation
expense was calculated using the straight-line method.
Provide the consolidation journal entries on the worksheet at the end of 2011.
TA
ED
Solution.
On January 1, 2004, Pearce and Co. will issue new bonds to finance i.pdf
On January 1, 2004, Pearce and Co. will issue new bonds to finance its expansion plans.
Currently outstanding 9%, January 1, 2020 Pearce and Co. bonds are selling for $1141. if intrest
is paid semiannually for both bonds, what must the coupon rate of the new bonds be in order for
the issue to sell at par?
Solution
PV principal = Face value / (1+YTM)^n =
= $ 251.
On average, there is one flaw per 1000 feet of pipe. What is the pr.pdf
On average, there is one flaw per 1000 feet of pipe. What is the probability that there is exactly
one flaw in only 500 feet of pipe? Use the Poisson distribution to answer this question.
Solution
lamda = 1 k = 2 by poisson distribution: p = (1^2) * (e^-1)/2! = 0.183939.
On December 20th WSS received sales return request in the mail from .pdf
On December 20th WSS received sales return request in the mail from EWU. The request was
approved and the acknowledgement copy mailed to EWU. Later, WSS received all goods that
WSS had authorized EWU to return for a credit against their account. How would both of these
transactions be recorded to comply with GAAP?
Solution
1) No entry for approving sales returns As per GAAP 2) Entry willl be passed only when
goods are actually returned. Date Particulars Debit $ Credit $ Sales returns XXXX
Accounts receivable XXXX.
On average, 12.5 rooms stay vacant per day at Hotel Stats. Find the .pdf
On average, 12.5 rooms stay vacant per day at Hotel Stats. Find the probability that on a given
day exactly three rooms will be vacant assuming the number of vacancies follows a Poisson
distribution.
Solution
Given X~Poisson(lamda=12.5)
P(X=x)=(12.5^x)*exp(-12.5)/x!
So the probability is
P(X=3) =(12.5^3)*exp(-12.5)/6=0.001213103.
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On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf
On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. On this date, Subsidiary had total owners equity of $540,000
Any excess of cost over book value is attritbutable to land, undervalued $197,500 and to
goodwill.
During 20XI and 20X2, Parent has appropriately accounted for its investment in Subsidiary
using the simple equity method.
On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During
20X2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent
on December 31, 20X2. Subsidiary usual gross profit on affiliated sales is 40%.
On Dcember 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in
December of 20X2.
On January 1, 20X2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a
book value of $20,000. The sales price was $40,000, Subsidiary uses the equipment in its
business and is depreciating the equipment over a fire year life, assuming no salvage value and
using the straight line method.
****Prepare the Determenation and Distribution Schedule as of the Date of Acquisiton, 1/1/X1,
Please Use Good Form!!
Solution
Since it is given that Parent Company acquired 80% of the common stock of Subsidiary
Company for $750,000. & Subsidiary had total owners equity of $540,000 & it is also given that
excess of cost over book value is attritbutable to land, undervalued $197,500 and balance to
goodwill
therefore following is the distributionParticularsAmountInvestment as 1st Jan 20x1
7,50,000DistributionCommon Stock (80%) 4,32,000Revalution of Land
1,97,500Goodwill (Balance) 1,20,500.
On January 1, 20X4, Plimsol Company acquired 100 percent of Shipping.pdf
On January 1, 20X4, Plimsol Company acquired 100 percent of Shipping Corporation\'s voting
shares, at underlying book value. Plimsol uses the cost method in accounting for its investment
in Shipping. Shipping\'s retained earnings was $75,000 on the date of acquisition. On December
31, 20X4, the data on the trial balances data for the two companies are as follows: Plimsol Co:
Current Assets $100,000; Depreciable Assets $200,000; Investment in Shipping Corp. $125,000;
Other Expenses $60,000; Depreciation Expense $20,000; Dividends declared $25,000; Current
Liabilities $40,000; Long-term debt $75,000; Common Stock $100,000; Retained earnings
$150,000; Sales $150,000; Dividend Revenue $15,000. Shipping Corp: Current Assets $75,000;
Depreciable Assets $150,000; Other Expenses $45,000; Depreciation Expense $15,000;
Dividends declared $15,000; Current Liabilities $25,000; Long-term debt $50,000; Common
Stock $50,000; Retained earnings $75,000; Sales $10,000. Based on the information provided,
what amount of retained earnings will be reported in the consolidated balance sheet prepared on
December 31, 20X4?
a. $235,000
b. $210,000
c. $310,000
d. $225,000
Solution
Retained earnings of Shipping corporation at the date of acquisition =75000
Retained earnings of Plimsol Company at the end of the year =150000
This amount comprises 75000 of retained earnings acquired from the Shipping company
Retained earnings of Shipping at the end of the year =75000
Total retained earnings at the end of the year =Retained earnings of Plimsol+ Retained earnings
of Shipping corporation=150000+75000=225000.
On December 28, 2011, Mary Lee went to her accountants, Gorskikov LL.pdf
On December 28, 2011, Mary Lee went to her accountants, Gorskikov LLP, to get assistance in
planning for her child\'s college education. Ms. Lee had the following alternatives for setting
aside cash for a college fund, which must be available on December 31, 2021 :
o Effective January 2, 2012, Ms. Lee could deposit a single amount of $215,000 in an investment
that would guarantee a 6% return until the funds were withdrawn on December 3 1, 2021.
o Effective December 31, 2012, Ms. Lee could deposit $240,000, at an expected rate of return of
5%, guaranteed until the funds were withdrawn on December 3 1, 2021.
o Effective January 2, 2012, Ms. Lee could deposit $29,600 a year in an investment that would
provide a return of 4.5% annually, until the funds were withdrawn on December 3 1, 2021.
Prepare the schedule that Gorskikov LLP would prepare for Ms. Lee at December 31, 2011,
setting forth the amounts that would be available for the college fund under each of the above
alternatives. Brief explanation and calculations.
Solution
o Effective January 2, 2012, Ms. Lee could deposit a single amount of $215,000 in an investment
that would guarantee a 6% return until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Deposit*(1+rate)^n
Amounts that would be available for the college fund = 215000*(1+6%)^10
Amounts that would be available for the college fund = $ 385,032.25
o Effective December 31, 2012, Ms. Lee could deposit $240,000, at an expected rate of return of
5%, guaranteed until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Deposit*(1+rate)^n
Amounts that would be available for the college fund = 240000*(1+5%)^9
Amounts that would be available for the college fund = $ 372,318.77
o Effective January 2, 2012, Ms. Lee could deposit $29,600 a year in an investment that would
provide a return of 4.5% annually, until the funds were withdrawn on December 3 1, 2021.
Amounts that would be available for the college fund = Annual Deposit*((1+rate)^n-1)/r
Amounts that would be available for the college fund = 29600*((1+4.5%)^10 -1)/4.5%
Amounts that would be available for the college fund = $ 363,731.
On January 1, 2014 Leo Paid $15,000 for 5 percent of the stock in BL.pdf
On January 1, 2014 Leo Paid $15,000 for 5 percent of the stock in BLS, an S corporation. In
November, he loaned $8,000 to BLS in return for a promissory note. BLS generated a $600,000
operating loss in 2014.
a. How much of his share of the loss can leo deduct on his 2014 return?
b. Compute Leo\'s basis in his BLS stock and his BLS note at the end of 2014.
Solution
Loss that leo can deduct on his 2014 return = 600000*5% i.e 30000
Basis in BSL stock = 15000 and promissory note = 8000.
On January 1, 2011, Musial Corp. sold equipment to Martin Inc. (a wh.pdf
On January 1, 2011, Musial Corp. sold equipment to Martin Inc. (a wholly-owned subsidiary) for
$110,000 in cash. The equipment originally cost $140,000 but had a book value of only $98,000
when transferred. On that date, the equipment had a five-year remaining life. Depreciation
expense was calculated using the straight-line method.
Provide the consolidation journal entries on the worksheet at the end of 2011.
TA
ED
Solution.
On January 1, 2004, Pearce and Co. will issue new bonds to finance i.pdf
On January 1, 2004, Pearce and Co. will issue new bonds to finance its expansion plans.
Currently outstanding 9%, January 1, 2020 Pearce and Co. bonds are selling for $1141. if intrest
is paid semiannually for both bonds, what must the coupon rate of the new bonds be in order for
the issue to sell at par?
Solution
PV principal = Face value / (1+YTM)^n =
= $ 251.
On average, there is one flaw per 1000 feet of pipe. What is the pr.pdf
On average, there is one flaw per 1000 feet of pipe. What is the probability that there is exactly
one flaw in only 500 feet of pipe? Use the Poisson distribution to answer this question.
Solution
lamda = 1 k = 2 by poisson distribution: p = (1^2) * (e^-1)/2! = 0.183939.
On December 20th WSS received sales return request in the mail from .pdf
On December 20th WSS received sales return request in the mail from EWU. The request was
approved and the acknowledgement copy mailed to EWU. Later, WSS received all goods that
WSS had authorized EWU to return for a credit against their account. How would both of these
transactions be recorded to comply with GAAP?
Solution
1) No entry for approving sales returns As per GAAP 2) Entry willl be passed only when
goods are actually returned. Date Particulars Debit $ Credit $ Sales returns XXXX
Accounts receivable XXXX.
On average, 12.5 rooms stay vacant per day at Hotel Stats. Find the .pdf
On average, 12.5 rooms stay vacant per day at Hotel Stats. Find the probability that on a given
day exactly three rooms will be vacant assuming the number of vacancies follows a Poisson
distribution.
Solution
Given X~Poisson(lamda=12.5)
P(X=x)=(12.5^x)*exp(-12.5)/x!
So the probability is
P(X=3) =(12.5^3)*exp(-12.5)/6=0.001213103.
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On January 1, 20XI, Parent Company acquired 80 of the common stock .pdf
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