The partial worksheet for the Jamison Company showed the fol.pdf

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The partial worksheet for the Jamison Company showed the following dato on October 31,201. Prepare the closing entries for Jamison Company on October 31, 20x1. Journal entry worksheet 1 Record entry to transfer expenses to income summary. Notei Enter debits-before credits.Prepare the closing entries for Jamison Company on October 31, 20x1. Journal entry worksheet 3.4 Recond entry to transfer fees income to income summary.Prepare the closing entries for Jamison Company on October 31. 20xt. Journal entry worksheet 1. Record entry to transfer expenses to income summary. Note: Enter debits before oredts.Prepare the closing entries for Jamison Compony on October 34, 20xi. Journal entry worksheet: Record entry to transfer net income or net loss from income surnmary to capital. Mote: Enter debits Defore cred,ts.Prepare the closing entnes for Janson Compeny on October 31, 20xt. Journal entry worksheet <12 Aecord entry to transfer drawings to caeital sccount. Notel Fineer dekin betilnet arapion..

Education

The document provides an overview of the accounting cycle, which consists of a recording phase and reporting phase. The recording phase involves analyzing transactions, recording them in journals, posting to ledgers, and preparing a trial balance. The reporting phase involves preparing adjusting entries, a post-adjusted trial balance, financial statements, and closing entries. The purpose is to review the basic steps of the accounting process, including journalizing, posting, preparing financial statements, and closing books at the end of each period.

ProblemIssuance of stock organization costs. Snowbound Corporat.docx

briancrawford30935

Problem Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year: 7/1: Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued. 7/7: Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work. 8/11: Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued. 12/14: Issued 30,000 shares to the MJB Company for land valued at $900,000. Instructions Prepare journal entries to record each transaction. Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.

Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx

alanfhall8953

Week Four Exercise Assignment Liability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 6% on the first $55,000 earned · Medicare taxes: 1.5% on the first $130,000 earned · Federal income taxes withheld from wages: $7,500 · State income taxes: 5% of gross earnings · Insurance withholdings: 1% of gross earnings · State unemployment taxes: 5.4% on the first $7,000 earned · Federal unemployment taxes: 0.8% on the first $7,000 earned The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end. a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following: · Social Security taxes · Medicare taxes · Federal income taxes withheld · State income taxes · Insurance withholdings b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following: · Matching Social Security taxes · Matching Medicare taxes · State unemployment taxes · Federal unemployment taxes 2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following: 12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. 2/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit. 12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. 12/26 Borrowed $5,000 from First City Bank; signed a note payable due in 60 days. 12/31 Repaired six XY-80s during the month at a total cost of $162. 12/31 Accrued 3 days of salaries at a total cost of $1,400. Instructions a. Prepare journal entries to record the transactions. b. Prepare adjusting entries on October 31 to record accrued interest. c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date. 3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate. 9/10: Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed. 9/11: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate. 10/10: The note to Pans Enterprises was p.

Lecture slides_Chapter 3 _ 4.pptx

KhangMinh59

This document discusses key accounting concepts including fiscal versus calendar years, cash versus accrual accounting, adjusting entries, correcting entries, qualities of financial information, closing entries, and the accounting cycle. It provides definitions and examples of these concepts. Fiscal year refers to an accounting time period that is one year in length, while a calendar year runs from January 1 to December 31. Accrual accounting records transactions when events occur rather than when cash is received or paid. Adjusting entries ensure revenues and expenses are recorded in the proper periods according to accounting principles. Correcting entries fix posting errors. Closing entries transfer balances to prepare for a new accounting period.

Daring its fint year of operations- Wintae Retreat inc- had sabes of 5.docx

cmichael14

Daring its fint year of operations, Wintae Retreat inc. had sabes of 51 , 050 , 000 , all on account. Induatry exporience suggests that Winter Retrears bad dect erpense wit be 519.960 . At December 31. 2010. Winter Retreat's accounts receivable total $90 , 000 . The company uses the alowance method to acocunt for uncolectibles. Requirements 1. Make Winter Retreat's journal entry for bad debt expense. 2. Show how Winter Rotreat could report accounts recelvable on its balance sheet at December 31, 2010, by diaclosing the allowance for uncelinctible accounta. 1. Make Winter Retrears jounal entry for bad debt expense. (Record debils first, then credits. Explanations are not required) 2. Show how Winter Retreat could teport accounts receivable on its balance sheet at December 31,2019 , by disclosing the allowance for unoollectible accounts. (Use parentheses or a minus sign te indicate numbers to be subtracted.) .

The following information is for Henenlotter Inc. for the year end.docx

cherry686017

The following information is for Henenlotter Inc. for the year ended December 31, 2012. Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012. CASH RECEIVED FROM: Customers ? Interest on investments 600 Sale of land (not in use) 1,000 Sale of Henenlotter Inc. common stock 750 Sale of Janis Corp. stock 500 Issuance of debt securities (bonds) 2,000 CASH PAID FOR: Interest on debt 300 Income tax 80 Debt principal reduction 1,500 Purchase of equipment 4,100 Purchase of inventory 1,000 Dividends paid on Henenlotter common stock 200 Operating expenses 400 OTHER DATA Revenue 600 Accounts Receivable (Jan. 1, 2012) 1,200 Accounts Receivable (Dec. 31, 2012) 900 Accounts written off during the year 200 Prepare a Statement of Cash Flows for the year. Use the direct method for the operating activities section. 1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is: A. Reliability. B. Comparability. C. Completeness. D. Verifiability. E. All of the above 2. Which of the following best demonstrates the full disclosure principle? A. The multi-step income statement. B. The auditors' report. C. The company's tax return. D. Notes to financial statements. E. None of the above. 3. Disclosure notes to a company's financial statements: A. Are relatively unimportant facts that don't belong in the basic financial statements. B. Document the source of financial statement facts, like literary footnotes. C. Are an integral part of a company's financial statements. D. Are irrelevant facts that are immaterial in amount. E. None of the above. 4. An important argument in support of historical cost information is: A. Relevance. B. Predictive quality for future cash flows. C. Materiality. D. Verifiability. E. All of the above 5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is: A. Timeliness. B. Materiality. C. Relevance. D. Cost effectiveness. E. All of the above. 6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is: A. Comparability. B. Faithful representation. C. Cost effectiveness. D. Materiality. E. Two of the above are correct. 7. Recognizing expected losses immediately, but deferring expected gains, is an example of: A. Materiality. B. Conservatism. C. Cost effectiveness. D. Timeliness. E. All o ...

The completed financial statement columns of the spreadsheet for Carl.pdf

vinotha58

The completed financial statement columns of the spreadsheet for Carla Vista Company are shown as follows: Question 2 of 2 CARLA VISTA COMPANY Income Statement For ihe Year Finded Descenter 21, 2022 Rirweiuans Service Revinue I rirense: Depenclation Erament lumirarice Evpente Fryares and Way wis tapense Prepare an owner's equitystatement. (List items that incredse owner's equity first. Prepare an owner's equity statement. (Ust items that increose owner's equity first) Prepare a dassified balance shicet. [tist Cumrent Assets in order of liquidity] Prepare the closing entries. L. Garla Vista did not make ary additionat imestments during the yerag, |Crndit occount IISes ars enter 0 for the amounts) (To close expense accounts) Dec. 31 (To dose net income / (loss)) Dec. 31 (To dose drawings) Enter the balances from the adjusted trial balance and post the closing entries and calculate the balances of the acrounts. (Fost entries in the order of journal entries presented in the previous part.) Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Mointenance and Repairs Expense Maintenance and Repairs Expense No. 622 Depreciation Expense No, 711 Insurance Expense No. 722 Salaries and Wages Expense No, 726 n...usa a nnaticlosing trial batunce..

Week 2 Homework TemplateProblem 3-2B (a) Show the effects of.docx

melbruce90096

Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet. (a)WALZ SERVICE INC. Assets=Liabilities +Stockholders’ Equity Date Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings Revenues – Expenses – Dividends June 1 Totals $ $ Total of All Columns under Assets Total of All columns under Liabilities & Stockholder’s Equity (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June WALZ SERVICE INC. Income Statement For the Month Ended June, 30, 2014 Revenues Account title Amount Expenses Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Amount Net income Amount (Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere). WALZ SERVICE Inc. Balance Sheet June 30, 2014 Assets Current assets Account title Amount Account title Amount Account title Amount Total current assets Amount Account title Amount Total assets Amount Liabilities and Stockholders’ Equity Current liabilities Account title Amount Account title Amount Total current liabilities Amount Stockholders’ equity Account title Amount Account title Amount Amount Total liabilities and stockholders’ equity Amount Problem 3-5B is on the next page. (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Remember that every transaction affects TWO accounts! Date Account Titles and Explanation Debit Credit May1 2 3 7 11 12 17 31 31 Part B is on the next page. PROBLEM 3-5B (Continued) 3-62Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Financial Accounting, 6/e, Solution s Manual (For Instructor Use Only) (b) Post the transactions to the ledger.

AWeek Five Exercise Assignment Financial Ratios 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid expenses 800 800 800 Accounts payable 200 200 200 Notes payable: short-term 3,100 3,100 3,100 Accrued payables 300 300 300 Long-term liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc: 20X5 20X4 Net credit sales $832,000 $760,000 Cost of goods sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Average Accounts receivable 180,000 140,000 Average Inventory 70,000 50,000 Accounts payable, Dec. 31 115,000 108,000 a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest expense $120,000 Income tax expense $80,000 Preferred dividends $25,000 Net income $130,000 Average assets $1,100,000 Average common stockholders' equity $400,000 a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places. b. Does the firm have positive or negative financial leverage? Briefly explain. 4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $76,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work. 6. Ratio computation. The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparat ...

Ac process

Sarah Junio

The document discusses key accounting concepts including the accounting equation, accounting cycle, adjusting entries, trial balance, financial statements, and closing process. It provides examples to illustrate preparing adjusting entries for prepaid expenses, accrued liabilities, depreciation, and estimates. It also discusses the use of worksheets, reversing entries, subsidiary ledgers, and special journals.

Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx

melbruce90096

Week 3 DQs LIFO vs. FIFO The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Depreciation A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Assignment 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s a. cost of goods sold. b. gross profit. c. ending inventory. 2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods. FIFO LIFO Weighted Average Goods available for sale $ $ $ Ending inventory, March 31 Cost of goods sold 3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow: · 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000 · 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550 · 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000 · 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550 The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account. a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO b. Calculate the balance in the firm’s Inventory account under each method. c. Briefly explain the absence of the Purchases account to the company president. 4. Inventory valuation methods: computations and concepts. Wild Riders Surfboard Company began business on January 1 of the current y.

Following are two income statements for Alexis Company for the year en.docx

SUKHI5

Following are two income statements for Alexis Company for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Analyze the statements and prepare the seven adjusting entrles a. through g. that llkely were recorded. Hint. The entry for a. refers to revenue that has been earned but not yet bllled. No adjusting entry involves cash. revenue that has been earned but not yet billed. Noo adjusting entry involves cash. 1 Record the adjusting entry for accrued revenues. 2 Record depreciation on computers. 3 Record depreciation on office furniture. 4 Record the adjusting entry related to salaries. 5 Record the adjusting entry related to insurance. Credit 6 Record the adjusting entry related to office supplies. 7 Record the adjusting entry related to utilities. Note: = journal entry has been entered .

Chp6 accrual basis of acctg

Sowie Althea

The document discusses accrual accounting concepts and adjusting journal entries. It introduces accrual accounting and the revenue recognition and matching principles. It explains that adjusting entries are needed at the end of each accounting period to recognize revenues and expenses that have been earned or incurred but not yet recorded. The major types of adjusting entries are accruals, which record unrecorded revenues and expenses, and deferrals, which defer the recognition of revenues or expenses. Examples are provided for accrued revenues, accrued expenses, unearned revenues, and prepaid expenses. The document also discusses accounting estimates such as depreciation expense.

Advance Accounting b.com part 2 chapter 2 notes

Mehar Irfan

The document discusses final accounts and financial statements for companies. It provides: 1) An outline of the syllabus for accounting of companies according to the University of Karachi, which includes financial statements according to international standards. 2) Descriptions and examples of key financial statements - the income statement, balance sheet, and statement of retained earnings. 3) Practice questions including required financial statements for sample companies.

Acctg fundamentals

LGS, GBHS&IC, University Of South-Asia, TARA-Technologies

The document provides an outline for a presentation on completing the accounting cycle. It discusses key accounting concepts like the fundamental accounting equation, double-entry system, chart of accounts, general journal, general ledger, adjusted trial balance, worksheet, closing entries and financial statements. The presentation covers analyzing transactions, journalizing, posting, preparing an unadjusted trial balance, making adjustments, preparing an adjusted trial balance, and closing temporary accounts to complete the accounting cycle.

Financial Accounting by Maliha Tahir 07

LGS, GBHS&IC, University Of South-Asia, TARA-Technologies

ch04 (1).pptx

KimNgn701281

This document provides an overview of Chapter 4 from the textbook "Financial Accounting IFRS 4th Edition". It covers the accounting cycle and related processes. The learning objectives are to prepare a worksheet, closing entries and post-closing trial balance, explain the accounting cycle and correcting entries, and identify sections of a classified statement of financial position. Key topics include the worksheet, closing process, adjusting and correcting entries, and the different asset/liability/equity sections of the financial statements.

Acc 205 week 4 exercise assignment liability new

ENTIRE COURSES FINAL EXAM

Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.

The following selected account balances were taken from the .docx

oreo10

The following selected account balances were taken from the general ledger of Vance Corporation as of December 31, 20X7. Examine this information and prepare the property, plant, and equipment section of the company's balance sheet. All accounts listed carry a normal balance. Land $ 500,000 Buildings 1,650,000 Equipment 2,860,000 Accumulated depreciation: Buildings 472,000 Accumulated depreciation: Equipment 1,333,400 Depreciation expense: Buildings 125,000 Depreciation expense: Equipment 278,111 Evaluate the following costs and decide if each is a "capital expenditure" or not. Then, if a capital expenditure, decide which account the cost should be recorded in: Land, Land Improvement, Building, or Equipment. The first item is done as an example. Balance sheet presentation of property, plant, and equipment B-10.01 Identification of capital expenditures B-10.03 Mike Highlight Mike Highlight Capital Category Yes No Land Land Improvement Building Equipment Delivery cost of new furniture   Wages paid to guard at office building Fees for title insurance on land purchase Cost of periodic repainting of parking lot Cost of building new sidewalks Interest costs on loan to buy equipment Computer training class on general commercial software package Interest cost on loan during construction period for new building Architects fees for new building Installation and setup costs on new machinery Repair of damage to device broken during initial installation Safety violation fines at construction site Tap fees for connecting new building to city water system On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it is expected that the device will be disposed of for a $100,000 salvage value. Perkins uses the straight-line depreciation method. (a) Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year. (b) Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X5. B-10.06 Straight-line depreciation Mike Highlight Robinson Corporation recently requested a contractor to prepare a proposal to refurbish the exterior of its office building. Robinson wanted to give its building a "face lift." The contractor provided the following bid document: ROBINSON CORPORATION BID Add extension to front porch approach $20,000 Install shrubs and trees 2,500 Replace rotting exterior siding material 7,500 Replace burned out exterior light bulbs 500 Total for all work: $30,500 Assume that Robinson Corporation agreed to the bid, and authorized the work. What journal entry would be appropriate for each of the above expenditures? Ng's Shrimp Company owns a fishing vessel that originally cost $250 ...

frcantrer bi borientes eitasstion 1 th medis de be dodezesi.pdf

The partial worksheet for the Jamison Company showed the fol.pdf

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