Who can do 2 for $40, Good quality work!

Who can do 2 for $40, Good quality work!

More homework questions. I’m behind in my class and I have a lot of make up work to do. I don’t want to give it all out at once because we are all human and I know this stuff can be hard.

Due Week 6 and worth 70 points

 

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

 

Exercises

 

E9-9. Presented below are selected transactions at Ridge Company for 2015.

 

Jan.   1             Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.

June 30             Sold a computer that was purchased on January 1, 2012. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.

Dec. 31             Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

 

Instructions

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.)

 

E9-11. On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000 tons of ore were mined and sold.

 

Instructions

1. Prepare the journal entry to record depletion expense.
2. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?

 

E10-12. Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2015. The bonds pay interest twice a year.

 

Instructions

1. (1) Prepare the journal entry to record the issuance of the bonds.

(2) Compute the total cost of borrowing for these bonds.

105. Repeat the requirements from part (a), assuming the bonds were issued at 105.

 

E10-15. Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2015. The terms provide for semiannual installment payments of $25,000 on June 30 and December 31.

 

Instructions

Prepare the journal entries to record the mortgage loan and the first two installment payments.

 

Problems

 

P9-7A. The intangible assets section of Sappelt Company at December 31, 2015, is presented below.

The patent was acquired in January 2015 and has a useful life of 10 years. The franchise was acquired in January 2012 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2016.

Jan. 2               Paid $27,000 legal costs to successfully defend the patent against infringement by another company.

Jan.–June          Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.

Sept. 1              Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company’s products. The commercials will air in September and October.

Oct. 1               Acquired a franchise for $140,000. The franchise has a useful life of 50 years.

 

Instructions

1. Prepare journal entries to record the transactions above.
2. Prepare journal entries to record the 2016 amortization expense.
3. Prepare the intangible assets section of the balance sheet at December 31, 2016.

 

P10-1A. On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.

Accounts Payable                         $52,000

Sales Taxes Payable                       7,700

Unearned Service Revenue               16,000

 

During January, the following selected transactions occurred.

Jan.         5  Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.

12   Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.)

14   Paid state revenue department for sales taxes collected in December 2014 ($7,700).

20   Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax.

21   Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.

25  Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.

 

Instructions

1. Journalize the January transactions.
2. Journalize the adjusting entry at January 31 for the outstanding note payable. (Hint: Use one-third of a month for the Girard Bank note.)
3. Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.

Due Week 8 and worth 70 points

 

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

 

Exercises

 

E11-7. Quay Co. had the following transactions during the current period.

 

Mar. 2               Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.

June 12             Issued 60,000 shares of $5 par value common stock for cash of $375,000.

July 11              Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28             Purchased 2,000 shares of treasury stock for $80,000.

 

Instructions

Journalize the transactions.

 

E11-13. On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

 

Apr. 1               Issued 25,000 additional shares of common stock for $17 per share.

June 15             Declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10              Paid the $1 cash dividend.

Dec. 1               Issued 2,000 additional shares of common stock for $19 per share.

15             Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

 

Instructions

1. Prepare the entries, if any, on each of the three dividend dates.
2. How are dividends and dividends payable reported in the financial statements prepared at December 31?

 

 

E12-8. Presented below are two independent situations.

 

1. Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2015. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of $122,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale.
2. Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2015. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year.

 

Instructions

Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc.

 

E12-12. Uttinger Company has the following data at December 31, 2015.

 

The available-for-sale securities are held as a long-term investment.

 

Instructions

1. Prepare the adjusting entries to report each class of securities at fair value.
2. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.

 

 

Problems

 

P11-3A. The stockholders’ equity accounts of Castle Corporation on January 1, 2015, were as follows.

Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized)               $  400,000

Common Stock ($1 stated value, 2,000,000 shares authorized)                          1,000,000

Paid-in Capital in Excess of Par—Preferred Stock                                               100,000

Paid-in Capital in Excess of Stated Value—Common Stock                               1,450,000

Retained Earnings                                                                                          1,816,000

Treasury Stock (10,000 common shares)                                                              50,000

 

During 2015, the corporation had the following transactions and events pertaining to its stockholders’ equity.

 

Feb. 1               Issued 25,000 shares of common stock for $120,000.

Apr. 14              Sold 6,000 shares of treasury stock—common for $33,000.

Sept. 3              Issued 5,000 shares of common stock for a patent valued at $35,000.

Nov. 10             Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.

Dec. 31             Determined that net income for the year was $452,000.

No dividends were declared during the year.

 

Instructions

1. Journalize the transactions and the closing entry for net income.
2. Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)
3. Prepare a stockholders’ equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears.

 

 

P12-6A. The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.

 

The investment in Sasse common stock is considered to be a long-term available-for-sale security.

 

Instructions

Prepare a classified balance sheet at December 31, 2015.

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