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Chapter
10
HW
Assignments
1
PR10.02ALGO
2.
PR10.03.ALGO
Progress:
1/2
items
o
eBook
Show
Me
How
Comparing
Three
Depreciation
Methods
Dexter
Industries
purchased
packaging
equipment
on
January
8
for
$348,000.
The
equipment
was
expected
to
have
a
useful
life
of
four
years,
or
7,600
operating
hours,
and
a
residual
value
of
$28,800.
The
equipment
was
used
for
2,660
hours
during
Year
1,
1,596
hours
in
Year
2,
2,128
hours
in
Year
3,
and
1,216
hours
in
Year
4.
Requlré.cl:
'
¢
:
L3
-
1.
'Determine
the
amount
of
depreciation
expense
for
the
four
years
ending
December
31
by
(a)
the
straight-line
method,
(b)
the
units-of-activity
method,
and
(c)
the
double-declining-balance
method.
Also
determine
the
total
depreciation
expense
for
the
four
years
by
each
method.
Round
the
answer
for
each
|
year
to
the
nearest
whole
dollar.
|
Depreciation
Expense
Units-of-Activity
Double-Declining-
Year
Stralght-Line
Method
Method
Balance
Method
Year
1
Year
2
;
Year
3
Year
4
Total
2.
What
method
yields
the
highest
depreciation
expense
for
Year
1?
v
3.
What
method
yields
the
most
depreciation
over
the
four-year
life
of
the
equipment?
[
QERINTIE
1
more
Check
My
Work
uses
remaining.
M@
D'e
2
Q>
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eview Project (Ch. 9, 11, 12) i
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Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year.
Common stock-$25 par value, 60,000 shares authorized, 35,000 shares issued
and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
36
Total stockholders' equity
$875,000
70,000
357,000
$ 1,302,000
Help
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Su
During the current year, the following transactions affected its stockholders' equity accounts.
January 2
January 7
February 28
July 9
August 27
September 9
October 22
December 31
Required:
Purchased 3,500 shares of its own stock at $25 cash per share.
Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.
Paid the dividend declared on January 7.
Sold 1,400 of its treasury…
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9. MC.12.09
Research and Development
10. MC.12.10
Instructions
Chart Of Accounts
General Journal
11. RE.12.01.BLANKSHEET
Instructions
12. RE.12.02
Notting Hill Company incurred the following costs for R&D activities:
13. RE.12.03.BLANKSHEET
Material used from inventory
$15,000
14. RE.12.04.BLANKSHEET
Equipment purchased (with cash) for R&D with no other use
85,000
Depreciation on building housing multiple R&D activities
10,000
15. RE.12.05.BLANKSHEET
Wages and salaries paid to R&D employees
38,500
16. RE.12.06.BLANKSHEET
Required:
17. RE.12.07.BLANKSHEET
Prepare Notting Hill's journal entry(ies) to record its R&D.
18. RE.12.08
19. RE.12.09.BLANKSHEET
20. RE.12.10.BLANKSHEET
21. EX.12.01
22. EX.12.02.BLANKSHEET
O…
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Eli Inc. issued $110,000 of 10% annual, 4-year bonds for $112,800. What is the total amount of interest expense over the life of the bonds?
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Required A Required B
Required:
a. What are the amount and character of the gain that Javens will recognize in year 0?
b. What amount and character of the gain will Javens recognize in years 1 through 6?
x
Complete this question by entering your answers in the tabs below.
Recognized Gain
Character of Recognized Gain:
Description
Ordinary Gain
§1231 gain
F2
M Question X M Question X
In year O, Javens Incorporated sold machinery with a fair market value of $500,000 to Chris. The machinery's original basis was
$394,000 and Javens's accumulated depreciation on the machinery was $60,000, so its adjusted basis to Javens was $334,000. Chris
paid Javens $50,000 immediately (in year O) and provided a note to Javens indicating that Chris would pay Javens $75,000 a year for
six years beginning in year 1.
What are the…
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Service Department Charges
In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis
of the number of purchase requisitions. The Payroll Department had expenses of $75,400 and the Purchasing Department had expenses of $42,000 for the year. The following annual data for Residential, Commercial, and Government Contract
divisions were obtained from corporate records:
Government
Residential Commercial
Contract
Sales
$1,000,000…
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business/accounting / accounting questions and answers/p11-1a gão limited was organized on january 1, 2017, it is...
Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is
Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share...
P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000…
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C20-128PRO1-2016...
O Final Exam Review -..
On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $920 for $95,800. The bonds had a stated rate of 5% and paid interest semi-annually,
What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank.
Jan. 1
Email Instructor
Subn
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ssignment i
Use the following information for the Quick Studies below. (Algo)
[The following information applies to the questions displayed below.]
On December 31, Hawkin's records show the following accounts.
$ 5,900
1,000
3,600
14,800
Cash
Accounts Receivable
Supplies
Equipment
Accounts Payable
Hawkin, Capital, December 1
Hawkin, Withdrawals
Services Revenue
Wages Expense
Rent Expense
Utilities Expense
HAWKIN
Statement of Owner's Equity
For Month Ended December 31
Hawkin, Capital, December 1
Add: Investments by owner
Hawkin, Capital, December 31
6,400
15,300
1,800
$
16,400
8,000
1,900
1,100
QS 1-16 (Algo) Preparing a statement of owner's equity LO P2
Use the above information to prepare a statement of owner's equity for Hawkin for the month ended December 31. Hint: Owner
investments are $0 for the period.
0
Copia d X
0
0
chat.op X
Log…
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. C20-128PR01-:
Record the journal entries for each of the following payroll transactions. If an amount box does not require, leave it blank.
Apr. 2 Paid $640 and $300 cash to a federal depository for FICA Social Security and FICA Medicare, respectively.
Apr. 4 Paid accumulated employee salaries of $16,220.
Apr. 11 Issued checks in the amounts of $480 for federal income tax and $300 for state income tax to an IRS-approved bank.
Apr. 14 Paid cash to health insurance carrier for total outstanding health insurance liability of $800.
Apr. 22 Remitted cash payments for FUTA and SUTA to federal and state unemployment agencies in the amounts of $130 and $250, respectively.
Аpг. 2
Apr. 4
Apr. 11
Apг. 14
Apг. 22
78°F…
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Monaco & Associates
Use the following five transactions for Monaco & Associates, Inc. to answer the question(s).
October 1
Bills are sent to clients for services provided in September in the amount of $800.
Dravo Co. delivers office furniture ($1,060) and office supplies ($160) to Monaco
6
leaving an invoice for $1,220.
15
Payment is made to Dravo Co. for the furniture and office supplies delivered on
October 9.
23
A bill for $430 for electricity for the month of September is received and will be paid on
its due date in November.
31
Salaries of $850 are paid to employees.
Based only on these transactions, what is the total amount of expenses that should appear on the income statement for the month of
October?
Oa. $1,280
Ob. $430…
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HOMEWORK Chp. 11
Saved
2
Problem 11-15 Using CAPM
A stock has an expected return of 10 percent, its beta is 1.50, and the expected return on
the market is 8 percent. What must the risk-free rate be? (Do not round Intermediate
calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,
32.16.)
14.28
polnts
eBook
Risk-free rate
References
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9. MC.12.09
Software Development Costs
10. MC.12.10
Intructions
Chart Of Accounts
General Journal
11. RE.12.01.BLANKSHEET
Intructions
12. RE.12.02
Closer & Co. incurred and paid the following costs for internal-use software:
13. RE.12.03.BLANKSHEET
• $12,000 in the preliminary stage of development
14. RE.12.04.BLANKSHEET
• $17,000 in external direct material and service costs used in developing the internal-use software
• $23,000 in payroll costs for employees working on the project
15. RE.12.05.BLANKSHEET
• $3,500 in interest costs while developing the software
16. RE.12.06.BLANKSHEET
Required:
17. RE.12.07.BLANKSHEET
Prepare Closer's initial journal entry(s) to record its internal-use software,
18.…
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The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are
complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized.
Current Year
Prior Year
Balance Sheet
Assets
Cash
$ 91,500
$ 111,000
Accounts Receivable
Inventory
Property and Equipment
Less: Accumulated Depreciation
97,500
00006
000'06
(48,800)
$ 422,700
Total assets
$ 378,500
Liabilities:
$ 15,000
$ 18,000
Accounts Payable
Salaries and Wages Payable
Notes Payable, Long-Term
Stockholders' Equity:
000'e
000 sL
00s T
000 '06
Common Stock
120,000
Retained Earnings
189,700
000 6tT
Total Liabilities and Stockholders'
$ 422,700
$ 378,500
equity…
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Exercise 1-13 (Algo) Identifying effects of transactions on the accounting equation LO P1
The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each
transaction with its probable description.
Assets
= Liabilities +
Accounts
Equity
Accounts
Receivable
+
+ Supplies
$0 + $ 3,800
Cash +
$ 29,000 +
-4, 800
Land
+ $ 23,000
4,800
=
=
Common
Stock
$ 55,800 +
Payable
$0
Revenues
$0
+
1.
+
2.
+
1,080
+1,080
3.
2,300
4.
-1,080
-1,080
5.
+2, 300
+ $ 4,880
$0
$ 25,420 +
$ 55,800 + $ 2,300
Transaction
Description
1.
2.
3.
4.
5.
2,300
2,300
$0
+
$ 27,800 =
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On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 5,050 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
$ 860,000
286,000
976,000
Total stockholders' equity
$ 2,122,000
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 6,400 shares of its own common stock at $39 per share on October 11.
b. Sold 1,350 treasury shares on November 1 for $45 cash per share.
c. Sold all remaining treasury shares…
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On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock
dividend or split. Sharper declares and immediately distributes a 50% stock dividend.
Common stock-$10 par value, 60,000 shares issued and
outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
$ 600,000
250,000
685,000
Total stockholders' equity
$ 1,535,000
(1) Prepare the updated stockholders' equity section after the distribution is made.
(2) Compute the number of shares outstanding after the distribution is made.
Complete this question by entering your answers in…
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family
Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and
departments are listed below.
Number of Direct Labor Hours Machine Hours
Product
Units
Per Unit
Per Unit
Blinks
972
4
4
Dinks
1,877
6.
All of the machine hours take place in the Fabrication department, which has an estimated overhead of $114,400. All of the labor hours take place in the Assembly
department, which has an estimated total overhead of $94,200.
Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead…
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Which of the following would help prevent a payroll check from being processed for more hours than an employee worked?
Multiple Choice
A validity test.
A missing data test.
A hash total.
An allowed character test.
3.
9 jo
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Нос С20-13
Bhakti Games is a chain of board game stores. Record entries for the following transactions related to Bhakti's purchase of inventory,
A. On October 5, Bhakti purchases and receives inventory from XYZ Entertainment for $5,500 with credit terms of 2/10 net 30,
B. On October 7, Bhakti returns $1,600 worth of the inventory purchased from XYZ.
C. Bhakti makes payment in full on its purchase from XYZ on October 14.
If an amount box does not require an entry, leave it blank.
А.
В.
78°F Cloudy
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Q
A
A process manufacturer that uses the weighted-average method reports the following. Compute the total equivalent units of production for conversion.
Multiple Choice
O
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806,000.
868,000,
S
684,000
W
F3
# 3
E
D
DII
F4
4
R
F
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304,000
624,000
684,000
244,000
Question 16 - Exam II - Connect
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On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock
dividend or split. Sharper declares and immediately distributes a 50% stock dividend.
Common stock-$10 par value, 60,000 shares issued and
outstanding
Paid-in capital in excess of par value, common stock
$ 600,000
250,000
685,000
$ 1,535,000
Retained earnings
Total stockholders' equity
(1) Prepare the updated stockholders' equity section after the distribution is made.
(2) Compute the number of shares outstanding after the distribution is made.
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Hi, I attempted this problem and wanted to see if this was correct the way I did it or what the values are?
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1.03000 0.97087
1.0000
0.97087
1.0300
1.000Θ
1.06090 0.94260
2.0300
1.91347
2.0909
1.97087
1.09273 o.91514
3.0909
2.82861
3.1836
2.91347
1.12551 0.88849
1.15927 0.86261
1.19405 0.83748
4
4.1836
3.71710
4.3091
3.82861
5.3091
4.57971
5.4684
4.71710
6
6.4684
5.41719
6.6625
5.57971
1.22987 0.81309
7.6625
6.23028
7.8923
6.41719
8
1.26677 0.78941
8.8923
7.01969
9.1591
7.23028
1.30477 0.76642
10.1591
7.78611
10.4639
8.01969
10 1.34392 0.74409
11 1.38423 0.72242
11.4639
8.53020
11.8078
8.78611
12.8078
9.25262
13.1920
9.53020
14.6178 10.25262
16.0863 10.95400
12 1.42576
0.70138
14.1920
9.95400
13 1.46853 0.68095
15.6178 10.63496
17.5989 11.63496
17.0863 11.29607
18.5989 11.93794 19.1569 12.29607
20.1569 12.56110
14 1.51259 0.66112
15 1.55797 0.64186
16 1.60471 0.62317
20.7616 12.93794
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Which of the following service auditor reports provide evidence about the operating effectiveness of controls?
Multiple Choice
Type 1 report.
Type 2 report.
Comprehensive report.
IT report.
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