9Required informationThe following information applies to the questions displayed below.Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.April 1 Purchased equipment (a new walk-in cooler) for $6,600 by paying $1,800 cash and signing a $4,800April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a costdue in six months.Aprihote dueof $3,800, purchased on accountApril 30 Wrote a check for the amount owed on account for the work completed on April 2.MayA local carpentry company repaired the restaurant's front door, for which RRC wrote a check for thefull $200 costJune 1 Paid $11,040 cash for the rights to use the name and store concept created by a differentrestaurant that has been successful in the regionRequired:1-a. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter anydecreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)DateAssetsLiabilitiesStockholders' EquityApril 01April 02April 30May 01June 01

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data are accumulated by Geddes Company in evaluating the purchase of $120,000 of equipment, having a four-year useful life: Net Income Net Cash Flow Year 1 $49,500 $79,500 Year 2 29,000 59,000 Year 3 16,500 46,500 Year 4 6,500 36,500 This information has been collected in the Microsaft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. K) Open spreadsheet a. Assuming that the desired rate of return is 15%, determine the net present value for the proposal. If required, round to the nearest dollac. Net present value b. Would management be likely to look with favor on the propesal? the net present value indicates that the return on the proposal is than the minimum desired rate of retum of 15%
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Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $6,345. June 11. Paid $915 for installation of a hydraulic lift. Nov. 30. Paid $49 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 heck My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac
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Oct. 1, 2021 Purchased a storage unit (Equipment) for $5,000 cash to store dog treats to be sold to customers. The storage unit has a useful life of 5 years and a residual value of $500. $3,300 is received in cash from new customers for monthly passes to use the dog park in October, November, and December Oct. 2, 2021 Oct. 4, 2021 Paid the remaining $700 that was owed for the supplies purchased on Sept. 9th. Oct. 8, 2021 Purchased an inventory of 3,000 dog treats for $1,650 cash. Received payment of $400 from the shelter as partial payment for the dog training services provided on Sept. 25th. Oct. 12, 2021 Sold 2,400 dog treats to customers for $2,400. The Puppy Playground uses the perpetual inventory system, and assigns inventory costs using the First-In, First-Out (FIFO) method. Oct. 14, 2021 Oct. 18, 2021 Purchased $1,400 of supplies with cash. Oct. 20, 2021 Purchased an additional 2,000 dog treats for $1,200 on account. Oct. 24, 2021 Paid a cash dividend of $150 to shareholders.…
Instructions Chart of Accounts General Journal Instructions Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Required: Journalize the following entries: a. Record the depreciation for the one-half year prior to the sale, using the straight-line method. b. Record the sale of the equipment.* C. Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.* *Refer to the Chart of Accounts for exact wording of account titles. Previous Next
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The Outpatient clinic of eastside Hospital acquired X – ray equipment for 79,000 with an expected useful life of 5 year and a 4000 expected residual value Sum of year digits method was used. The equipment was sold at the end of the fourth year for 12,000 cash Required Compute the gain or loss on the sale. Show the journal entries for the transaction in requirement #1 Repeat 2a assuming that the cash price was 7,000 instead of 12,000 ( use Straight line method )
Required information [The following information applies to the questions displayed below.] Super Saver Groceries purchased store equipment for $40,000. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $3,000. During the 10-year period, the company expects to use the equipment for a total of 10,000 hours. Super Saver used the equipment for 1,200 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Depreciation expense
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Required information [The following information applies to the questions displayed below.] Speedy Delivery Company purchases a delivery van for $38,400. Speedy estimates that at the end of its four-year service life, the van will be worth $6,200. During the four-year period, the company expects to drive the van 201,250 miles. Actual miles driven each year were 52,000 miles in year 1 and 58,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 2. Double-declining-balance. Annual Year Depreciation 1 2
Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $4,135. June 11. Paid $1,770 for installation of a hydraulic lift. Nov. 30. Paid $73 to change the oil and air filter. Prepare the journal entries for each expenditure. Mar. 20 fill in the blank 2 fill in the blank 4 June 11 fill in the blank 6 fill in the blank 8 Nov. 30 fill in the blank 10 fill in the blank 12

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