Current Attempt in Progress Marigold Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of $3,564. Marigold also paid $540 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: To better understand, let's start with the bond issuance. It says the bonds were issued at par…
Q: Silver Company makes a product with peak sales in May of each year. Its sales budget for the second…
A: References; Sands, J. (2020). Corporate Turnaround Artistry: Fix Any Business in 100 Days. John…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Step 1:To find the financial advantage or disadvantage of discontinuing the Beta product line, we…
Q: Please check the answer and add explanation properly at every steps and solve steps wise Compute…
A: We can compute the missing amounts by using the simple interest formula:* I = PRT / 100Where: * I is…
Q: Answer of 2 Q
A: The objective of the question is to calculate the discounted payback period for the proposed…
Q: On December 31, DePaul Corporation had the following cumulative temporary differences associated…
A: Given:Estimated warranty expense: $108 millionDepreciation expense: $60 millionIncome from…
Q: [The following information applies to the questions displayed below.] Cane Company manufactures two…
A: The objective of the question is to determine the financial advantage or disadvantage of…
Q: , Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the…
A: Certainly, I can assist you with calculating the cost of Stuff Company's inventory and purchases…
Q: You would like to be holding a protective put position on the stock of XYZ Company to lock in a…
A: c. To ensure a payoff equal to the payoff provided by a protective put with X=108, we need to create…
Q: Please do not give solution in image format thanku
A: The objective of the question is to calculate the expected operating income if the company produces…
Q: On January 1, 2021, Morris Enterprises issued 9%, 5-year bonds with a face amount of $900,000 at…
A: Hope you got your answer Kindly rate this helpful....Thank You
Q: Gordon Corporation adopts acceptable accounting for its defined benefit pension plan on January 1,…
A: Information Needed:Discount rate (assumed): This is typically close to the settlement rate but can…
Q: Answer please
A: To solve this problem, we need to use the inventory equation and the given information.The inventory…
Q: need correct option
A: WIP AccountParticulars Amount ParticularsAmountBeginning Inventory $ 31,900 Cost of Job…
Q: Question: Comfort Solutions sells a wide range of mattresses to consumers. For the most recent year,…
A: SOLUTION (a) :Traditional System COGS : Under the traditional system where transportation in is…
Q: I need the answer to price variance and efficieny overhead total variance for Variable Overhead
A:
Q: Provide Answer
A: Purchase of Merchandise on May 2, 2016:Alpha Company purchased $2,700 of merchandise from Bravo…
Q: Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct…
A: Step 1: The formula to compute for the variable overhead rate variance is as follows, Actual…
Q: On December 31, Year 1, BIG Company had accrued salaries of $8,700. Required a. Record in general…
A: The objective of the question is to record the adjustment for accrued salaries in the general…
Q: Magnetic-Optical Corporation offers a variety of share-based compensation plans to employees. Under…
A: Calculations: 1. Solve for the total compensation cost. Total compensation cost = RSU X Market…
Q: Tanya Turek has the following income and deductions: Gross Salary from Employment $35,000 Employment…
A: To calculate Tanya's net income, we need to combine her various income sources and deductions.…
Q: Many businesses borrow money during periods of increased business activity to finance inventory and…
A:
Q: please fill out the chart
A: Stone Incorporated - Production Cost Analysis (FIFO Method)a) Cost per Equivalent Unit (EUP):We need…
Q: Complete the following partial flexible budget performance report, and indicate whether each…
A: Step 1:Flexible budget performance report is presented hereunder:…
Q: ! Required information Problem 12-37 (LO 12-2) (Static) [The following information applies to the…
A: The 83(b) election is a provision under the Internal Revenue Code (IRC) that gives an employee, or…
Q: Required information [The following information applies to the questions displayed below.] On…
A: The objective of the question is to record the bond issue and the first two semiannual interest…
Q: Question 1 (1 point) Chad and Jason Roberts paid $8,500…
A: Question 3: FalseExplanation: Amounts earned in a Tax-Free Savings Account (TFSA) are not subject to…
Q: None
A: Step 1: Find the net income Under the indirect method, the cash flows are calculated by adjusting…
Q: Am. 122.
A: The objective of the question is to prepare a production budget for Funny Face Company for the year…
Q: Carousel Company is considering a new capital investment. The following information is available on…
A: Net present value (NPV) is the difference between the present value of cash inflows and the present…
Q: provide answer please i need fast
A: To calculate the discounted payback period, we need to find the time it takes for the discounted…
Q: Concord Corporation issues $230,000, 10-year, 7% bonds at 96. Prepare the journal entry to record…
A: Here's the journal entry to record the sale of the bonds on March 1, 2022:March 1, 2022:Debit Cash…
Q: Granger Products recorded the following transactions for the just-completed month. The company had…
A: Granger Products, a manufacturing company, recorded several transactions for the just-completed…
Q: ! Required information [The following information applies to the questions displayed below.] Tim has…
A: The objective of the question is to calculate the amount of distribution Tim will have remaining…
Q: Fast answer please
A: Here's a step-by-step explanation of how to prepare the schedules of cost of goods manufactured and…
Q: ! Required Information [The following information applies to the questions displayed below.]…
A: References; INTERIM, U. C. C., & STATEMENTS, F. (2022). STOLT-NIELSEN LIMITED. Notes, 31(2023).…
Q: am.444.
A: The objective of the question is to calculate the net position of the Town of Mashpee's golf course…
Q: Manji
A: Answer well explained above
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Let's go through each variance step-by-step, providing explanations clearly and…
Q: None
A: Step 1: Total fair value Total fair value = Fair value of the building + Fair value of the…
Q: 86. Kathy is a partner in Wildwood Energy, a general partnership. In complete liquidation of her…
A: Calculations: 1. Solve for the value of assets. Note: For property, use FMV. For cash, basis and…
Q: add explanantion and solve the answer properly and check answer twice before submit
A: The objective of the question is to calculate the annual depreciation, accumulated depreciation, and…
Q: am. 126.
A: The objective of the question is to journalize the transactions of Buffalo Pharmacies that occurred…
Q: Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance…
A: Let's break down each component of the "Stockholders' Equity" section and how they were…
Q: Alpesh
A: Step 1:DateAssets=liabilities +Stockholder's Equity 11/1/2021cash 8,400,000 Notes…
Q: Please the answer and add explanation properly at every steps and solve steps wise
A: Furniture: Depreciation 10% straight line Depreciation for:…
Q: During 2023, Pencho is a self-employed therapist, and his net earned income is $170,000 from his…
A: Step 1: Calculate Deduction for Self-Employment TaxPencho must pay self-employment tax on his net…
Q: bbhgfftd
A: Approach to solving the question: Detailed explanation: Examples: Key references: I sincerely…
Q: eBook Show Me How Print Item Question Content Area Issuing stock for assets other than cash…
A: Common stock(20,000 shares x 20 par value) = 400,000 Paid in capital- in excess of par(28-20) x…
Q: The Sweete Shoppe produces a variety of sweet treats. Several treats can be sold at split-off or…
A: Cost of Processing Further: $88,000 (given)Selling Price at Split-Off: 63,000 lbs * $8.00/lb =…
Ashvinn
Step by step
Solved in 2 steps
- SA Electrical received a debit card payment of R2 300,00 from A Zulu in full settlement of his account. Receipt no. 1024 was issued. The supporting document that SA Electrical will use to record the transaction in the correct subsidiary journal will be: Select one: O a. duplicate receipt O b. duplicate deposit slip O c. original receipt O d. duplicate invoicesystem. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Jan. 2 5 e to search 6 11 Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%. The appropriate company paid freight costs of $780. Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. Sarasota received the balance due from Xtra. Date Account Titles and Explanation Jan. 2 Accounts Receivable (To record credit cale) JU! Debit 39000 Credit 22°C Sunny AGEOn January 1, 2020, Pharoah Ltd. entered into a purchase commitment contract to buy 12,900 oranges from a local company at a price of $0.60 per orange any time during the next year. The contract provides Pharoah with the option either to take delivery of the oranges at any time over the next year, or to settle the contract on a net basis for the difference between the agreed-upon price of $0.60 per orange and the market price per orange for any oranges that have not been delivered. As at January 31, 2020, Pharoah Ltd. did not take delivery of any oranges, and the market price for an orange was $0.55. Assuming that Pharoah Ltd. follows IFRS, how should Pharoah Ltd. account for this purchase agreement if it fully intends to take delivery of all 12,900 oranges over the next year? Prepare any required journal entries at January 1 and January 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"…
- Sheffield Inc factors receivables with a carrying amount of $233,500 to Joffrey Company for $178,600 on a with recourse basis. The recourse provision has a fair value of $2.870. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Sheffield Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries Account Titles and Explanation Debit CreditWhen the accounts receivable of a computer are sold outright to a company that normally buys accounts momaties of other companies without recourse the accounts receivable have been a Factored b. Assigned c.Pledged d. collateralizedBlossom Company sold $8,950 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Blossom makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) Blossom grants an allowance of $658 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) at year-end. Blossom estimates that an additional $200 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are…
- Sarasota Inc. factors receivables with a carrying amount of $225,400 to Joffrey Company for $173,400 on a with recourse basis.The recourse provision has a fair value of $3,330. This transaction should be recorded as a sale.Prepare the appropriate journal entry to record this transaction on the books of Sarasota Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)9) On 15th August,2019, Mango Traders purchased goods from Jk mart of RO 1,650 on credit is incorrectly posted in both debit and credit side of the books of account. What would be the rectified entry that you suggest to correct this error from the following? a. Purchase RO 3,300 Dr / Cash RO 3,300 Cr b. Purchase RO 1,650 Dr / Cash RO 1,650 Cr c. Purchase RO 1,650 Dr / Account payable RO 1,650 Cr d. Purchase RO 3,300 Dr / Account payable RO 3,300 Cr Clear my choiceWindsor Inc. factors receivables with a carrying amount of $228,700 to Joffrey Company for $175,300 on a with recourse basis. The recourse provision has a fair value of $2,290. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Windsor Inc. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
- Pearl Inc. factors receivables with a carrying amount of $242,700 to Joffrey Company for $178,900 on a with recourse basis.The recourse provision has a fair value of $3,390. This transaction should be recorded as a sale.Prepare the appropriate journal entry to record this transaction on the books of Pearl Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show WorkAyayai Corp. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 5 Sold merchandise to Sue Land for $2,100, terms n/15. April 15 Received $430 from Sue Land on account. August 21 Wrote off as uncollectible the balance of the Sue Land account when she declared bankruptcy. October 5 Unexpectedly received a check for $690 from Sue Land. Date Account Titles and Explanation Debit Credit Choose a transaction date January 5April 15August 21October 5 Enter an account title to record sales on account Enter a debit amount Enter a credit amount Enter an account title to record sales on account Enter a debit amount Enter a credit amount…Required: Post the rectification entry for each of the above errors. Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly recorded in the cash book, but was debited to the other income account. 2. Cash paid for wages of Tshs9.6 million was posted to the wages account as Tshs6.9 million. 3. The purchases day book was overcast by Tshs2 million. 4. The sales day book was undercast by Tshs6 million. 5. The cash book credit side was undercast by Tshsl.3 million. 6. The prepaid expense account debit side was undercast by Tshs0.6 million. 7. A sale of Tshsl.5 million was fully credited to the sales account. However, sales tax of Tshs0.5 million was included in it. 8. A building purchased for Tshs60 million was entered in the building account as Tshs50 million. The company charges 2% depreciation. 9. Repairs to machinery of Tshs5 million were capitalised and a depreciation of 5% was charged on it. Question six: How much will appear in the suspense…