Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Crea account titles are automatically indented when amount is entered. Do not indent manually Plicord journal entries in the order presented in the problem. If no entry is required, select

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Crea account titles are automatically indented when amount is entered. Do not indent manually Plicord journal entries in the order presented in the problem. If no entry is required, select

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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Victor Mineli, the new controller of Novak Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $821,000 106,000 Revised annual depreciation $ eTextbook and Media Accumulated Depreciation Jan. 1, 2022 $157,200 Compute the revised annual depreciation on each asset in 2022. List of Accounts 40 20,380 25 Building Useful life (in years) Old Proposed All assets are depreciated by the straight-line method. Novak Corp. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) $ 58 20 Salvage Value Warehouse Old $35,000 4,100 Proposed $53,800 21,120
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Blue Corporation leased equipment to Larkspur, Inc. on January 1, 2025. The lease agreement called for annual rental payments of $1,307 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of $10,00 a book value of $8,000, and Blue expects a residual value of $7,500 at the end of the lease term. Blue set the lease payments with th intent of earning a 6% return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of 8%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your Answer Correct Answer Your answer is correct. Determine the nature of the lease to both Blue and Larkspur. The lease is a/an operating lease to Larkspur. The lease is a/an operating…
Pronghorn Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$6,160 plus trade-in, fo.b. factory. Pronghorn paid HK$6,160 cash and traded in used equipment. The used equipment had originally cost HK$54,560; it had a book value of HK$36,960 and a secondhand fair value of HK$40,320, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of HK$960. (a) Your answer is correct. ress Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Equipment Accumulated Depreciation Equipment Equipment Cashi…
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss on Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit…
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Wildhorse Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) 4/1/25 Purchase goodwill (indefinite life) 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 8/1/25 Payment of copyright (5-year life) 9/1/25 Research and development costs $360,800 361,000 441,000 Debit 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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 Credit