Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 11, Problem 11.1FSC
To determine
Current Liabilities in the
Requirement 1
To prepare
Target’s current liabilities at January 30, 2016.
To determine
Requirement 2:
To determine:
Times-interest-earned ratio for Target Corporation for the fiscal year 2015
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CODE 14
On August 1, 2010, Cheryl Newsome established Titus Realty, which completed the
following transactions during the month:
a. Cheryl Newsome transferred cash from a personal bank account to an account to
be used for the business in exchange for capital stock, $25,000.
b. Paid rent on office and equipment for the month, $2,750.
c. Purchased supplies on account, $950.
d. Paid creditor on account, $400.
c. Earned sales commissions, receiving cash, $18,100.
f. Paid automobile expenses (including rental charge) for month, $1,000, and miscel-
laneous expenses, $600.
g. Paid office salaries, $2,150.
h. Determined that the cost of supplies used was $575.
i. Paid dividends, $2,000.
REQUIREMENTS:
1. Determine increase - decrease of each account and new balance
2. Prepare 3 F.S: Income statement; Retained Earnings Statement; Balance Sheet
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Assume that TDW Corporation (calendar-year-end) has 2024 taxable income of $952,000 for purposes of computing the
§179 expense. The company acquired the following assets during 2024: (Use MACRS Table 1, Table 2, Table 3, Table 4,
and Table 5.)
Asset
Machinery
Computer equipment
Furniture
Total
Placed in
Service
September 12
February 10
April 2
Basis
$ 2,270,250
263,325
880,425
$ 3,414,000
b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2024 on the assets it placed in service in
2024, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum total depreciation deduction (including §179 expense)
Chapter 11 Solutions
Horngren's Accounting (12th Edition)
Ch. 11 - On January 1, 2018, a business borrowed $18,000 on...Ch. 11 - Prob. 2QCCh. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - McDaniel and Associates reported the following...
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - What do short-term notes payable represent?Ch. 11 - 6. Coltrane Company has a $5,000 note payable that...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. S11.1SECh. 11 - Prob. S11.2SECh. 11 - Prob. S11.3SECh. 11 - Prob. S11.4SECh. 11 - Prob. S11.5SECh. 11 - Prob. S11.6SECh. 11 - Prob. S11.7SECh. 11 - Prob. S11.8SECh. 11 - Prob. S11.9SECh. 11 - Prob. S11.10SECh. 11 - Prob. S11.11SECh. 11 - Prob. S11.12SECh. 11 - Prob. S11.13SECh. 11 - Prob. E11.14ECh. 11 - Prob. E11.15ECh. 11 - Recording and reporting current liabilities...Ch. 11 - Prob. E11.17ECh. 11 - Prob. E11.18ECh. 11 - Prob. E11.19ECh. 11 - Recording employee and employer payroll taxes...Ch. 11 - Accounting for warranty expense and warranty...Ch. 11 - Prob. E11.22ECh. 11 - Prob. E11.23ECh. 11 - Prob. E11.24ECh. 11 - Journalizing and posting liabilities Learning...Ch. 11 - Prob. P11.26APGACh. 11 - Prob. P11.27APGACh. 11 - Prob. P11.28APGACh. 11 - Prob. P11.29APGACh. 11 - Prob. P11.30BPGBCh. 11 - Prob. P11.31BPGBCh. 11 - Prob. P11.32BPGBCh. 11 - Prob. P11.33BPGBCh. 11 - Prob. P11.34BPGBCh. 11 - Prob. P11.35CTCh. 11 - Prob. P11.36CPCh. 11 - Before you begin this assignment, review Tying it...Ch. 11 - Prob. 11.1DCCh. 11 - Prob. 11.2DCCh. 11 - Ethical Issue 11-1 Many small businesses have to...Ch. 11 - Prob. 11.1FSC
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