Query 1Kraft Enterprises owns the next belongings at December 31, 2014.Money in bankâfinancial savings account 68,000 Checking account stability 17,000Money available 9,300 Postdated checks 750Money refund due from IRS 31,400 Certificates of deposit (180-day) 90,000What quantity needs to be reported as money?Money to be Reported $Query 2Restin Co. makes use of the gross technique to document gross sales made on credit score. On June 1, 2014, it made gross sales of $50,000 with phrases Three/15, n/45. On June 12, 2014, Restin obtained full cost for the June 1 sale.Put together the required journal entries for Restin Co. (If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when the quantity is entered. Don’t indent manually.)Date Account Titles and Rationalization Debit CreditJune 1June 12Query 3Matlock Firm makes use of a perpetual stock system. Its starting stock consists of 50 models that price $34 every. Throughout June, (1) the corporate bought 150 models at $34 every, (2) returned 6 models for credit score, and (Three) bought 125 models at $50 every.Journalize the June transactions. (If no entry is required, choose “No entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)No. Account Titles and Rationalization Debit Credit score(1)(2)(Three)(To document gross sales)(To document price of products bought)Query 4Amsterdam Firm makes use of a periodic stock system. For April, when the corporate bought 600 models, the next info is on the market.Items Unit Value Complete CostApril 1 stock 250 $10 $ 2,500April 15 buy 400 12 Four,800April 23 buy 350 13 Four,5501,000 $11,850Calculate weighted common price per unit. (Spherical reply to 2 decimal locations, e.g. 2.76.)Weighted common price per unit $Compute the April 30 stock and the April price of products bought utilizing the average-cost technique. (Spherical solutions to zero decimal locations, e.g. 2,760.)Ending stock $Value of products bought $Query 5Amsterdam Firm makes use of a periodic stock system. For April, when the corporate bought 600 models, the next info is on the market.Items Unit Value Complete CostApril 1 stock 250 $10 $ 2,500April 15 buy 400 12 Four,800April 23 buy 350 13 Four,5501,000 $11,850Compute the April 30 stock and the April price of products bought utilizing the FIFO technique.Ending stock $Value of products bought $Query 6Shania Twain Firm was fashioned on December 1, 2013. The next info is on the market from Twainâs stock information for Product BAP.Items Unit CostJanuary 1, 2014 (starting stock) 600 $ 8Purchases:January 5, 2014 1,200 9January 25, 2014 1,300 10February 16, 2014 800 11March 26, 2014 600 12A bodily stock on March 31, 2014, exhibits 1,600 models available.Put together schedules to compute the ending stock at March 31, 2014, below FIFO stock strategies. (Spherical reply to zero decimal locations, e.g. 2,760.)FIFOEnding Stock at March 31, 2014 $Put together schedules to compute the ending stock at March 31, 2014, below LIFO stock strategies. (Spherical reply to zero decimal locations, e.g. 2,760.)LIFOEnding Stock at March 31, 2014 $Calculate average-cost per unit. (Spherical reply to 2 decimal locations, e.g. 2.76.)Weighted average-cost per unit $Put together schedules to compute the ending stock at March 31, 2014, below Weighted-average stock strategies. (Spherical reply to zero decimal locations, e.g. 2,760.)Weighted-AverageEnding Stock at March 31, 2014 $Query 7Presented beneath is info associated to Rembrandt Inc.âs stock.(per unit) Skis Boots ParkasHistorical price $190.00 $106.00 $53.00Promoting worth 212.00 145.00 73.75Value to distribute 19.00 eight.00 2.50Present alternative price 203.00 105.00 51.00Regular revenue margin 32.00 29.00 21.25Decide the next:(a) the 2 limits to market worth (i.e., the ceiling and the ground) that needs to be used within the lower-of-cost-or-market computation for skis.Ceiling Restrict $Flooring Restrict $(b) the associated fee quantity that needs to be used within the lower-of-cost-or-market comparability of shoes.The price quantity $(c) the market quantity that needs to be used to worth parkas on the premise of the lower-of-cost-or-market.The market quantity $Query 8Floyd Company has the next 4 objects in its ending stock.Merchandise Value ReplacementCost Web RealizableValue (NRV) NRV much less NormalProfit MarginJokers $2,000 $2,050 $2,100 $1,600Penguins 5,000 5,100 Four,950 Four,100Riddlers Four,400 Four,550 Four,625 Three,700Scarecrows Three,200 2,990 Three,830 Three,070Decide the ultimate lower-of-cost-or-market stock worth for every merchandise.Jokers $PenguinsRiddlersScarecrowsQuestion 9Kumar Inc. makes use of a perpetual stock system. At January 1, 2014, stock was $214,000 at each price and market worth. At December 31, 2014, the stock was $286,000 at price and $265,000 at market worth.Put together the mandatory December 31 entry below (a) the cost-of-goods-sold technique (b) Loss technique. (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)No. Account Titles and Rationalization Debit Credit score(a)(b)Query 10Boyne Inc. had starting stock of $12,000 at price and $20,000 at retail. Web purchases have been $120,000 at price and $170,000 at retail. Web markups have been $10,000; internet markdowns have been $7,000; and gross sales income was $147,000. Compute ending stock at price utilizing the standard retail technique.(Spherical ratios for computational functions to zero decimal locations, e.g. 78% and last reply to zero decimal locations, e.g. 28,987.)Ending stock utilizing the standard retail technique $Query 11Mark Worth Firm makes use of the gross revenue technique to estimate stock for month-to-month reporting functions. Introduced beneath is info for the month of Might.Stock, Might 1 $ 160,000Purchases (gross) 640,000Freight-in 30,000Gross sales income 1,000,000Gross sales returns 70,000Buy reductions 12,000(a) Compute the estimated stock at Might 31, assuming that the gross revenue is 30% of gross sales.The estimated stock at Might 31 $(b) Compute the estimated stock at Might 31, assuming that the gross revenue is 30% of price. (Spherical proportion of gross sales to 2 decimal locations, e.g. 78.74% and last reply to zero decimal locations, e.g. 6,225.)The estimated stock at Might 31 $Query 12Previn Brothers Inc. bought land at a worth of $27,000. Closing prices have been $1,400. An outdated constructing was eliminated at a price of $10,200. What quantity needs to be recorded as the price of the land?The price of land to be recorded $Query 13Garcia Company bought a truck by issuing an $80,000, Four-year, zero-interest-bearing notice to Equinox Inc. The market charge of curiosity for obligations of this nature is 10%.Put together the journal entry to document the acquisition of this truck. (Spherical solutions to zero decimal locations, e.g. 5,275. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually. If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities.)Account Titles and Rationalization Debit CreditQuestion 14Mohave Inc. bought land, constructing, and gear from Laguna Company for a money cost of $315,000. The estimated honest values of the belongings are land $60,000, constructing $220,000, and gear $80,000. At what quantities ought to every of the three belongings be recorded? (Spherical last solutions to zero decimal locations, e.g. 5,275.)Recorded AmountLand $Constructing $Gear $Query 15Fielder Firm obtained land by issuing 2,000 shares of its $10 par worth widespread inventory. The land was just lately appraised at $85,000. The widespread inventory is actively traded at $40 per share.Put together the journal entry to document the acquisition of the land. (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually. If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities.)Account Titles and Rationalization Debit CreditQuestion 16Navajo Company traded a used truck (price $20,000, amassed depreciation $18,000) for a small laptop price $Three,300. Navajo additionally paid $500 within the transaction.Put together the journal entry to document the alternate. (The alternate has business substance.) (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually. If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities.)Account Titles and Rationalization Debit CreditQuestion 17Mehta Firm traded a used welding machine (price $9,000, amassed depreciation $Three,000) for workplace gear with an estimated honest worth of $5,000. Mehta additionally paid $Three,000 money within the transaction.Put together the journal entry to document the alternate. (The alternate has business substance.) (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually. If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities.)Account Titles and Rationalization Debit CreditQuestion 18Which of the next is the really helpful strategy to dealing with curiosity incurred in financing the development of property, plant and gear?Capitalize solely the precise curiosity prices incurred throughout building.Cost building with all prices of funds employed, whether or not identifiable or not.Capitalize no curiosity throughout building.Capitalize curiosity prices equal to the prime rate of interest instances the estimated price of the asset being constructed.Query 19Fernandez Company bought a truck firstly of 2014 for $50,000. The truck is estimated to have a salvage worth of $2,000 and a helpful lifetime of 160,000 miles. It was pushed 23,000 miles in 2014 and 31,000 miles in 2015.Compute depreciation expense for 2014 and 2015.Depreciation expense for 2014 $Depreciation expense for 2015 $Query 20Lockard Firm bought equipment on January 1, 2014, for $80,000. The equipment is estimated to have a salvage worth of $eight,000 after a helpful lifetime of eight years.Compute 2014 depreciation expense utilizing the double-declining-balance technique.Depreciation expense $Compute 2014 depreciation expense utilizing the double-declining-balance technique, assuming the equipment was bought on October 1, 2014.Depreciation expense $Query 21Jurassic Firm owns equipment that price $900,000 and has amassed depreciation of $380,000. The anticipated future internet money flows from using the asset are anticipated to be $500,000. The honest worth of the equipment is $400,000.Put together the journal entry, if any, to document the impairment loss. (If no entry is required, choose “No entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)Account Titles and Rationalization Debit CreditQuestion 22Everly Company acquires a coal mine at a price of $400,000. Intangible growth prices complete $100,000. After extraction has occurred, Everly should restore the property (estimated honest worth of the duty is $80,000), after which it may be bought for $160,000. Everly estimates that Four,000 tons of coal could be extracted.If 700 tons are extracted the primary 12 months, put together the journal entry to document depletion. (If no entry is required, choose “No entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)Account Titles and Rationalization Debit CreditQuestion 24Grover Company bought a truck firstly of 2014 for $93,600. The truck is estimated to have a salvage worth of $Three,600 and a helpful lifetime of 120,000 miles. It was pushed 21,000 miles in 2014 and 29,000 miles in 2015. What’s the depreciation expense for 2015?$6,000$23,490$21,750$37,500Query 25Celine Dion Company purchases a patent from Salmon Firm on January 1, 2014, for $54,000. The patent has a remaining authorized lifetime of 16 years. Celine Dion feels the patent can be helpful for 10 years.Put together Celine Dionâs journal entries to document the acquisition of the patent and 2014 amortization. (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)Account Titles and Rationalization Debit Credit score(To document buy of patents)(To document amortization of patents)Query 26Gershwin Company obtained a franchise from Sonic Hedgehog Inc. for a money cost of $120,000 on April 1, 2014. The franchise grants Gershwin the fitting to promote sure services for a interval of eight years.Put together Gershwinâs April 1 journal entry and December 31 adjusting entry. (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)Date Account Titles and Rationalization Debit CreditApr. 1Dec. 31Query 27Roley Company makes use of a periodic stock system and the gross technique of accounting for buy reductions.(a) On July 1, (1) Roley bought $60,000 of stock, phrases 2/10, n/30, FOB delivery level. (2) Roley paid freight prices of $1,200.(b) On July Three, Roley returned broken items and obtained credit score of $6,000.(c) On July 10, Roley paid for the products.Put together all needed journal entries for Roley. (Spherical solutions to zero decimal locations, e.g. 5,275. If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)No. Date Account Titles and Rationalization Debit Credit score(a) (1) July 1(a) (2)(b) July Three(c) July 10Query 28Takemoto Company borrowed $60,000 on November 1, 2014, by signing a $61,350, Three-month, zero-interest-bearing notice. Put together Takemotoâs November 1, 2014, entry; the December 31, 2014, annual adjusting entry; and the February 1, 2015, entry. (If no entry is required, choose “No Entry” for the account titles and enter zero for the quantities. Credit score account titles are robotically indented when quantity is entered. Don’t indent manually.)Date Account Titles and Rationalization Debit Credit score11/1/1412/31/142/1/15(To document curiosity)(To pay notice)Query 29Whiteside Company points $500,000 of 9% bonds, due in 10 years, with curiosity payable semiannually. On the time of situation, the market charge for such bonds is 10%.Compute the problem worth of the bonds. (Spherical reply to zero decimal locations, e.g. 38,548.)Challenge worth of the bonds $Query 30On January 1, 2014, Irwin Animation bought a truck to Peete Finance for $33,000 and instantly leased it again. The truck was carried on Irwinâs books at $28,000. The time period of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires 5 equal rental funds of $eight,705 on the finish of every 12 months. The suitable charge of curiosity is 10%, and the truck has a helpful lifetime of 5 years with no salvage worth.Put together Irwinâs 2014 journal entries. To document amortization of revenue on sale use Depreciation Expense account and never Gross sales Income account. (Credit score account titles are robotically indented when quantity is entered. Don’t indent manually. Spherical current worth issue calculations to five decimal locations, e.g. 1.25124 and the ultimate reply to zero decimal locations e.g. 58,971.)Account Titles and Rationalization Debit Credit score(To document the sale.)(To document the leaseback.)(To document depreciation.)(To document amortization of revenue on sale.)(To document first lease cost.)