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Brief Exercise 11-10 Change in estimate; useful life of equipment [L011-5] facli

Brief Exercise 11-10 Change in estimate; useful life of equipment [L011-5] faclitytor 513 s to the budg epeciaton fer At the beginning of 2016, Robotics Inc. acquired a manufactur…

Brief Exercise 11-10 In its 2014 annual report, Campbell Soup Company reports be

Brief Exercise 11-10 In its 2014 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $8,113 million, end-of-the-year total assets of $8,323 million,…

Brief Exercise 11-10 SUPERVALU, one of the largest grocery retailers in the Unit

Brief Exercise 11-10 SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in million…

Brief Exercise 11-11 (Part Level Submission) Kingbird, Inc.currently has 600,000

Brief Exercise 11-11 (Part Level Submission) Kingbird, Inc.currently has 600,000 shares of common stock outstanding. Kingbird, Inc. is considering these two alternatives to financ…

Brief Exercise 11-11 (Part Level Submission) Splish Brothers Inc.currently has 6

Brief Exercise 11-11 (Part Level Submission) Splish Brothers Inc.currently has 670,000 shares of common stock outstanding. Splish Brothers Inc. is considering these two alternativ…

Brief Exercise 11-11 Change in principle; change in depreciation method [L011-6

Brief Exercise 11-11 Change in principle; change in depreciation method [L011-6 At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $14.0 million. $11.0 …

Brief Exercise 11-11 Issue Stock Issue Bonds Income before interest and taxes In

Brief Exercise 11-11 Issue Stock Issue Bonds Income before interest and taxes Interest expense from bonds Income before income taxes Income tax expense (30%) Net income Outstandin…

Brief Exercise 11-11 Kingbird, Inc.currently has 710,000 shares of common stock

Brief Exercise 11-11 Kingbird, Inc.currently has 710,000 shares of common stock outstanding. Kingbird, Inc. is considering these two alternatives to finance its construction of a …

Brief Exercise 11-11 Metlock, Inc.currently has 740,000 shares of common stock o

Brief Exercise 11-11 Metlock, Inc.currently has 740,000 shares of common stock outstanding. Metlock, Inc. is considering these two alternatives to finance its construction of a ne…

Brief Exercise 11-11 Splish Brothers Inc.currently has 670,000 shares of common

Brief Exercise 11-11 Splish Brothers Inc.currently has 670,000 shares of common stock outstanding. Splish Brothers Inc. is considering these two alternatives to finance its constr…

Brief Exercise 11-2 On May 10, Ayayai Corp. issues 1,000 shares of $4 par value

Brief Exercise 11-2 On May 10, Ayayai Corp. issues 1,000 shares of $4 par value common stock for cash at $11 per share. Journalize the issuance of the stock. (Credit account title…

Brief Exercise 11-2 On May 10, Pronghorn Corp issues 2,200 shares of $4 par valu

Brief Exercise 11-2 On May 10, Pronghorn Corp issues 2,200 shares of $4 par value common stock for cash at $14 per share. Journalize the issuance of the stock. (Credit account tit…

Brief Exercise 11-2 Peralta Company borrows $59,400 on July 1 from the bank by s

Brief Exercise 11-2 Peralta Company borrows $59,400 on July 1 from the bank by signing a $59,400, 8%, one-year note payable. (a) Prepare the journal entry to record the proceeds o…

Brief Exercise 11-2 Sheridan Company purchased machinery on January 1, 2017, for

Brief Exercise 11-2 Sheridan Company purchased machinery on January 1, 2017, for $99,200. The machinery is estimated to have a salvage value of $9,920 after a useful life of 8 yea…

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw m

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price—net purchase price $3.28, freight-in $…

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw m

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price—net purchase price $2.30, freight-in $…

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw m

Brief Exercise 11-2 Tang Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price—net purchase price $2.68, freight-in $…

Brief Exercise 11-3 Labor data for making one gallon of finished product in Bing

Brief Exercise 11-3 Labor data for making one gallon of finished product in Bing Company are as follows. (1) Price—hourly wage rate $14.00, payroll taxes $0.80, and fringe benefit…

Brief Exercise 11-3 On June 1, Marin Inc. issues 1,200 shares of no-par common s

Brief Exercise 11-3 On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares. (Credit account titles…

Brief Exercise 11-4 Bramble Company purchased machinery on January 1, 2017, for

Brief Exercise 11-4 Bramble Company purchased machinery on January 1, 2017, for $90,400. The machinery is estimated to have a salvage value of $9,040 after a useful life of 8 year…

Brief Exercise 11-4 Larkspur Company purchased machinery on January 1, 2017, for

Brief Exercise 11-4 Larkspur Company purchased machinery on January 1, 2017, for $93,600. The machinery is estimated to have a salvage value of $9,360 after a useful life of 8 yea…

Brief Exercise 11-4 Larkspur, Inc. issues 8,700 shares of $101 par value preferr

Brief Exercise 11-4 Larkspur, Inc. issues 8,700 shares of $101 par value preferred stock for cash at $118 per share. Journalize the issuance of the preferred stock. (Credit accoun…

Brief Exercise 11-4 Skysong Company purchased machinery on January 1, 2017, for

Brief Exercise 11-4 Skysong Company purchased machinery on January 1, 2017, for $96,800. The machinery is estimated to have a salvage value of $9,680 after a useful life of 8 year…

Brief Exercise 11-5 Blue Spruce Corp. has 7,200 shares of common stock outstandi

Brief Exercise 11-5 Blue Spruce Corp. has 7,200 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1.…

Brief Exercise 11-5 Marigold Corp. has 7,800 shares of common stock outstanding.

Brief Exercise 11-5 Marigold Corp. has 7,800 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. Th…

Brief Exercise 11-5 Mordica Company’s standard labor cost per unit of output is

Brief Exercise 11-5 Mordica Company’s standard labor cost per unit of output is $22 (2 hours x $11 per hour). During August, the company incurs 2,150 hours of direct labor at an h…

Brief Exercise 11-5 Mordica Company’s standard labor cost per unit of output is

Brief Exercise 11-5 Mordica Company’s standard labor cost per unit of output is $19.00 (1.90 hours x $10.00 per hour). During August, the company incurs 1,957 hours of direct labo…

Brief Exercise 11-5 Sarasota Corp. has 8,500 shares of common stock outstanding.

Brief Exercise 11-5 Sarasota Corp. has 8,500 shares of common stock outstanding. It declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. Th…

Brief Exercise 11-5 Your answer is partially correct. Try again. Sheffield Corp.

Brief Exercise 11-5 Your answer is partially correct. Try again. Sheffield Corp. has 8,600 shares of common stock outstanding. It declares a $1 per share cash dividend on November…

Brief Exercise 11-6 On July 1, Blossom Company purchases 470 shares of its $4 pa

Brief Exercise 11-6 On July 1, Blossom Company purchases 470 shares of its $4 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 320…

Brief Exercise 11-6 The stockholders’ equity section of Marigold Corp.’s balance

Brief Exercise 11-6 The stockholders’ equity section of Marigold Corp.’s balance sheet consists of common stock ($7 par) $959,000 and retained earnings $410,000. A 10% stock divid…

Brief Exercise 11-6 Your answer is partially correct. Try again. $9 par $1,089,0

Brief Exercise 11-6 Your answer is partially correct. Try again. $9 par $1,089,000 and retained earnings $500,000 A 15% stock dividend The stockholders' equity section of Whisperi…

Brief Exercise 11-6 Your answer is partially correct. Try again. The stockholder

Brief Exercise 11-6 Your answer is partially correct. Try again. The stockholders' equity section of Monty Corp.'s balance sheet consists of common stock (13,700 shares) is declar…

Brief Exercise 11-7 Greenwood Corporation has 80,000 shares of common stock outs

Brief Exercise 11-7 Greenwood Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on Decemb…

Brief Exercise 11-7 Greenwood Corporation has 81,000 shares of common stock outs

Brief Exercise 11-7 Greenwood Corporation has 81,000 shares of common stock outstanding. It decdares a $2 per share cash December 31. dividend on November 1 to stockholders of rec…

Brief Exercise 11-7 Larkspur, Inc. has 83,000 shares of common stock outstanding

Brief Exercise 11-7 Larkspur, Inc. has 83,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. T…

Brief Exercise 11-8 Bramble Company owns equipment that cost $909,000 and has ac

Brief Exercise 11-8 Bramble Company owns equipment that cost $909,000 and has accumulated depreciation of $383,800. The expected future net cash flows from the use of the asset ar…

Brief Exercise 11-8 Calculate net cash flows from investing activities (L011-3)

Brief Exercise 11-8 Calculate net cash flows from investing activities (L011-3) Creative Sound Systems sold investments, land, and its own common stock for $37 million, $15.7 mill…

Brief Exercise 11-8 Flint Corporation has these accounts at December 31: Common

Brief Exercise 11-8 Flint Corporation has these accounts at December 31: Common Stock, $10 par, 6,400 shares issued, $64,000; Paid-in Capital in Excess of Par Value $19,900; Retai…

Brief Exercise 11-8 Langley Corporation has 50,000 shares of $10 par value commo

Brief Exercise 11-8 Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share…

Brief Exercise 11-8 Novak Company owns equipment that cost $936,000 and has accu

Brief Exercise 11-8 Novak Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are …

Brief Exercise 11-8 Partially correct answer. Your answer is partially correct.

Brief Exercise 11-8 Partially correct answer. Your answer is partially correct. Try again. Bramble Corp. has these accounts at December 31: Common Stock, $12 par, 6,900 shares iss…

Brief Exercise 11-8 Sheffield Corp. has these accounts at December 31: Common St

Brief Exercise 11-8 Sheffield Corp. has these accounts at December 31: Common Stock, $12 par, 6,000 shares issued, $72,000; Paid-in Capital in Excess of Par Value $19,500; Retaine…

Brief Exercise 11-8 Your answer is partially correct. Try again Pina Colada Corp

Brief Exercise 11-8 Your answer is partially correct. Try again Pina Colada Corp. has these accounts at December 31: Common Stock, $10 par, 5,600 shares issued, $56,000; Paid-in C…

Brief Exercise 11-9 Everly Corporation acquires a coal mine at a cost of $756,80

Brief Exercise 11-9 Everly Corporation acquires a coal mine at a cost of $756,800. Intangible development costs total $189,200. After extraction has occurred, Everly must restore …

Brief Exercise 11-9 Grouper Corporation acquires a coal mine at a cost of $412,0

Brief Exercise 11-9 Grouper Corporation acquires a coal mine at a cost of $412,000. Intangible development costs total $103,000. After extraction has occurred, Grouper must restor…

Brief Exercise 11-9 Grouper Corporation acquires a coal mine at a cost of $436,0

Brief Exercise 11-9 Grouper Corporation acquires a coal mine at a cost of $436,000. Intangible development costs total $109,000. After extraction has occurred, Grouper must restor…

Brief Exercise 11-9 Hans Pina, president of Pina Colada Corp., believes that it

Brief Exercise 11-9 Hans Pina, president of Pina Colada Corp., believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earning…

Brief Exercise 116 On April 1, 2018, West Company purchased $420,000 of 5.00% bo

Brief Exercise 116 On April 1, 2018, West Company purchased $420,000 of 5.00% bonds for $436,550 plus accrued interest as an available-for-sale security. Interest is paid on July …

Brief Exercise 12-1 Bramble Corporation purchases a patent from Cullumber Compan

Brief Exercise 12-1 Bramble Corporation purchases a patent from Cullumber Company on January 1, 2017, for $69,000. The patent has a remaining legal life of 12 years. Bramble feels…