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Brief Exercise 13-13 Martinez Factory provides a 2-year warranty with one of its

Brief Exercise 13-13 Martinez Factory provides a 2-year warranty with one of its products which was first sold in 2017. Martinez sold $1,022,800 of products subject to the warrant…

Brief Exercise 13-13 Staples, Inc. is one of the largest suppliers of office pro

Brief Exercise 13-13 Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $651 million and sales of $23,401 million …

Brief Exercise 13-13 Stellar Factory provides a 2-year warranty with one of its

Brief Exercise 13-13 Stellar Factory provides a 2-year warranty with one of its products which was first sold in 2017. Stellar sold $905,400 of products subject to the warranty. S…

Brief Exercise 13-14 Crane Company has stockholders’ equity of $428,100 and net

Brief Exercise 13-14 Crane Company has stockholders’ equity of $428,100 and net income of $74,200. It has a payout ratio of 19% and a return on assets of 20%. How much did Crane p…

Brief Exercise 13-14 Skysong Corporation sells DVD players. The corporation also

Brief Exercise 13-14 Skysong Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract. During 2017, Skysong sold 20,000 warranty contrac…

Brief Exercise 13-15 Marigold Company offers a set of building blocks to custome

Brief Exercise 13-15 Marigold Company offers a set of building blocks to customers who send in 3 UPC codes from Marigold cereal, along with 504. The block sets cost Marigold $1.00…

Brief Exercise 13-15 Selected data taken from a recent year\'s financial stateme

Brief Exercise 13-15 Selected data taken from a recent year's financial statements of trading card company Topps Company, Inc. are as follows (in millions) Net sale:s Current liab…

Brief Exercise 13-15 Wynn Company offers a set of building blocks to customers w

Brief Exercise 13-15 Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to pur…

Brief Exercise 13-3 Ivanhoe Corporation borrowed $61,300 on November 1, 2017, by

Brief Exercise 13-3 Ivanhoe Corporation borrowed $61,300 on November 1, 2017, by signing a $62,710, 3-month, zero-interest-bearing note. Prepare Ivanhoe's November 1, 2017, entry;…

Brief Exercise 13-3 The following T-account is a summary of the Cash account of

Brief Exercise 13-3 The following T-account is a summary of the Cash account of Cuellar Company. Cash (Summary Form) 7,400 369,100 242,000 5,400 141,000 35,900 11,500 8,700 500,90…

Brief Exercise 13-4 Using these data from the comparative balance sheet of Bloss

Brief Exercise 13-4 Using these data from the comparative balance sheet of Blossom Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers …

Brief Exercise 13-4 Using these data from the comparative balance sheet of Cullu

Brief Exercise 13-4 Using these data from the comparative balance sheet of Cullumber Company, perform horizontal analysis. (If amount and percentage are a decrease show the number…

Brief Exercise 13-5 Bramble Corporation made credit sales of $30,600 which are s

Brief Exercise 13-5 Bramble Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation also made cash sales which totaled $10,593 including the 7%…

Brief Exercise 13-5 Brief Exercise 13-5 Blossom Corporation made credit sales of

Brief Exercise 13-5 Brief Exercise 13-5 Blossom Corporation made credit sales of $41,400 which are subject to 6% sales tax. The corporation also made cash sales which totaled $27,…

Brief Exercise 13-5 Using these data from the comparative balance sheet of Bloss

Brief Exercise 13-5 Using these data from the comparative balance sheet of Blossom Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Brief Ex…

Brief Exercise 13-5 Using these data from the comparative balance sheet of Oriol

Brief Exercise 13-5 Using these data from the comparative balance sheet of Oriole Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, …

Brief Exercise 13-6 Headland Corporation\'s weckly payroll of $20,000 included F

Brief Exercise 13-6 Headland Corporation's weckly payroll of $20,000 included FICA taxes withheld of $1,530, federal taxes withheld of $2,800, state taxes withheld of $950, and in…

Brief Exercise 13-6 Net income was $501,000 in 2015, $471,000 in 2016, and $519,

Brief Exercise 13-6 Net income was $501,000 in 2015, $471,000 in 2016, and $519,000 in 2017. What is the percentage of change from (a) 2015 to 2016, and (b) from 2016 to 2017? Is …

Brief Exercise 13-6 Sarasota Corporation\'s weekly payroll of $24,000 included F

Brief Exercise 13-6 Sarasota Corporation's weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal taxes withheld of $3,250, state taxes withheld of $980, and in…

Brief Exercise 13-6 a-b (Part Level Submission) The T accounts for equipment and

Brief Exercise 13-6 a-b (Part Level Submission) The T accounts for equipment and accumulated depreciation for Pharoah Ltd. are shown here: Equipment 86,000 Disposals 42,000 1,0 Be…

Brief Exercise 13-7 Buffalo Inc. provides paid vacations to its employees. At De

Brief Exercise 13-7 Buffalo Inc. provides paid vacations to its employees. At December 31, 2017, 44 employees have each earned 2 weeks of vacation time. The employees average sala…

Brief Exercise 13-7 The T-accounts for Equipment and the related Accumulated Dep

Brief Exercise 13-7 The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2017 are shown here. Equipment 75,600 21,800 45,5…

Brief Exercise 13-8 Canadian Tire Corporation, Limited reported net income of $7

Brief Exercise 13-8 Canadian Tire Corporation, Limited reported net income of $735.9 million for the year ended January 2, 2016. Its retained earnings were $4,075.1 million at the…

Brief Exercise 13-8 Concord Corporation provides its officers with bonuses based

Brief Exercise 13-8 Concord Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total $319,600 and are paid on February 15, 2018. Prepare Con…

Brief Exercise 13-9 (Part Level Submission) At December 31, 2017, Bridgeport Cor

Brief Exercise 13-9 (Part Level Submission) At December 31, 2017, Bridgeport Corporation owes $539,800 on a note payable due February 15, 2018 If Bridgeport refinances the obligat…

Brief Exercise 130 Marina Manufacturing is considering buying new equipment for

Brief Exercise 130 Marina Manufacturing is considering buying new equipment for its factory. The new equipment will reduce variable labor costs but increase depreciation expense. …

Brief Exercise 133 Warning Don\'t show me this message again for the assignment

Brief Exercise 133 Warning Don't show me this message again for the assignment Ok Cancel Warning Don't show me this message again for the assignment Ok Cancel Warning Don't show m…

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and s

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufactur…

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and s

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufactur…

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and s

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufactur…

Brief Exercise 14-1 (Part Level Submission) Selected data from the comparative s

Brief Exercise 14-1 (Part Level Submission) Selected data from the comparative statements of financial position of Accustart Ltd. are shown below 2018 2017 Cash Accounts receivabl…

Brief Exercise 14-1 (Part Level Submission) Selected data from the comparative s

Brief Exercise 14-1 (Part Level Submission) Selected data from the comparative statements of financial position of Accustart Ltd. are shown below 2018 2017 2016 $75,000 454,000 69…

Brief Exercise 14-1 Headland Corporation issues $410,000 of 9% bonds, due in 9 y

Brief Exercise 14-1 Headland Corporation issues $410,000 of 9% bonds, due in 9 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 1…

Brief Exercise 14-1 Pina Corporation issues $470,000 of 9% bonds, due in 9 years

Brief Exercise 14-1 Pina Corporation issues $470,000 of 9% bonds, due in 9 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. …

Brief Exercise 14-12 Pharoah Corporation issued a 4-year, $31,000 496 note to Gr

Brief Exercise 14-12 Pharoah Corporation issued a 4-year, $31,000 496 note to Greenbush Company on January 1 2017 and received a computer that normally sells for $24268. The note …

Brief Exercise 14-14 Marigold Corporation has elected to use the fair value opti

Brief Exercise 14-14 Marigold Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying…

Brief Exercise 14-2 Langley Corporation has 47,900 shares of $12 par value commo

Brief Exercise 14-2 Langley Corporation has 47,900 shares of $12 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share…

Brief Exercise 14-2 The Bonita Company issued $420,000 of 13% bonds on January 1

Brief Exercise 14-2 The Bonita Company issued $420,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bon…

Brief Exercise 14-3 1, 2022, with interest payable each July 1 and The Vaughn Co

Brief Exercise 14-3 1, 2022, with interest payable each July 1 and The Vaughn Company issued $330,000 of 7% bonds on January 1 2017. The bonds are due Ja ua at 96 anuary 1 The bon…

Brief Exercise 14-3 No. Date Account Titles and Explanation Debit Credit January

Brief Exercise 14-3 No. Date Account Titles and Explanation Debit Credit January 1, 2017 Brief Exercise 14-3 The Concord Company issued $360,000 of 7% bonds on January 1, 2017. Th…

Brief Exercise 14-3 The Ivanhoe Company issued $300,000 of 13% bonds on January

Brief Exercise 14-3 The Ivanhoe Company issued $300,000 of 13% bonds on January 1, 2017, The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bo…

Brief Exercise 14-6 On January 1, 2017, Concord Corporation issued $690,000 of 9

Brief Exercise 14-6 On January 1, 2017, Concord Corporation issued $690,000 of 9% bonds, due in 10 years. The bonds were issued for $647,006, and pay interest each July 1 and Janu…

Brief Exercise 14-6 On January 1, 2017, Concord Corporation issued $690,000 of 9

Brief Exercise 14-6 On January 1, 2017, Concord Corporation issued $690,000 of 9% bonds, due in 10 years. The bonds were issued for $647,006, and pay interest each July 1 and Janu…

Brief Exercise 14-6 On January 1, 2017, Kingbird Corporation issued $470,000 of

Brief Exercise 14-6 On January 1, 2017, Kingbird Corporation issued $470,000 of 7% bonds, due in 8 years. The bonds were issued for $442,618, and pay interest each July 1 and Janu…

Brief Exercise 14-6 On January 1, 2017, Martinez Corporation issued $620,000 of

Brief Exercise 14-6 On January 1, 2017, Martinez Corporation issued $620,000 of 9% bonds, due in 8 years. The bonds were issued for $586,402, and pay interest each July 1 and Janu…

Brief Exercise 14-6 On January 1, 2017, Metlock Corporation issued S490,000 of 7

Brief Exercise 14-6 On January 1, 2017, Metlock Corporation issued S490,000 of 7% bonds due in 8 years. The bonds were issued for $461,453, and pay interest each July 1 and Januar…

Brief Exercise 14-6 Selected financial data for Tri Town Ltd. are shown below. 2

Brief Exercise 14-6 Selected financial data for Tri Town Ltd. are shown below. 2017 $754,000 ,040,000 991,000 835,000 2,142,000 2,015,000 1,678,000 1,019,000 1,119,000 1,259,000 6…

Brief Exercise 14-7 On January 1, 2017, Sunland Corporation issued $580,000 of 9

Brief Exercise 14-7 On January 1, 2017, Sunland Corporation issued $580,000 of 9% bonds, due in 10 years. The bonds were issued for $619,414, and pay interest each July 1 and Janu…

Brief Exercise 14-7 Straight-line interest on bonds [LO14-2] On January 1, a com

Brief Exercise 14-7 Straight-line interest on bonds [LO14-2] On January 1, a company issued 3%, 20-year bonds with a face amount of $80 million for $69,033,776 to yield 4%. Intere…

Brief Exercise 14-9 On January 1, 2017, Pharoah Corporation redeemed $620,000 of

Brief Exercise 14-9 On January 1, 2017, Pharoah Corporation redeemed $620,000 of bonds at 97. At the time of redemption, the unamortized premium was $18,600. Prepare the corporati…