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Brief Exercise 14-9 On January 1, 2017, Sandhill Corporation redeemed $590,000 o

Brief Exercise 14-9 On January 1, 2017, Sandhill Corporation redeemed $590,000 of bonds at 98. At the time of redemption, the unamortized premium was $17,700. Prepare the corporat…

Brief Exercise 144 On January 1, Sanchez Corporation purchased a 35% equity inte

Brief Exercise 144 On January 1, Sanchez Corporation purchased a 35% equity interest in Lawton Company for $380,000. At December 31, Lawton de dare dividend and reported net incom…

Brief Exercise 145 Jenner Company had the following transactions pertaining to i

Brief Exercise 145 Jenner Company had the following transactions pertaining to its short-term stock investments. Jan. 1 Purchased 600 shares of Pork Company stock for $8,420. June…

Brief Exercise 147 (Part Level Submission) At December 31, 2017, the trading sec

Brief Exercise 147 (Part Level Submission) At December 31, 2017, the trading securities portfolio held by the Darren Corporation consisted of the following investments: 1. 2,000 s…

Brief Exercise 148 Total payroll of Walnut Co. was $1,820,000, of which $320,000

Brief Exercise 148 Total payroll of Walnut Co. was $1,820,000, of which $320,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees …

Brief Exercise 15-10 At December 31, balances in Manufacturing Overhead are Shim

Brief Exercise 15-10 At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $2,260, Garcia Company—credit $1,011. Prepare the adjusting entry for each compan…

Brief Exercise 15-10 Blossom Inc. declared a cash dividend of $1.05 per share on

Brief Exercise 15-10 Blossom Inc. declared a cash dividend of $1.05 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to…

Brief Exercise 15-11 Sunland Inc. owns shares of Coronado Corporation stock. At

Brief Exercise 15-11 Sunland Inc. owns shares of Coronado Corporation stock. At December 31, 2017, the securities were carried in Sunland’s accounting records at their cost of $88…

Brief Exercise 15-11 Swifty Inc. owns shares of Nash Corporation stock. At Decem

Brief Exercise 15-11 Swifty Inc. owns shares of Nash Corporation stock. At December 31, 2017, the securities were carried in Swifty's accounting records at their cost of $712,000,…

Brief Exercise 15-11 Vaughn Inc. owns shares of Bramble Corporation stock. At De

Brief Exercise 15-11 Vaughn Inc. owns shares of Bramble Corporation stock. At December 31, 2017, the securities were carried in Vaughn’s accounting records at their cost of $789,0…

Brief Exercise 15-13 Culver Corporation has outstanding 303,000 shares of $10 pa

Brief Exercise 15-13 Culver Corporation has outstanding 303,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stoc…

Brief Exercise 15-13 Grouper Corporation has outstanding 303,000 shares of $10 p

Brief Exercise 15-13 Grouper Corporation has outstanding 303,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the sto…

Brief Exercise 15-13 Kingbird Corporation has outstanding 405,000 shares of $10

Brief Exercise 15-13 Kingbird Corporation has outstanding 405,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the sto…

Brief Exercise 15-13 Your answer is partially correct. Try again. Headland Corpo

Brief Exercise 15-13 Your answer is partially correct. Try again. Headland Corporation has outstanding 444,000 shares or $10 par value common stock. The corporation declares a 5% …

Brief Exercise 15-13 Your answer is partially correct. Try again. Larkspur Corpo

Brief Exercise 15-13 Your answer is partially correct. Try again. Larkspur Corporation has outstanding 479,000 shares of $10 par value common stock. The corporation declares a 5% …

Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par

Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stoc…

Brief Exercise 15-15 Nottebart Corporation has outstanding 11,900 shares of $109

Brief Exercise 15-15 Nottebart Corporation has outstanding 11,900 shares of $109 par value, 6% preferred stock and 62,200 shares of $13 par value common stock. The preferred stock…

Brief Exercise 15-2 During January, its first month of operations, Knox Company

Brief Exercise 15-2 During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $4,590 on account, factory labor $7,34…

Brief Exercise 15-4 Sarasota Corporation issued 361 shares of $10 par value comm

Brief Exercise 15-4 Sarasota Corporation issued 361 shares of $10 par value common stock and 152 shares of $50 par value preferred stock for a lump sum of $18,810. The common stoc…

Brief Exercise 15-5 In January, Knox Company requisitions raw materials for prod

Brief Exercise 15-5 In January, Knox Company requisitions raw materials for production as follows: Job 1 $911, Job 2 $1,480, Job 3 $801, and general factory use $611. During Janua…

Brief Exercise 15-8 Crane Inc. has outstanding 11,800 shares of $10 par value co

Brief Exercise 15-8 Crane Inc. has outstanding 11,800 shares of $10 par value common stock. On July 1, 2017, Crane reacquired 104 shares at $88 per share. On September 1, Crane re…

Brief Exercise 15-8 Date Account Titles and Explanation Debit Credit 11/1/17 Bri

Brief Exercise 15-8 Date Account Titles and Explanation Debit Credit 11/1/17 Brief Exercise 15-8 Pearl Inc. has outstanding 11,100 shares of $10 par value common stock. On July 1,…

Brief Exercise 15-8 Whispering Inc. has outstanding 12,000 shares of $10 par val

Brief Exercise 15-8 Whispering Inc. has outstanding 12,000 shares of $10 par value common stock. On July 1, 2017, Whispering reacquired 114 shares at $89 per share. On September 1…

Brief Exercise 15-9 Carla Corporation has outstanding 22,000 shares of $5 par va

Brief Exercise 15-9 Carla Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2017, Carla reacquired 220 shares at $83 per share. On November 1, C…

Brief Exercise 15-9 Headland Corporation has outstanding 18,000 shares of $5 par

Brief Exercise 15-9 Headland Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2017, Headland reacquired 220 shares at $82 per share. On Novembe…

Brief Exercise 152 Presented below are Truck Company\'s monthly manufacturing co

Brief Exercise 152 Presented below are Truck Company's monthly manufacturing cost data related to its personal computer products. (a) Taxes on factory building (b) Raw materials (…

Brief Exercise 159 Wynn, Inc. manufactures beanies. The budgeted units to be pro

Brief Exercise 159 Wynn, Inc. manufactures beanies. The budgeted units to be produced and sold are below: It takes 18 yards of yarn to produce a beanie. The company's policy is to…

Brief Exercise 16-1 Archer Inc. issued $3,808,100 par value, 7% convertible bond

Brief Exercise 16-1 Archer Inc. issued $3,808,100 par value, 7% convertible bonds at 97 for cash. If the bonds had not included the conversion feature, they would have sold for 95…

Brief Exercise 16-1 Digger Inc. sells a high-speed retrieval system for mining i

Brief Exercise 16-1 Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year Actual Overhead cost Machine hours D…

Brief Exercise 16-1 Warner Company purchases $52,900 of raw materials on account

Brief Exercise 16-1 Warner Company purchases $52,900 of raw materials on account, and it incurs $63,400 of factory labor costs. Journalize the two transactions on March 31, assumi…

Brief Exercise 16-10 Multiple tax rates [LO16-5] J-Matt, Inc., had pretax accoun

Brief Exercise 16-10 Multiple tax rates [LO16-5] J-Matt, Inc., had pretax accounting income of $331,000 and taxable income of $400,000 in 2016. The only difference between account…

Brief Exercise 16-10 Pix Company has the following production data for March: no

Brief Exercise 16-10 Pix Company has the following production data for March: no beginning work in process, units started and completed 32,000, and ending work in process 3,000 un…

Brief Exercise 16-11 On January 1, 2017, Wildhorse Ltd. issued 890 3-year, 3% co

Brief Exercise 16-11 On January 1, 2017, Wildhorse Ltd. issued 890 3-year, 3% convertible bonds at par of $950, with interest payable each December 31. Each bond is convertible in…

Brief Exercise 16-12 Net operating loss carryforward [LO16-7) 4 During its first

Brief Exercise 16-12 Net operating loss carryforward [LO16-7) 4 During its first year of operations, Nile.com reported a net operating loss of $15 milion for f enacted tax rate is…

Brief Exercise 16-13 Tamarisk Corporation earned net income of $370,000 in 2017

Brief Exercise 16-13 Tamarisk Corporation earned net income of $370,000 in 2017 and had 108,000 shares of common stock outstanding throughout the year. Also outstanding all year w…

Brief Exercise 16-14 Kingbird Corporation reported net income of $256,960 in 201

Brief Exercise 16-14 Kingbird Corporation reported net income of $256,960 in 2017 and had 47,400 shares of common stock outstanding throughout the year. Also outstanding all year …

Brief Exercise 16-2 Temporary difference; determine taxable income; determine pr

Brief Exercise 16-2 Temporary difference; determine taxable income; determine prior year deferred tax amount (LO16-1) Kara Fashions uses straight-line depreciation for financial s…

Brief Exercise 16-2 Warner Company purchases $51,500 of raw materials on account

Brief Exercise 16-2 Warner Company purchases $51,500 of raw materials on account, and it incurs $65,400 of factory labor costs. Supporting records show that (a) the Assembly Depar…

Brief Exercise 16-3 Bridgeport Corporation issued 1,800 shares of $10 par value

Brief Exercise 16-3 Bridgeport Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value preferred stock. The preferred stock wa…

Brief Exercise 16-3 Noer Company owns 30% of Lauer Company. For the current year

Brief Exercise 16-3 Noer Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $245,000 and declares and pays a $49,000 cash dividend. Record Noler'…

Brief Exercise 16-3 Splash Co. identifies the following activities that pertain

Brief Exercise 16-3 Splash Co. identifies the following activities that pertain to manufacturing overhead for its production of water polo balls, for each activity, identify an ap…

Brief Exercise 16-3 Your answer is partially correct. Try again. Blossom Corpora

Brief Exercise 16-3 Your answer is partially correct. Try again. Blossom Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of 50 par valu…

Brief Exercise 16-4 Flint Corporation issued 2,000 $1,000 bonds at 103. Each bon

Brief Exercise 16-4 Flint Corporation issued 2,000 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the marke…

Brief Exercise 16-4 Goode Company has the following production data for selected

Brief Exercise 16-4 Goode Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out Units % Compl…

Brief Exercise 16-4 Goode Company has the following production data for selected

Brief Exercise 16-4 Goode Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out Units % Compl…

Brief Exercise 16-4 Sarasota Corporation issued 2,000 $1,000 bonds at 101. Each

Brief Exercise 16-4 Sarasota Corporation issued 2,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the ma…

Brief Exercise 16-5 Buffalo Corporation issued 2,300 $1,000 bonds at 102. Each b

Brief Exercise 16-5 Buffalo Corporation issued 2,300 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling separately…

Brief Exercise 16-5 The Smelting Department of Kiner Company has the following p

Brief Exercise 16-5 The Smelting Department of Kiner Company has the following production and cost data for November Production: Beginning work in process 3,700 units that are 100…

Brief Exercise 16-5 Your answer is partially correct. Try again. Flint Corporati

Brief Exercise 16-5 Your answer is partially correct. Try again. Flint Corporation issued 1,850 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After …

Brief Exercise 16-6 In Mordica Company, total material costs are $32,000, and to

Brief Exercise 16-6 In Mordica Company, total material costs are $32,000, and total conversion costs are $53,000. Equivalent units of production are materials 10,000 and conversio…