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On January 1, 2014, the Hardin Company budget committee has reached agreement on
On January 1, 2014, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2014. Sales units: First quarter 6,000; second…
On January 1, 2014, the Minton Company borrowed $174,000 cash from the Hometown
On January 1, 2014, the Minton Company borrowed $174,000 cash from the Hometown Bank by issuing a five-year 8% term note. The principal and interest are repaid by making annual pa…
On January 1, 2014, the ledger of Accardo Company contains the following liabili
On January 1, 2014, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $55,890 Sales Taxes Payable 7,720 Unearned Service Revenue 16,650 Dur…
On January 1, 2014, the ledger of Hiatt Company contained these liability accoun
On January 1, 2014, the ledger of Hiatt Company contained these liability accounts. During January, the company’s employees earned wages of $73,180. Withholdings related to these …
On January 1, 2014, the ledger of Shumway Company contains the following liabili
On January 1, 2014, the ledger of Shumway Company contains the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 5,800 Unearned Service Revenue 14,000 Dur…
On January 1, 2014, the ledger of Shumway Company contains the following liabili
On January 1, 2014, the ledger of Shumway Company contains the following liability accounts. During January, the following selected transactions occurred. Journalize the January t…
On January 1, 2014, the stockholders On January 1, 2014, the stockholders On Jan
On January 1, 2014, the stockholders On January 1, 2014, the stockholders On January 1, 2014, the stockholders On January 1, 2014, the stockholders On January 1, 2014, the stockho…
On January 1, 2014, the stockholders\' equity section of Newlin Corporation show
On January 1, 2014, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,061,900; and retained …
On January 1, 2014, the stockholders’ equity section of Newlin Corporation shows
On January 1, 2014, the stockholders’ equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,098,900; and retained …
On January 1, 2014, you win $75,000,000 in the state lottery. The $75,000,000 pr
On January 1, 2014, you win $75,000,000 in the state lottery. The $75,000,000 prize will be paid in equal installments of $7,500,000 over 10 years. The payments will be made on De…
On January 1, 2014. FWP sells $2 million of 8% bonds, at face value with interes
On January 1, 2014. FWP sells $2 million of 8% bonds, at face value with interest to be paid at the end of each year Prepare the journal entries on the following dates (If no entr…
On January 1, 2014. Tri-State Industries had cash and common stock of $180,000.
On January 1, 2014. Tri-State Industries had cash and common stock of $180,000. At that date the company had no other asset, liability or equity balances. On January 2, 2014, it p…
On January 1, 2015 smith research signed a contract to have Jameson builders con
On January 1, 2015 smith research signed a contract to have Jameson builders construct a laboratory building at a cost of $20,000,000. It was estimated that it would take four yea…
On January 1, 2015 the Happy Company issued 11% bonds, dated January 1 witha fac
On January 1, 2015 the Happy Company issued 11% bonds, dated January 1 witha face amount of 800,000. The bonds sold for 739,820 and mature in 20 years. For bonds of similar risk a…
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000 shares of Kardashian Company for $60,000. At this time Kardashian book value of assets was $80,000 …
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000 shares of Kardashian Company for $60,000. At this time Kardashian book value of assets was $80,000 …
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000
On January 1, 2015 the West Company made 2 purchases: purchased 400 of the 1000 shares of Kardashian Company for $60,000. At this time Kardashian book value of assets was $80,000 …
On January 1, 2015, Ackerman sold equipment to Brannigan (a wholly owned subsidi
On January 1, 2015, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $300,000 in cash. The equipment had originally cost $280,000 but had a book value of only …
On January 1, 2015, Alpha Corp. entered into a noncancelable lease for a machine
On January 1, 2015, Alpha Corp. entered into a noncancelable lease for a machine to be used by Evans Company in its manufacturing operations. The lease transfers ownership of the …
On January 1, 2015, Bactin Corporation acquired 10% of Oakton Company for $100,0
On January 1, 2015, Bactin Corporation acquired 10% of Oakton Company for $100,000. On that date, the total book value and fair value of Oakton's net assets was $900,000. Any diff…
On January 1, 2015, BeWell Company purchased 10% of common stock of DoingWell Co
On January 1, 2015, BeWell Company purchased 10% of common stock of DoingWell Co for $450,000 and classified it as Available for Sale securities. BeWell does not have significant …
On January 1, 2015, Boston Enterprises issues bonds that have a $3,400,000 par v
On January 1, 2015, Boston Enterprises issues bonds that have a $3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds ar…
On January 1, 2015, Brooks Corporation exchanged $1,194,000 fair-value considera
On January 1, 2015, Brooks Corporation exchanged $1,194,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler ha…
On January 1, 2015, Choco Corp. acquired 90% of the voting common stock of Allie
On January 1, 2015, Choco Corp. acquired 90% of the voting common stock of Allie Inc. During the year, Choco sold $670,000 goods to Allie which cost $560,000. Allie still owned 40…
On January 1, 2015, ChocoNichols Company acquired 80% of AllieSmith Company\'s c
On January 1, 2015, ChocoNichols Company acquired 80% of AllieSmith Company's common stock and 60% of its non-voting, cumulative preferred stock. The consideration transferred by …
On January 1, 2015, ChocoNichols Company acquired 80% of AllieSmith Company\'s c
On January 1, 2015, ChocoNichols Company acquired 80% of AllieSmith Company's common stock and 60% of its non-voting, cumulative preferred stock. The consideration transferred by …
On January 1, 2015, Columbia Ltd. purchased $200,000 of 10%, 10-year bonds at fa
On January 1, 2015, Columbia Ltd. purchased $200,000 of 10%, 10-year bonds at face value (100) with the intention of selling the bonds early next year. Interest is received semi-a…
On January 1, 2015, Corvallis Carnivals borrows $11,000 to purchase a delivery t
On January 1, 2015, Corvallis Carnivals borrows $11,000 to purchase a delivery truck by agreeing to a 6%, five-year loan with the bank. Payments of $212.66 are due at the end of e…
On January 1, 2015, Corvallis Carnivals borrows $29,000 to purchase a delivery t
On January 1, 2015, Corvallis Carnivals borrows $29,000 to purchase a delivery truck by agreeing to a 6%, four-year loan with the bank. Payments of $681.07 are due at the end of e…
On January 1, 2015, Crummy Corp. sold equipment to AP Inc. for $84,000 in cash.
On January 1, 2015, Crummy Corp. sold equipment to AP Inc. for $84,000 in cash. The equipment originally cost $70,000 but had a book value of only $49,000 when transferred. On tha…
On January 1, 2015, Day Corp. entered into a 10-year lease agreement with Ward,
On January 1, 2015, Day Corp. entered into a 10-year lease agreement with Ward, Inc. for industrial equipment. Annual lease payments of $10,000 are payable at the end of each year…
On January 1, 2015, Dollartree Corp. issued $930.000 par value, 6%, three-year b
On January 1, 2015, Dollartree Corp. issued $930.000 par value, 6%, three-year bonds when the market rate of interest was 6%. Interest is payable semiannually each June 30 and Dec…
On January 1, 2015, Eagle borrows $18,000 cash by signing a four-year, 9% instal
On January 1, 2015, Eagle borrows $18,000 cash by signing a four-year, 9% installment note. The note requires four equal total payments of accrued interest and principal on Decemb…
On January 1, 2015, Eagle borrows $35,000 cash by signing a four-year, 7% instal
On January 1, 2015, Eagle borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on Decemb…
On January 1, 2015, Eddy Corporation had retained earnings of $571,960. During t
On January 1, 2015, Eddy Corporation had retained earnings of $571,960. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $125,860. 2. Corr…
On January 1, 2015, Evers Company purchased the following two machines for use i
On January 1, 2015, Evers Company purchased the following two machines for use in its production process. Machine AThe cash price of this machine was $44,100. Related expenditures…
On January 1, 2015, Frontier World issues $41 million of 9% bonds, due in 20 yea
On January 1, 2015, Frontier World issues $41 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be u…
On January 1, 2015, Frontier world issues $40.4 million of 9% bonds, due in 20 y
On January 1, 2015, Frontier world issues $40.4 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be…
On January 1, 2015, General Manufacturing purchased a machine for $800,000 that
On January 1, 2015, General Manufacturing purchased a machine for $800,000 that it expected to have a useful life of six years. The company estimated that the residual value of th…
On January 1, 2015, Grant Corporation had the following stockholders\' equity ac
On January 1, 2015, Grant Corporation had the following stockholders' equity accounts: Common Stock ($5 par value, 50,000 shares issued and outstanding) $250,000 Paid-in Capital i…
On January 1, 2015, Gundy Enterprises purchases an office for $228,000, paying $
On January 1, 2015, Gundy Enterprises purchases an office for $228,000, paying $48,000 down and borrowing the remaining $180,000, signing a 8%, 10-year mortgage. Installment payme…
On January 1, 2015, Hester Co. leases 8 trucks from a fleet leasing company. The
On January 1, 2015, Hester Co. leases 8 trucks from a fleet leasing company. The trucks have an estimated useful life of 10 years. 4 of the trucks have a fair market value or $50,…
On January 1, 2015, John Doe Enterprises (JDE) acquired a 55% interest in Bubba
On January 1, 2015, John Doe Enterprises (JDE) acquired a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3 million cash and 500,000 shares of …
On January 1, 2015, Julee Enterprises borrows $38,000 to purchase a new Toyota H
On January 1, 2015, Julee Enterprises borrows $38,000 to purchase a new Toyota Highlander by agreeing to a 9%, 4-year note with the bank. Payments of $945.63 are due at the end of…
On January 1, 2015, Lagina Company purchased Blankenship, Inc. by paying $2,300,
On January 1, 2015, Lagina Company purchased Blankenship, Inc. by paying $2,300,000. At December 31, 2014, the balance sheet of Blankenship, Inc. was as follows: Cash $ 150,000 …
On January 1, 2015, Loop Raceway issued 510 bonds, each with a face value of $1,
On January 1, 2015, Loop Raceway issued 510 bonds, each with a face value of $1,000, a stated interest rate of 6% paid annually on December 31, and a maturity date of December 31,…
On January 1, 2015, Loop Raceway issued 600 bonds, each with a face value of $1,
On January 1, 2015, Loop Raceway issued 600 bonds, each with a face value of $1,000, a stated interest rate of 5% paid annually on December 31, and a maturity date of December 31,…
On January 1, 2015, Loop Raceway issued 660 bonds, each with a face value of $1,
On January 1, 2015, Loop Raceway issued 660 bonds, each with a face value of $1,000, a stated interest rate of 5% paid annually on December 31, and a maturity date of December 31,…
On January 1, 2015, Marshall Company acquired 100 percent of the outstanding com
On January 1, 2015, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $246,600 in long-term liabili…
On January 1, 2015, Methodical Manufacturing issued 100 bonds, each with a face
On January 1, 2015, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity d…