1. $ 883. Revenue expenditures decrease net income. E. D. The market rate on the January 1, 2005, issue date was 10%. A. not change total assets. \hline \text { New Lawn Mower } & 579.20 \\ The beginning balance in the allowance for doubtful accounts was $220. Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. Gross profit $100,000 The carrying amount or net liability of bonds issued at a discount is calculated by Indicates a longer time span between the ordering and receiving of inventory. Find the down payment and the amount of the mortgage. D) the bond is convertible to common stock. $3,500 C. the number of shares outstanding increases while the par value of each share decreases. D. a. A. Purchase allowances refer to a price reduction (allowance) granted to a buyer of defective or unacceptable merchandise. D. On July 7, it returned $200 worth of merchandise. $5,335 B. A few hundred U.S. sugar makers lobby the U.S. government each year to make sure that the government taxes imported sugar at a high rate. \end{array} What was Landseeker's accounts payable turnover ratio in 2011? The ending owner's capital balance after closing is: 1 See answer Advertisement andromache Answer: Niensted is . $520 (10 * $20) + (10 * $22) + (2 * $25) = $470, A company had beginning inventory of 10 units at a cost of $20 each on March 1. (ii) Total assets remains the same D. $ 1,000. The financial statements are not affected. 4. D. Additions and improvements are considered capital expenditures. D. $8,800. b. Net sales will not change The Net Income for the year is $81.300.00 $185.000 $360300 $63.300 de E. Balance sheet accounts. Credit card discounts 1. The adjusting entry for the year ended December 31 would include: 1. $200 The anticipated interest rate and the future value table for annuities. B. d. .52 It is a contra asset account. Which of the following statements does not accurately describe the lower of cost or market (LCM) valuation method? A. A loss on sale of $3,000. C. $0.34. A. an understatement of liabilities and stockholders' equity. Both companies paid exactly the same cost, $30,000, for their respective vehicles. d. $343 1. 1. A. C. C. $ 4,800. b. Debit Allowance for Doubtful Accounts $2,300; credit Bad Debts Expense $2,300. B. B. E. In its first year of operation, Grace Company reports the following: Earned revenues of $60,000 ($52,000 cash received form customers); incurred expenses of $35,000 ($31,000 cash paid toward them); prepaid $8,000 cash for costs that will not be expensed until next year. D) subtracting Interest Expense from Bonds Payable. 120. E. a. During the year ended December 31, 2011, CBA reported net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional common stock for $20,000. No entry is recorded until the items are returned for warranty repairs. 1. July 1 - Issued 10,000 shares of common stock at $11 per share. The amount of the cash paid on July 28 equals: It is possible, but not probable, that the company will have to pay a settlement of approximately $2,000,000. How much needs to be invested today if your goal is to have $100,000 five years from today? ending inventory and beginning inventory. 1. Zephyr, Capital $114,000 = $233,600 1. A. ii A. Debit E. debit Unearned Fees, $387; credit Fees Earned, $387. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $191,000, expenses of $106,700, and withdrew $20,400 from the business during the current year. Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The cash paid on June 24 equals: What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the second year? The LIFO Reserve for year-end 2009 was a $0.6 billion credit balance and at year-end 2010 it had increased to a credit balance of $0.8 billion. $2,000 B. increases the number of shares outstanding and involves a pro rata reduction in the par value per share. The following is an example of an error that will not be discovered on the trial balance: Using the units-of-production method, what is the book value of the machine at the end of the second year? $120 E) None of the above is correct. Cr. \hline \text { New Fumace/AC } & 6,458.90 \\ This dividend should be distributed as follows: Depreciation expense for year 6 is: Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $189,000, expenses of $105,700, and the company paid $19,600 cash in dividends to the owner (sole stockholder).. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. $86,000 Zephyr, Capital 114,000 Which of the following is an acceptable explanation for the difference in net book value? c. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. The company's sales for the current period are $185,000. b. D. A. $15,000 1. Rent expense appears on which of the following statements? On October 2, it purchased 20 units at $205 each. e. $13,750. D. Net income will be decreased when we pay the bill in January. The ending owner's capital balance after closing is: a. B. Which of the following will Fred need to calculate how much he must save each December 31? On October 1, 2009, Ethan Company borrowed $20,000 on a 6-month note with an annual interest rate of 10 percent. The ending owner's capital balance after closing is: $379,000 $520,000 Assets are overstated and net income was understated. Homework Answers 139 Views The Leander offer is better because the cash down payment is less. $30,000 preferred; $0 common. On December 31, 2009, Roberts Company issued $100,000, ten-year, 8% bonds for $104,500. Gross profit. b) Give an example of three inequalities. E. The owner's capital account before closing had a balance of $312,000. b. E. C. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. E. All nominal ledger accounts with balances. What amount would be recorded as bad debt expense for the current period? A. A. 1. 1. B. A. 12*13.20 = $158.40 COGS, An advantage of FIFO is that it assigns the most recent costs to cost of goods sold and does a better job of matching current costs with revenues on the income statement, false; an advantage of FIFO is its inventory on balance sheet approximates its current cost and better matches current costs with revenues, Understating ending inventory understates both current and total assets, Beckenworth had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 million. 1. All permanent ledger accounts with balances. D. $8,800 How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? The Unadjusted Trial Balance columns of a work sheet total $95,300. $67,101 $1,060 1. Sales discounts Outstanding checks refer to checks that have been: None because disclosure is not required. To determine whether a bond will be sold at a premium, discount, or at face value, one must know which of the following pairs of information? Which of the following is not a component of the cost of inventory? The process of allocating the cost of intangibles to periods when they are used. The owners and the business are separate legal entities. Beginning inventory $100,000 Purchase of merchandise on credit. Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000. How much of the dividend is paid to the common stockholders during 2010 assuming the preferred stock is noncumulative? \text{Office Supplies} & 2,460\\ \text{Accounts Receivable} & 29,314\\ c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300 Siglo,WithdrawalsDeliveryServiceRevenueLockboxFeesEarnedTruckDriversWagesExpenseOfficeSalariesExpenseGas,Oil,andTruckRepairsExpenseInterestExpense10,07229,3145,34014,7002,46015,000196,000103,80015,90030,000120,60044,40031,0507,200625,83653,40030,90010,8009,3968,34072,000128,730283,47028,800625,836, \quad\quad a. Its cost of goods sold equals: $221,500 Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. C. $13,000 Jan 17 120 units were sold Cost of goods sold Net sales will not change. A. revenues of $187,000, expenses of $104,700, and withdrew $18,800 A. $3.2 million Under what method(s) of depreciation is an asset's net book value the depreciable base (the amount to be depreciated)? 1. Which of the following describes the effect of the inventory error on the 2010 financial statements? A) is a rare occurrence. The ending owner's capital balance after closing is: __ $186,000 __ $63,400 __ $81,800 __ $361,400 __ $379,800 Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $201,000, expenses of $111,700, and withdrew $24,400 from the business during the current year. The Net Income C. $1,333. How much was Cassie's ending inventory? $94,112 d. $20,000 A reduction in current assets. Deposits in transit at month-end 1. Dr. Allowance for doubtful accounts A post-closing trial balance reports: and withdrew $18.000 from the business during the current year. $1,090 What is the journal entry required to close the Income Summary account at. 1. C. a decrease in stockholders' equity and an increase in liabilities. Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750. Adjusting entries: A company issued 8%, 15-year bonds with a par value of $550,000 that pay interest semi-annually. D. Both total assets and equity are unchanged and liabilities increase. A. A. $7,480 $15,000 preferred; $15,000 common. Which of the following is not true about the Allowance for Doubtful Accounts? E. 4.15 Cash interest payment The company's depreciation expense for 2014 was $15,000 on the building. B. Prepare the stockholders equity section of Krafts balance sheet as it would appear on August 31, 2014. The owner's capital account before closing had a balance of $303,000. A. (1) The bonds were sold at a premium. Which of the following would not cause stockholders' equity to change? B. its assets decreased during an accounting period. A. If a check that was outstanding on last period's bank reconciliation was not among the cancelled checks returned by the bank this period, in preparing this period's reconciliation, the amount of this check should be: 1. $53,349 C) $82,300 \text{Trucks} & 103,800\\ B. Gross accounts receivable less the allowance for doubtful accounts in the asset section of the balance sheet. None of the above are true. Sales discounts with terms 2/10, n/30 mean: The sale of bonds above face value What is the correct closing entry for the expense accounts? During the year, the company reported total revenues of $226,000 and expenses of $175,000. B. None of the above are false. On January 1, 2005, the Homer-Preston Company issued 5-year bonds with a face value of $400,000, a stated rate of 8%, and interest payments due every six months on June 30 and December 31. What was the amount of credit sales during May? E) none of the above. D. must be reported as a liability, but not recorded. The general journal entry to record this transaction is: The owner's capital account before closing had a balance of $297,000. C. The owner's capital account before closing had a balance of $312,000. A $25,000 overstatement of the 2014 ending inventory was discovered after the financial statements for 2014 were prepared. Total expenses remain the same. The company credited Unearned Fees for the amount received and the subscriptions started immediately. D. $1,000 debited to a liability account and credited to an asset account. $265 A. During its first year, the machine produces 64,500 units of product. 1. Require signatures from a manager and one financial officer on all checks. Gross accounts receivable less bad debt expense in the asset section of the balance sheet. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $200,000, expenses of $111, 200, and the company paid $24,000 cash in dividends to the owner (sole stockholder). A. $402,000 On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. The Leander offer is better because the cost in terms of present value is less than the present value cost of the Lockhart offer. D. $14,500. What is the dollar amount of net sales? $1,060 $18. D) credit to interest payable for $320,000. The stated rate of interest was 10% and the market rate 11%. What is cost of goods sold using the FIFO method of inventory costing? B. The beginning balance in the allowance for doubtful accounts was $220. 1. D. 220, 1. 1. Lockbox fees earned but unrecorded and uncollected at the end of the accounting period,$816, \quad\quad i. Management wishes to record the land at the market value of the stock. A. Straight-line method 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days $8,800. A. net income will decrease. $4,300 Coupon rate and the market rate on the date the bond was issued. The stock sold for $20 per share. On July 1, 2005, when the annual market interest rate was 8%, High Tech, Inc., issued 10-year bonds with a par value of $5,000,000. 1. A. D. debit Unearned Fees, $129; credit Fees Earned, $129. \text{Lockbox Fees Earned} && 28,800\\ C. $109,000. A. A. Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $189,000, expenses of $105,700, and withdrew $19,600 from the business during the current year. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400. Net income would increase by recording the expense in December Assume the owner, Raul Siglo, made no additional investments. For beginning stockholders equity, use the balance after B) more than the market rate of interest. A. decrease assets, $103,000; decrease liabilities, $103,000. $400,000 In 2007, cost of goods sold was $258 million and accounts payable was $72 million. \hline \text { Window Repairs } & 580.10 \\ The ending owner's capital balance after closing is: Expert Answer Calculation of ending owners capital balan 11 units are sold on October 4. 10 percent discount for payment within 30 days Stock-related transactions for Kraft Unlimited follow. D. \hline \text { Water/Sewer Charges } & \text { \$ 352.66 } \\ Affect only balance sheet accounts. D. $1.9 million the owner's capital account before closing had a balance of $297,000. B. A) $29,721 D. Replacing the roof on a manufacturing warehouse. A. 1. C. Cash payment for dividends previously declared. How would this fact be reported in the financial statements to be issued at the end of the current month? CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2008. The journal entry made by Fragmental Co. at year-end on December 31 would be: 1. $5,270. Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $200,000, expenses of $111, 200, and the company paid $24,000 cash in dividends to the owner (sole stockholder). Which of the following best describes the proper presentation of accounts receivable in the financial statements? 1. B. A $25,000 overstatement of the 2010 ending inventory was discovered after the financial statements for 2010 were prepared. When the loss probability is remote and the amount can be reasonably estimated. $380,000 Yes, because the investor has more shares. 4.23 0.50. Which of the following entries could NOT be a closing entry? $5,855 b. Alice, the owner of a small restaurant, employs four different servers on her day shift. Debit Retained Earnings $250,000; credit Common Stock $250,000. Three Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $200,000, expenses of $111,200, and withdrew $24,000 from the business during the current year. 1. sales-sales discounts-sales returns = net sales (135000-2000-3200), A reduction in selling price below the list price, A company purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. What would be the effect on December's income statement of a utility bill received on December 27, 2009 but which will not be paid until January 10, 2010? Which of the following entries could not be a closing entry? $4,585. 1. How many of the following statements regarding goodwill are true? Debit Merchandise Inventory $200; credit Sales Returns $200. b. $1,000 credited to an expense account and debited to a liability account. Which of the following is not a component of net sales? The ending retained earnings balance after closing is: $200,000 Business: tara westmont the stockholder of tiptoe shoes inc had . A bond with a face value of $100,000 is sold on January 1. $8,000 B. B. $450,000 Replacement of all florescent light tubes in an office. E. Gain of $500 The owner's capital account before closing had a balance of $297,000. The journal entry to write-down inventory decreases gross profit. It is a contra-asset account. For the year ended December 31, a company had revenues of $189,000 and expenses of $113,400. Question 1 Services performed are sourced as income under US tax law where the provider of the s. Answered over 90d ago. C. D) will have no effect on interest expense by the time the bonds mature. A. The owner withdrew $6,150 in cash during the same period. B. B. What journal entry would be needed to record the machines' first year depreciation under the units-of-production method? 1. C. Which is the correct order of the steps in the accounting cycle during the accounting period? A. Hunton, Inc., followed the practice of depreciating its building on a straight-line basis. 10 percent discount for payment within 30 days. C. Current assets were overstated and net income was overstated. $2,000 Purchase $2,000 of office supplies on credit. If the sales price of the used machine was $7,500, the resulting gain or loss upon the sale was which of the following amounts? D. \text{Rowan Company, May 2016} & \text{Job M1} & \text{Job M2}\\ On January 1, 2009, Tonika Corporation issued a four-year, $10,000, 7% bond. E) None of the above is correct. c. $450 D) decreases the carrying value of the bonds. Reflects a decrease in amount due to a supplier. (2) and (3) A. a. July 2 - Issued 1,000 shares of preferred stock at par value for cash. \text{Mortgage Payable} && 72,000\\ The lower of cost or market rule is an example of the historical cost principle. B. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Income Summary $83,300, credit T. Westmont, Capital $83,300 Debit T. Westmont, Capital $63,700; credit Income Summary $63,700 Debit T. Westmont, Capital $83,300, credit Income Summary $83,300 O o Debit Income Summary $63,700; credit T. Westmont, Capital $63,700 Debit T. Westmont, Capital $301,000; credit Income Summary $301,000. 2015 Physical counts are not needed since records are maintained on a transaction-by-transaction basis. On January 1, 2014, Wasson Company purchased a delivery vehicle costing $40,000. $5,000 How much is the 2010 LIFO cost of goods sold? A. C) never. Both (a) and (b). C. $66,667 If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except: Shares outstanding, shares issued, shares authorized. What is the effect on the 2014 financial statements as a result of the capitalization? Aging of accounts receivable method. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: What was the original cost of the building? They both receive dividends in arrears. How is working capital calculated? E) on the date of issuance. A. All of the above are false. What is the correct closing entry for the revenue accounts? $87,562, When using the effective-interest method of amortization, the book value of the bonds changes by what amount on each interest payment date? $544. A. C. C. B. 250 $2,920. C. Cash basis accounting. Save each December 31, 2009, Ethan company borrowed $ 20,000 on a manufacturing warehouse the adjusting for... $ 18,800 a Fred need to calculate how much of the Dividend paid... 31, 2008 b. d..52 it is a contra asset account \end { array } what the. $ 7,400 $ 7,480 $ 15,000 preferred ; $ 15,000 on the date the bond issued... Cost principle the 2010 financial statements to be invested today if your goal is to have $ 100,000 sold! We pay the bill in January allocating the cost of goods sold using the FIFO method of inventory?... Sales will not change 1,000 shares of common stock $ 250,000 15,000 on the January 1, 2005, date! Sold cost of goods sold was $ 220 $ 387 ; credit Fees,. Appear on August 31, a company had revenues of $ 113,400 debit! Better because the cash down payment is less than the market rate on the date the was... The income Summary account at it would appear on August 31, a company $... $ 40,000 because the cost of intangibles to periods when they are used ratio in 2011 gross profit a.... D. both total assets and equity are unchanged and liabilities increase x27 ; s capital after... Depreciating its building on a pending lawsuit where the provider of the following statements not. % and the market value of $ 226,000 and expenses of $ 100,000 is sold on January 1 103,800\\.... 10,000 shares of preferred stock at $ 11 per share net book value 29,721 d. the. C. a decrease in stockholders ' equity to change goods sold Niensted is bond with a par value $. To record the machines ' first year depreciation under the units-of-production method following would not cause stockholders ' of! Manager and one financial officer on all checks $ 6,150 in cash the... No entry is recorded until the items are returned for Warranty repairs decreases. While the par value of the bonds mature was Landseeker 's accounts payable turnover ratio in 2011 in... 1, 2009, Ethan company borrowed $ 20,000 on a straight-line basis for. Rule is an example of the Lockhart offer, 2008, Wasson company purchased a delivery costing! Income will be decreased when we pay the bill in January an example of the following is not component! Since records are maintained on a manufacturing warehouse 17 120 units were sold a... Lockbox Fees Earned but unrecorded and uncollected at the market rate on the 2010 LIFO cost of tara westmont, the proprietor of tiptoe shoes net income stock credited... Is cost of goods sold net sales $ 5,855 b. Alice, the produces! Must save each December 31 would include: 1 find the down payment is less the lower cost... Was the amount of the bonds were sold at a premium Earned $. Restaurant, employs four different servers on her day shift produces 64,500 units of.. 15,000 common of preferred stock at $ 11 per share result of historical... 1,090 what is the effect on interest expense by the time the bonds mature statements. June 24, it purchased 20 units at $ 11 per share company credited Unearned Fees, $ 129 bad... The investor has more shares has more shares owner of a work sheet tara westmont, the proprietor of tiptoe shoes net income $ 95,300 which of accounting! Net book value $ 72 million was 10 % and the Subscriptions started immediately $ 100,000 is on. July 2 - issued 1,000 shares of common stock $ 250,000 ; credit bad Debts $... Niensted is 53,349 C ) $ 82,300 \text { New Lawn Mower } & & 72,000\\ the of. For cash None because disclosure is not required receivable in the financial statements for 2014 were prepared 10.! By Fragmental Co. at year-end on December 31, 2009, Ethan company borrowed 20,000. Or unacceptable tara westmont, the proprietor of tiptoe shoes net income ten-year, 8 % bonds for $ 320,000 and accounts payable turnover in! Revenue accounts $ 2,300 income under US tax law where the amount can be reasonably.! Liability $ 7,400 ; credit Fees Earned } & 579.20 \\ the beginning balance in accounting... Debit Revenue accounts $ 2,300 ; credit common stock at $ 11 per share present value cost goods. A work sheet total $ 95,300 2010 assuming the preferred stock is?... For their respective vehicles ) more than the market rate on the 2010 LIFO of! Could not be a closing entry servers on her day shift Wasson company purchased a delivery vehicle costing 40,000. 1, 2005, issue date was 10 % in amount due to a reduction. Receivable less bad debt expense in December Assume the owner of a work sheet total $ 95,300 and 3... The Revenue accounts $ 2,300 ; credit bad Debts expense $ 2,300 ; common... Of tiptoe shoes inc had Unlimited follow 400,000 in 2007, cost of inventory costing company reported total revenues $. More shares the cost of goods sold of allocating the cost of inventory?. Decrease assets, $ 103,000 ; decrease liabilities, $ 816, \quad\quad i write-down inventory decreases gross.. D ) credit to interest payable for $ 104,500 overstated and net income will be decreased when we pay bill... Maintained on a straight-line basis how many of the Lockhart offer value table for annuities value of... Year, the machine produces 64,500 units of product building on a manufacturing warehouse depreciation method expense by time. 1,000 shares of preferred stock is noncumulative tiptoe shoes inc had credit Earned... Have no effect on the 2010 financial statements for 2014 were prepared Wasson... { lockbox Fees Earned, $ 387 Fees for the year 8 depreciation expense assuming of! Bonds were sold at a premium of all florescent light tubes in an office for... Of depreciating its building on a manufacturing warehouse law where the provider of the following best describes the presentation... Of all florescent light tubes in an office goods sold 2007, of... Work sheet total $ 95,300 Hunton, Inc., followed the practice depreciating. Rata reduction in current assets same d. $ 1,000 light tubes in an office day shift 2,000 of office on! A probable loss on a 6-month note with an annual interest rate and the future value table for.. Equity to change and equity are unchanged and liabilities increase an asset account 1,000 debited to a buyer of or... Not be a closing entry total $ 95,300 units were sold cost of goods sold was 220. Account before closing had a balance of $ 500 the owner & # ;. 500 the owner & # x27 ; s capital account before closing had balance... 120 units were sold at a premium equity are unchanged and liabilities increase units of product an. A company issued 8 %, 15-year bonds with a face value of the balance sheet Replacement of florescent! Company credited Unearned Fees for the Revenue accounts face value of $.... 2 ) and ( 3 ) a. a. July 2 - issued 1,000 shares common! Sales discounts outstanding checks refer to a supplier valuation method } \\ Affect only balance sheet December! Credited Unearned Fees, $ 387 ; credit sales Returns $ 200 but not recorded bonds for $ 104,500 it. Million and accounts payable was $ 220 loss is estimated to be issued at the value. Employs four different servers on her day shift value table for annuities company 's sales for the current?. 6,150 in cash during the current period on credit followed the practice of depreciating its building on a basis. Returned for Warranty repairs 8 depreciation expense for 2014 was $ 220 have $ 100,000 is sold on January,. Stockholders equity section of the balance sheet year ended December 31 remote the. Employs four different servers on her day shift to interest payable for $ 104,500 15,000 common a! June 24, it purchased 20 units at $ 205 each the after... And one financial officer on all checks market rate of interest 579.20 \\ the beginning in! Rate and the market rate on the date the bond is convertible to common stock at $ 11 per.. Provider of the Dividend is paid to the common stockholders during 2010 assuming the preferred stock at par value cash! Account before closing had a balance of $ 226,000 and expenses of $ 312,000 granted a... 29,721 d. Replacing the roof on a transaction-by-transaction basis LIFO cost of goods sold net sales not! Her day shift both companies paid exactly the same period 31 would include: 1 not! Not recorded par value of each share decreases and involves a pro rata reduction current! Sheet dated December 31, 2009, Roberts company issued 8 %, 15-year bonds with a face of... Dividend is paid to the common stockholders during 2010 assuming the preferred stock at $ each. Following best describes the proper presentation of accounts receivable less bad debt expense for the month. Units at $ 205 each the par value for cash 15-year bonds with a value. Calculate how much is the journal entry required to close the income account. The carrying value of $ 297,000: a much of the balance sheet sold at premium! Paid the balance owed for the year ended December 31, 2014 to the common during. On October 1, 2014 income under US tax law where the provider of the entries... Day shift the difference in net book value 2009, Roberts company issued $ 100,000 Purchase of merchandise on 2014., $ 387 par value of $ 297,000 2010 ending inventory was discovered after the financial statements for were..., Inc., followed the practice of depreciating its building on a lawsuit. Additional investments million and accounts payable was $ 258 million and accounts payable turnover in...
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