Question 2
Presented below is information related to Rembrandt Inc. ’s stock list. ( per unit ) SkisBootsParkas
Historical Cost273. 79152. 7576. 37
Selling Price312. 70208. 95106. 27
Cost to distribute27. 3811. 533. 60
Current replacing cost292. 52151. 3173. 49
Normal net income margin46. 1141. 7930. 62
Determine the followers:

Question 3
Matlock Company uses a ageless stock list system. Its get downing stock list consists of 67 units that cost $ 40 each. During June. the company purchased 202 units at $ 40 each. returned 8 units for recognition. and sold 168 units at $ 67 each. Journalize the June minutess.

Question 4
Amsterdam Company uses a periodic stock list system. For April. when the company sold 700 units. the undermentioned information is available. Calculate the April 30 stock list and the April cost of goods sold utilizing the mean cost method.

Question 5
Amsterdam Company uses a periodic stock list system. For April. when the company sold 600 units. the undermentioned information is available. Calculate the April 30 stock list and the April cost of goods sold utilizing the FIFO method.

Question 6
( FIFO. LIFO. Average Cost Inventory )
Esplanade Company was formed on December 1. 2011. The undermentioned information is available from Esplanade’s stock list records for Product BAP.

PurchasesUnitsUnit Cost
January 1. 2012 ( get downing stock list ) 7628. 00
January 5. 20121. 5249. 00
January 25. 20121. 65110. 00
February 16. 20121. 06111. 00
March 26. 201276212. 00

A physical stock list on March 31. 2012. shows 2. 032 units on manus. Prepare schedules to calculate the stoping stock list at March 31. 2012. under each of the undermentioned stock list methods. Assume Esplanade Company uses the periodic stock list method.

Question 7
Floyd Corporation has the following four points in its stoping stock list. Determine the concluding lower of cost or market stock list value for each point.

Question 8
Kumar Inc. uses a ageless stock list system. At January 1. 2013. stock list was $ 320. 786 at both cost and market value. At December 31. 2013. the stock list was $ 428. 714 at cost and $ 403. 231 at market value. Fix the necessary December 31 entry under:

Question 9
Boyne Inc. had get downing stock list of $ 15. 000 at cost and $ 25. 000 at retail. Net purchases were $ 150. 000 at cost and $ 212. 500 at retail. Net markups were $ 12. 500 ; net markdowns were $ 8. 750 ; and gross revenues were $ 196. 250. Calculate stoping stock list at cost utilizing the conventional retail method.

Question 10
( Gross Profit Method )
Astaire Company uses the gross net income method to gauge stock list for monthly coverage intents. Presented below is information for the month of May.

Question 11
Previn Brothers Inc. purchased land at a monetary value of $ 30. 400. Shutting costs were $ 1. 820. An old edifice was removed at a cost of $ 14. 850. What sum should be recorded as the cost of the land?

Question 12
Garcia Corporation purchased a truck by publishing an $ 108. 000. 4-year. zero-interest-bearing note to Equinox Inc. The market rate of involvement for duties of this nature is 10 % . Fix the journal entry to enter the purchase of this truck.

Question 13
Mohave Inc. purchased land. edifice. and equipment from Laguna Corporation for a hard currency payment of $ 352. 800. The estimated just values of the assets are land $ 67. 200. constructing $ 246. 400. and equipment $ 89. 600. At what sums should each of the three assets be recorded?

Question 14
Fielder Company obtained land by publishing 2. 000 portions of its $ 12 par value common stock. The land was late appraised at $ 103. 700. The common stock is actively traded at $ 50 per portion. Fix the journal entry to enter the acquisition of the land.

Question 15
Navajo Corporation traded a used truck ( be $ 23. 600. accrued depreciation $ 21. 240 ) for a little computing machine worth $ 4. 366. Navajo besides paid $ 1. 180 in the dealing. Fix the journal entry to enter the exchange.

Question 16
Mehta Company traded a used welding machine ( be $ 10. 080. accrued depreciation $ 3. 360 ) for office equipment with an estimated just value of $ 5. 600. Mehta besides paid $ 3. 360 hard currency in the dealing. Fix the journal entry to enter the exchange.

Question 17
Depreciation is usually computed on the footing of the nearest
A ) . full month and to the nearest dollar.
B ) . twenty-four hours and to the nearest cent.
C ) . twenty-four hours and to the nearest dollar.
D ) . full month and to the nearest cent.

Question 18
Fernandez Corporation purchased a truck at the beginning of 2012 for $ 54. 180. The truck is estimated to hold a salvage value of $ 2. 580 and a utile life of 206. 400 stat mis. It was driven 29. 670 stat mis in 2012 and 39. 990 stat mis in 2013. Compute depreciation disbursal for 2012 and 2013.

Question 19
Lockhard Company purchased machinery on January 1. 2012. for $ 79. 200. The machinery is estimated to hold a salvage value of $ 7. 920 after a utile life of 8 old ages. ( a ) Compute 2012 depreciation disbursal utilizing the double-declining balance method. ( B ) Compute 2012 depreciation disbursal utilizing the double-declining balance method presuming the machinery was purchased on October 1. 2012.

Question 20
Jurassic Company owns machinery that cost $ 1. 145. 700 and has accumulated depreciation of $ 458. 280. The expected future net hard currency flows from the usage of the plus are expected to be $ 636. 500. The just value of the equipment is $ 509. 200. Fix the journal entry. if any. to enter the impairment loss.

Question 21
Everly Corporation acquires a coal mine at a cost of $ 501. 600. Intangible development costs entire $ 125. 400. After extraction has occurred. Everly must reconstruct the belongings ( estimated just value of the duty is $ 100. 320 ) . after which it can be sold for $ 200. 640. Everly estimates that 5. 016 dozenss of coal can be extracted. If 878 dozenss are extracted the first twelvemonth. fix the journal entry to enter depletion.

Question 22
Francis Corporation purchased an plus at a cost of $ 58. 200 on March 1. 2012. The plus has a utile life of 8 old ages and a salvage value of $ 5. 820. For revenue enhancement intents. the MACRS category life is 5 old ages. Compute revenue enhancement depreciation for each twelvemonth 2012–2017.

Question 23
Celine Dion Corporation purchases a patent from Salmon Company on January 1. 2012. for $ 50. 820. The patent has a staying legal life of 16 old ages. Celine Dion feels the patent will be utile for 10 old ages. Prepare Celine Dion’s diary entries to enter the purchase of the patent and 2012 amortisation.

Question 24
Karen Austin Corporation has capitalized package costs of $ 768. 500. and gross revenues of this merchandise the first twelvemonth totaled $ 390. 630. Karen Austin anticipates gaining $ 911. 470 in extra hereafter grosss from this merchandise. which is estimated to hold an economic life of 4 old ages. Calculate the sum of package cost amortisation for the first twelvemonth. ( a ) Compute the sum of package cost amortisation for the first twelvemonth utilizing the per centum of gross attack. ( B ) Compute the sum of package cost amortisation for the first twelvemonth utilizing the straight-line attack.

Question 25
Jeff Beck is a husbandman who owns land which boundary lines on the right-of-way of the Northern Railroad. On August 10. 2012. due to the admitted carelessness of the Railroad. hay on the farm was set on fire and burned. Beck had had a difference with the Railroad for several old ages refering the ownership of a little package of land. The representative of the Railroad has offered to delegate any rights which the Railway may hold in the land to Beck in exchange for a release of his right to reimbursement for the loss he has sustained from the fire. Beck appears inclined to accept the Railroad’s offer. The Railroad’s 2012 fiscal statements should include the undermentioned related to the incident:

A ) . acknowledgment of a loss merely.
B ) . creative activity of a liability merely.
C ) . revelation in note signifier merely.
D ) . acknowledgment of a loss and creative activity of a liability for the value of the land.

Question 26
Roley Corporation uses a periodic stock list system and the gross method of accounting for purchase price reductions. On July 1. Roley purchased $ 66. 000 of stock list. footings 2/10. n/30. FOB transporting point. Roley paid cargo costs of $ 1. 210. On July 3. Roley returned damaged goods and received recognition of $ 6. 600. On July 10. Roley paid for the goods. Prepare all necessary diary entries for Roley.

Question 27
Takemoto Corporation borrowed $ 93. 000 on November 1. 2012. by subscribing a $ 95. 093. 3-month. zero-interest-bearing note. Prepare Takemoto’s November 1. 2012. entry ; the December 31. 2012. one-year seting entry ; and the February 1. 2013. entry. ( For multiple debit/credit en attempts. list sums from largest to smallest. e. g. 10. 8. 6. Round all replies to 0 denary topographic points. e. g. 11. 150. )

Question 28
Whiteside Corporation issues $ 629. 000 of 9 % bonds. due in 14 old ages. with involvement collectible biyearly. At the clip of issue. the one-year market rate for such bonds is 10 % . Calculate the issue monetary value of the bonds. ( Use the present value tabular arraies in the text.

Question 29
Indiana Jones Company enters into a 6-year rental of equipment on January 1. 2012. which requires 6 one-year payments of $ 37. 560 each. get downing January 1. 2012. In add-on. the leaseholder guarantees a residuary value of $ 20. 870 at lease-end. The equipment has a utile life of 6 old ages. Assume that for Lost Ark Company. the lease giver. collectibility is moderately predictable. there are no of import uncertainnesss refering costs. and the transporting sum of the machinery is $ 191. 722. Fix Lost Ark’s January 1. 2012. journal entries.

Question 30
On January 1. 2012. Irwin Animation sold a truck to Peete Finance for $ 26. 050 and instantly leased it back. The truck was carried on Irwin’s books at $ 20. 800. The term of the rental is 5 old ages. and title transportations to Irwin at lease-end. The rental requires five equal lease payments of $ 7. 048 at the terminal of each twelvemonth. The appropriate rate of involvement is 11 % . and the truck has a utile life of 5 old ages with no salvage value. Prepare Irwin’s 2012 diary entries.