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Allen's Jewelry accepted a $3,600 note from S. Wells in settlement of an old account receivable. The 12 percent note was dated November 2, 2008, and was due in 120 days. Assume that Allen's Jewelry
A company purchased materials costing $12,000 that, according to standards, should have cost $11,000. They used $8,000 of the materials (at standard cost) in the current period. The journal entry un
Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq's books as follows: Patent AA: $5,000; Patent BB: $2,000; and Patent CC: $3,000. When Alon
Other information pertaining to Mat Company's inventories and production for the month of March is as follows: a. Determine the amount of direct materials used during March.
Tony, age 15, is claimed as a dependent by his grandmother. During 2010, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $700. Tony's taxable in
what is the amount of bond interest expense recorded on the first interest payment date?
Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever:
In making judgments about materiality at the account balance level, the auditor must consider the relationship between it and financial statement materiality. This should lead the auditor to plan th
A company issued 300,000 of 20-year, 8 percent bonds at 96. If interest is paid semiannually, what is the amount of bond interest expense recorded on any interest date?
What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
The straight-line method is used for depreciation. In 2008, George Martin changed its estimates to a total useful life of 5 years with a salvage value of $50,000. What is 2008 depreciation expense?
Peyton's incremental borrowing rate was 12 percent throughout 2011, and the total amount of interest incurred by Peyton during 2011 was $204,000. What amount should Peyton report as capitalized inte
Determine the company's inventory loss due to the fire that occurred on December 31, 2011.
Assume that 2,200 contracts were sold in 2011 and that contract sales were made evenly over the year. Give the entries required for 2011 and 2012 to account for the 2,200 contracts.
A company has bonds outstanding with a par value of $400,000. The unamortized premium on these bonds is $2,000. The company retired these bonds by buying them on the open market at 97. What is the g
Leo spent $6,600 to construct an entrance ramp and to widen doorways in his personal residence to make the home accessible for his wife, who is disabled and confined to a wheelchair. The $6,600 expe
What is the purpose of having both a partner-in-charge and a consulting partner on each audit engagement? should the partners be rotated among thier clients periodically? why or why not?
Give all entries on the books of the lessee relating to the lease for 2011.
If interest rates suddenly drop by 2 percent, what is the percentage change in the price of these bonds?
Olmsted Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Olmsted Company report as
Based on past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here:
Bill receives interest income of $5,000 from bonds purchased with his salary after marriage. Bill and Hillary receive $10,000 dividend income from stock they purchased jointly. Hillary's income woul
On April 1, 2010, nPropel Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years. nPropel records depreciation expense of $9,
During the current year, Top sold merchandise to Bottom for $100,000. The subsidiary still possesses 40 percent of this inventory at the current year end. Top had established the transfer price base