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Question On January 1, 2014, Zarle Company provides the following information related to its pension plan for the year 2014. Plan assets, January 1, 2014, are $100,000. Projected benefit obligation, January 1, 2014, is $100,000. Annual service cost is $9,000. Settlement rate is 10 percent. Actual return on plan assets is.
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Question On January 1, 2014, Gottlieb Corporation issued $4,110,000 of 10-year, 10% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 9 shares of Gottlieb Corporation $101 par value common stock after December 31, 2015. On January 1,.
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Question On January 1, 2015, a city entered into the following leases for equipment items. Each of the leases qualifies as a capital lease. Initial payments are on December 31, 2015. An interest rate of 8 percent is viewed as appropriate. No bargain purchase options exist. Fund                           Annual Payments          Total Payments      Present.
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Question On January 1, 2014 Housen Company issued 10-year bonds of$500,000 at 102. Interest is payable on January 1 and July 1 at10%. On April 1, 2015 Housen Company reacquires and retires 50 ofits own $1,000 bonds at 98 plus accrued interest. The fiscialperiod for Housen Company is the calendar year..
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Question On January 1, 2014, Prasad Corporation had the following equity accounts. Share Capita Ordinary 20 par value, 60,000 shares issued and outstanding) 1,200,000 Share Premium-ordinary 201,400 Retained Earnings 641,500 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to shareholders of record on.
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Question On January 1, 2014, Geffrey Corporation had the following stockholder's equity accounts. During the year, the following transactions occurred. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. .
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Question On January 1, 2014, Oswalt Company had Accounts Receivable of$69,400 and Allowance for Doubtful Accounts of $4,100. OswaltCompany prepares financial statements annually. During the year,the following selected transactions occurred. 1. Jan. 5 Sold $5,300 of merchandise to Ross Company, termsn/30. 2. Feb. 2 Accepted a $5,300, 4-month, 9% promissory note fromRoss Company.
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Question On January 1, 2014, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,428,700 in cash. The price paid was proportionate to Sellinger’s total fair value, although at the acquisition date, Sellinger had a total book value of $1,710,000. All assets acquired and liabilities assumed had.
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Question On January 1, 2014, The Timber Company acquired a 12% interestin the Twig Corporation through the purcahse of 72,000 sahres ofTwigs common stock, paying $422,000. During 2014, Twig paid $28,000in total dividends and reported net income of $95,675. The marketprice of Twigs common stock was $5.44 per share on December.
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Question On January 1, 2014, the general ledger of Global Corporation included supplies of $1,000. During 2014, supplies purchases amounted to $5,000. A physical count of inventory on hand at December 31, 2014 determine that the amount or supplies on hand was $1, 200. How much is the 2014 supplies expense?.
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Question On January 1, 2014, Gottlieb Corporation issued $4,120,000 of10-year, 9% convertible debentures at 103. Interest is to be paidsemiannually on June 30 and December 31. Each $1,000 debenture canbe converted into 8 shares of Gottlieb Corporation $104 par valuecommon stock after December 31, 2015. On January 1, 2016, $412,000 of debentures.
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Question On January 1, 2014, Wolf Creek Country Club purchased a newriding mower for $15,000. The mower is expected to have a 10-yearlife with a $1,000 salvage value. What journal entry would Wolf Creek make on December 31, 2014,if it uses straight-line depreciation? (Credit account titles areautomatically indented when amount is entered..
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Question On January 1, 2015, Boston Enterprises issues bonds that have a $1,350,000 par value, mature in 20 years, and pay 8% interest semiannually on June 30 and December 31. The bonds are sold at par. 1.How much interest will Boston pay (in cash) to the bondholders every six months? 2.Prepare journal entries.
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Question On January 1, 2014, Harter Company had Accounts Receivable $139.000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13, 200. The note receivable is from Wllingham Company. It is a 4-month, 9% note dated December 31, 2013. Harter Company prepares financial statements annually at December 31. During the year, the.
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Question On January 1, 2014, JWS Corporation issued $646,000 of 7% bonds,due in 8 years. The bonds were issued for $608,365, and payinterest each July 1 and January 1. JWS uses the effective-interestmethod. Prepare the company’s journal entries for (a) the January 1issuance, (b) the July 1 interest payment, and (c).
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Question On January 1, 2015, Flop Co. purchased a machine for $528,000and depreciated it by the straight-line method using an estimateduseful life of nine years with no salvage value. On January 1,2018, Flop determined that the machine had a useful life of sixyears from the date of acquisition and will have.
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Question On January 1, 2014 the accounts receivable and the allowance for doubtful accounts carried balances of $20.000 (debit) and $500 (credit), respectively During the year, the company reported revenues of $1 00.000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible during the year Cash.
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Question On January 1, 2014, Mark Corporation issued $3, 800,000 face amount of 20-year, 10% bond to yield 12%, interest payable each December 31, for all the net assets of Comb Company. Also on January 1, 2014, Mark paid the following out-of-pocket costs in connection with the combination: A. Prepare journal.
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Question On January 1, 2014, Jack Company issues $3,599,000, 6%, 10-year bonds for cash of $3,109,896 when the market rate of interest is 8%. The bonds pay interest semi-annually on June 30 and December 31. Determine (1) the discount on bonds payable at the date of issuance, (2) the semi-annual cash.
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Question On January 1, 2014, XYZ Company purchased 10,000 shares of thestock of Rayco, and did obtain significant influence. Theinvestment is intended as a long-term investment. The stock waspurchased for $90,000, and represents a 30% ownership stake. Raycomade $25,000 of net income in 2014, and paid dividends of $10,000.The price of.
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Question 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 included: sales tax $3,600, shipping costs $140, insurance during shipping $70, installation and testing costs $100, and $190 of oil and lubricants to.
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Question On January 1, 2014 Jason Company, an 70% owned susbidiary of Vinto , Inc., transferred equiment witha 8 useful-year life to Vinto in exchange for $80,000 cash. At the date of transfer, Jason's records carried the equipment at a cost of $120,000 less accumulated depreciation of $56,000. Straight-line depreciation is.
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Question On January 1, 2014, Oaken Furniture Co. issued $700,000 of 10%bonds and received cash totaling $795,141. Interest is payablesemiannually on January 1 and July 1. The maturity date on thesebonds is January 1, 2024. The firm uses the effective –interestmethod of amortizing discounts and premiums. The bonds were sold toyield.
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Question On January 1, 2014, Margaret Avery Co. borrowed and received$597,000 from a major customer evidenced by a zero-interest-bearingnote due in 5 years. As consideration for the zero-interest-bearingfeature, Avery agrees to supply the customer’s inventory needs forthe loan period at lower than the market price. The appropriaterate at which to impute.
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Question On January 1, 2014, Guiado Company issued a $22,000, 4-year, 12% installment note to Best Bank. The note requires annual payments of $7,243, beginning on December 31, 2014. Journalize the entries to record the following. 2014   Jan. 1 Issued the notes for cash at their face amount. Dec. 31 Paid the annual payment on the note,.
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Question On January 1, 2014, Presto Corporation purchased, as a longterm investment, 5,000 shares of the outstanding voting common stock of Shazam Corporation at $20 per share. During 2014, the following events occurred at Shazam Corporation: Net income reported for 2014: $30,000.00 Dividends declared and paid (per share) : $0.66 Market price of.
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Question On January 1, 2014, Oswalt Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Oswalt Company prepares financial statements annually. During the year, the following selected transactions occurred. 1.       Jan. 5       Sold $4,000 of merchandise to Ross Company, terms n/30. 2.       Feb. 2       Accepted a $4,000, 4-month, 9%.
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Question On January 1, 2015, Boston Enterprises issues bonds that have a $1,750,000 par value, mature in 20 years, and pay 10% interest semiannually on June 30 and December 31. The bonds are sold at par. Prepare journal entries to record (a) the issuance of bonds on January 1, 2015; (b) the.
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Question On January 1, 2014, Piazzo Company agreed to buy some equipment from Anna Company. Piazzo Company signed a note, agreeing to pay Anna Company the entire $600,000 for the equipment on December 31, 2016. The market rate of interest for this note was 12%. (Round all answers to whole dollar amounts.) A..
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Question On January 1, 2014, the Mills CarRepair Company acquired equipment at a cost of $55,000. At thattime, the equipment was estimated to have a residual value of$5,000 at the end of an estimated five-year service life. During2014 and 2015, the company recorded straight-line depreciation onthe equipment. Required: Prepare all thejournal entries for.
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Question On January 1, 2014, XYZ Company purchased 10,000 shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $96,000, and represents a 32% ownership stake. In 2014, Rayco made net income of $30,000 and paid dividends.
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Question On January 1, 2014, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting.
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Question On January 1, 2015, Corvallis Carnivals borrows $29,000 topurchase a delivery truck by agreeing to a 6%, four-year loan withthe bank. Payments of $681.07 are due at the end of each month,with the first installment due on January 31, 2015. Record theissuance of the note payable and the first monthly.
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Question On January 1, 2014. Mark Corporation issued $3, 800,000 face amount of 20-year, 10% bond to yield 12 %, interest payable each December 31, for all the net assets of Comb Company. Also on January 1, 2014. Mark paid the following out-of-pocket costs in connection with the combination: Finder's, accounting,.
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Question 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 each month, with the first installment due on January 31, 2015. Record the issuance of the note payable.
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Question On January 1, 2014, Victor Corporation sold a $1,500,000, 10 percent bond issue (8 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and December 31, and mature in four years. 2. Prepare the journal entry to record the interest payment on June 30, 2014..
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Question On January 1, 2014, Margaret Avery Co. borrowed and received $446,000 from a major customer evidenced by a zero-interest-bearing note due in 4 years. As consideration for the zero-interest-bearing feature, Avery agrees to supply the customer’s inventory needs for the loan period at lower than the market price. The appropriate.
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Question On January 1, 2014 the Accounts Receivable and the Allowance forDoubtful Accounts carried balances of $42,500 and $625,respectively. During the year the company reported $100,000 ofcredit sales. There were $700 of receivables written-off asuncollectible in 2014. Cash collections of receivables amounted to$99,400. The company estimates that it will be unable.
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Question On January 1, 2014 (the date of grant), Lutz Corporation issues 2,570 shares of restricted stock to its executives. The fair value of these shares is $126,300, and their par value is $10,500. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare.
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Question On January 1, 2014, Gottlieb Corporation issued $4,310,000 of 10-year, 9% convertible debentures at 104. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 9 shares of Gottlieb Corporation $103 par value common stock after December 31, 2015. On January.
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