The following are selected 2014 transactions of Sean Astin
Corporation. Sept. 1 Purchased inventory from Encino...
The following are selected 2014 transactions of Sean Astin
Corporation. Sept. 1 Purchased inventory from Encino Company on
account for $50,250. Astin records purchases gross and uses a
periodic inventory system. Oct. 1 Issued a $50,250, 12-month, 8%
note to Encino in payment of account. Oct. 1 Borrowed $91,220 from
the Shore Bank by signing a 12-month, zero-interest-bearing $97,580
noteCompute the total net liability to be reported on the December
31 balance sheet for
The following are selected 2017 transactions of Flint
Corporation, which has a calendar year end.
Sept....
The following are selected 2017 transactions of Flint
Corporation, which has a calendar year end.
Sept. 1
Purchased inventory from Orion Company on account for $59,900.
Flint uses a periodic inventory system and records purchases using
the gross method of accounting for purchase discounts.
Oct. 1
Issued a $59,900, 12-month, 8% note to Orion in payment of
Flint’s account.
1
Borrowed $79,800 from the bank by signing a 12-month,
non–interest-bearing $80,700 note.
Prepare the journal entries for the payment of...
The following are selected transactions of Skysong, Inc..
Skysong prepares financial statements
quarterly.
Jan.
2
Purchased...
The following are selected transactions of Skysong, Inc..
Skysong prepares financial statements
quarterly.
Jan.
2
Purchased merchandise on account from Nunez Company, $34,800,
terms 3/10, n/30. (Skysong uses the perpetual inventory
system.)
Feb.
1
Issued a 9%, 2-month, $34,800 note to Nunez in payment of
account.
Mar.
31
Accrued interest for 2 months on Nunez note.
Apr.
1
Paid face value and interest on Nunez note.
July
1
Purchased equipment from Marson Equipment paying $12,200 in
cash and signing a...
Pool Corporation, Inc., is the world's largest wholesale
distributor of swimming pool supplies and equipment. It...
Pool Corporation, Inc., is the world's largest wholesale
distributor of swimming pool supplies and equipment. It is a
publicly traded corporation that trades on the NASDAQ exchange
under the symbol POOL. It sells these products to swimming pool
repair and service businesses, swimming pool builders, and retail
swimming pool stores. The majority of these customers are small,
family-owned businesses. Pool Corporation completed the following
transactions during 2014.The annual accounting period ends December
31, 2014.
Sept 15 Purchased and paid for...
Exercise 10-8 (Part Level Submission) On December 31, 2013, Main
Inc. borrowed $5,340,000 at 13% payable...
Exercise 10-8 (Part Level Submission) On December 31, 2013, Main
Inc. borrowed $5,340,000 at 13% payable annually to finance the
construction of a new building. In 2014, the company made the
following expenditures related to this building: March 1, $640,800;
June 1, $1,068,000; July 1, $2,670,000; December 1, $2,670,000. The
building was completed in February 2015. Additional information is
provided as follows. 1. Other debt outstanding 10-year, 12% bond,
December 31, 2007, interest payable annually $7,120,000 6-year, 11%
note, dated...
Described below are certain transactions of Stellar Corporation.
The company uses the periodic inventory system.
1....
Described below are certain transactions of Stellar Corporation.
The company uses the periodic inventory system.
1.
On February 2, the corporation purchased goods from Martin
Company for $68,000 subject to cash discount terms of 2/10, n/30.
Purchases and accounts payable are recorded by the corporation at
net amounts after cash discounts. The invoice was paid on February
26.
2.
On April 1, the corporation bought a truck for $48,000 from
General Motors Company, paying $3,000 in cash and signing a...
Exercise 7-14 (Part Level Submission)
On December 31, 2015, Concord Co. performed environmental
consulting services for...
Exercise 7-14 (Part Level Submission)
On December 31, 2015, Concord Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Concord Co. agreed to accept a $340,000 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 12%. Concord
is much more creditworthy and has various lines of credit at
6%.
Assuming Concord Co.’s fiscal year-end is December 31, prepare
the...
Exercise 7-14 (Part Level Submission) On December 31, 2015, Nash
Co. performed environmental consulting services for...
Exercise 7-14 (Part Level Submission) On December 31, 2015, Nash
Co. performed environmental consulting services for Hayduke Co.
Hayduke was short of cash, and Nash Co. agreed to accept a $296,600
zero-interest-bearing note due December 31, 2017, as payment in
full. Hayduke is somewhat of a credit risk and typically borrows
funds at a rate of 12%. Nash is much more creditworthy and has
various lines of credit at 6%. Collapse question part (a) Prepare
the journal entry to record...
Brief Exercise 7-6 (Part Level Submission) Answer the following
independent questions. Collapse question part (a) Cullumber,...
Brief Exercise 7-6 (Part Level Submission) Answer the following
independent questions. Collapse question part (a) Cullumber, Inc.
had net sales in 2017 of $1,464,200. At December 31, 2017, before
adjusting entries, the balances in selected accounts were Accounts
Receivable $248,800 debit, and Allowance for Doubtful Accounts
$1,807 debit. Assume that 10% of accounts receivable will prove to
be uncollectible. Prepare the entry to record bad debt expense. (If
no entry is required, select "No Entry" for the account titles and...
Marigold Corporation borrowed $56,600 on November 1, 2017, by
signing a $58,040, 3-month, zero-interest-bearing note. Prepare...
Marigold Corporation borrowed $56,600 on November 1, 2017, by
signing a $58,040, 3-month, zero-interest-bearing note. Prepare
Marigold’s November 1, 2017, entry; the December 31, 2017, annual
adjusting entry; and the February 1, 2018, entry.