Presented below is information related to Oriole Company for the
month of January 2019.
Ending inventory...
Presented below is information related to Oriole Company for the
month of January 2019.
Ending inventory per perpetual records
$24,070
Insurance expense
$12,770
Rent expense
24,210
Ending inventory actually on hand
23,170
Salaries and wages expense
55,850
Sales discounts
12,430
Cost of goods sold
223,370
Sales returns and allowances
14,630
Freight-out
7,030
Sales revenue
416,910
a. Prepare the necessary adjusting entry for inventory.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Exercise 5-8
Presented below is information related to Pina Colada Corp. for
the month of January...
Exercise 5-8
Presented below is information related to Pina Colada Corp. for
the month of January 2019.
Ending inventory per
Insurance expense
$11,460
perpetual records
$22,890
Rent expense
20,190
Ending inventory actually
Salaries and wages expense
55,580
on hand
22,190
Sales discounts
12,350
Cost of goods sold
218,370
Sales returns and allowances
14,760
Freight-out
6,860
Sales revenue
419,300
a. Prepare the necessary adjusting entry for inventory.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
Presented below is information related to Coronado Corporation
for the month of January 2017.
Cost of...
Presented below is information related to Coronado Corporation
for the month of January 2017.
Cost of goods sold
$192,350
Salaries and wages expense
$65,470
Delivery expense
7,420
Sales discounts
8,770
Insurance expense
11,370
Sales returns and allowances
14,060
Rent expense
21,700
Sales revenue
324,000
Prepare the necessary closing entries.
Presented below are selected account balances for Blossom Co. as
of December 31, 2020.
Inventory 12/31/20...
Presented below are selected account balances for Blossom Co. as
of December 31, 2020.
Inventory 12/31/20
$59,590
Cost of Goods Sold
$229,667
Common Stock
74,470
Selling Expenses
16,223
Retained Earnings
44,230
Administrative Expenses
37,519
Dividends
18,226
Income Tax Expense
30,500
Sales Returns and Allowances
11,922
Sales Discounts
14,790
Sales Revenue
408,340
Prepare closing entries for Blossom Co. on December 31, 2020.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,...
Presented below is information related to copyrights owned by
Cullumber Company at December 31, 2020.
Cost...
Presented below is information related to copyrights owned by
Cullumber Company at December 31, 2020.
Cost
$8,590,000
Carrying amount
4,430,000
Expected future net cash flows
4,190,000
Fair value
3,330,000
Assume that Cullumber Company will continue to use this copyright
in the future. As of December 31, 2020, the copyright is estimated
to have a remaining useful life of 10 years.
Prepare the journal entry to record the impairment of the asset
at December 31, 2020. The company does not use...
Presented below is information related to equipment owned by
Wildhorse Company at December 31, 2020.
Cost...
Presented below is information related to equipment owned by
Wildhorse Company at December 31, 2020.
Cost
$10,620,000
Accumulated depreciation to date
1,180,000
Expected future net cash flows
8,260,000
Fair value
5,664,000
Wildhorse intends to dispose of the equipment in the coming year.
It is expected that the cost of disposal will be $23,600. As of
December 31, 2020, the equipment has a remaining useful life of 5
years.
a.)Prepare the journal entry (if any) to record the impairment
of the...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31,...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31, 2022
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$11,640
$11,640
Accounts Receivable
8,440
8,940
Supplies
2,930
1,370
Prepaid Insurance
4,250
2,860
Equipment
16,000
16,000
Accumulated Depreciation—Equipment
$3,600
$4,800
Accounts Payable
5,870
5,870
Salaries and Wages Payable
0
1,140
Unearned Rent Revenue
1,920
1,080
Common Stock
18,220
18,220
Retained Earnings
5,700
5,700
Dividends
2,600
2,600
Service Revenue
34,240
34,740
Rent Revenue
13,720
14,560...
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold...
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold $61,330; Inventory $16,750; Operating
Expenses $30,320; Sales Revenue $123,150; Sales Discounts $1,280;
and Sales Returns and Allowances $2,070. A physical count of
inventory determines that merchandise inventory on hand is
$12,640.
Prepare the adjusting entry necessary as a result of the
physical count. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare...
Presented below is information related to equipment owned by
Waterway Company at December 31, 2020.
Cost...
Presented below is information related to equipment owned by
Waterway Company at December 31, 2020.
Cost
$10,710,000
Accumulated depreciation to date
1,190,000
Expected future net cash flows
8,330,000
Fair value
5,712,000
Waterway intends to dispose of the equipment in the coming year. It
is expected that the cost of disposal will be $23,800. As of
December 31, 2020, the equipment has a remaining useful life of 4
years.
Prepare the journal entry (if any) to record the impairment of
the...
Presented below is information related to equipment owned by
Sheridan Company at December 31, 2017. Cost...
Presented below is information related to equipment owned by
Sheridan Company at December 31, 2017. Cost $9,720,000 Accumulated
depreciation to date 1,080,000 Expected future net cash flows
7,560,000 Fair value 5,184,000 Assume that Sheridan will continue
to use this asset in the future. As of December 31, 2017, the
equipment has a remaining useful life of 5 years.
a) Prepare the journal entry (if any) to record the impairment
of the asset at December 31, 2017. (If no entry is...