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This quiz covers the material from Weeks 5 and 6. Make sure you have reviewed all of that content before

 

This exam has two parts: 1) Part one: contains 5 multiple choice questions, each worth 2 points. You must take complete this section onlin

 

Content, Week 7) You can take the quiz only once. You can save each question after answering, and you can save the quiz befo 2) Part two: contains problems which are journal entries and fill-in-the-blank type of questions. You professor has

 

via email.

 

You should complete this Excel file offline and submit it in LEO under the "Assignments" tab when you finish.

 

Please Note: (must do's) a. Only work on the file which your professor sent you. Do not use anyone else's file because you will not get

 

and marked.)

 

b. Please use the answer template provided in the Excel file. Do not reformat the template or add extra tabs.

 

c. Do not put any part of your answer to the right of Column J. You can (optional) use the "Calculations (Not G

 

purpose.

 

d. When you finish, please save the file under the same file type - Excel. Do not change the file type. Additiona

 

Name" (currently in the file name) with your name. P1 Reder Company purchased equipment on January 1, 2016, for $90,000. It is estimated that the equipment will have a $

 

end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. 1 Instructions

 

Answer the following independent questions.

 

Compute the amount of depreciation expense for the year ended December 31, 2016, using the straight-line method o 2 If 16,000 units of product are produced in 2016 and 24,000 units are produced in 2017, what is the book value of the e

 

2017? The company uses the units-of-activity depreciation method. 3 If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated De

 

account at December 31, 2018?

 

Please place your final answers in the boxed below (Do not to the right of column J): 1 Straight-line method:

 

Depreciation expense for the year ended 12/31/2016? 2 Units-of-activity method:

 

Book value of the equipment at December 31/31/2016? 3 Double-declining-balance method:

 

Balance of Accumulated Depreciation?Equipment account at 12/31/2018? P2 Marshall?s Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31.

 

and events occurred during the first three years.

 

2016 2017

 

2018 Jul. 1

 

Nov. 3

 

Dec. 31

 

Dec. 31

 

Jan. 1 Purchased equipment from the Equipment Center for $5,500 cash plus sales tax of $305, and sh

 

Incurred ordinary repairs on computer of $240.

 

Recorded 2016 depreciation on the basis of a four-year life and estimated salvage value of $455

 

Recorded 2017 depreciation.

 

Paid $1,800 for a major upgrade of the equipment. This expenditure is expected to increase the Prepare the necessary entries below (Do not write to the right of column J). (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Credit account titles must be indented. J Date Account Titles Debit Credit P3 Prepare the journal entries to record the following transactions for Reedee Company, which has a calendar year end an

 

method of depreciation. (a) On September 30, 2017, the company sold old equipment for $46,000. The equipment was purchased on January 1, 20

 

estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been record

 

2016. (b) On June 30, 2017, the company sold old equipment for $24,000. The equipment originally cost $36,000 and had accum

 

date of disposal of $15,000.

 

Prepare the necessary entries below (Do not write to the right of column J). (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Credit account titles must be indented. J Date Account Titles Debit Credit P4 During the month of March, Ponton Company's employees earned wages of $90,000. Withholdings related to these wa

 

Security (FICA), $14,200 for federal income tax, $6,200 for state income tax, and $600 for union dues. The company inc

 

these earnings for federal unemployment tax, but incurred $1,300 for state unemployment tax. Instructions

 

(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned

 

(b) during

 

PrepareApril.

 

the entry to record the company's payroll tax expense.

 

Prepare the necessary entries below (Do not write to the right of column J). (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Credit account titles must be indented. J Date Account Titles Debit Credit P5

 

On June 1, Huntter Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note. Instructions

 

Prepare the necessary entries below associated with the note payable on the books of Huntley Company.

 

(a) Prepare the entry on June 1 when the note was issued.

 

(b) Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no o

 

have been made.

 

(c) Prepare the entry to record payment of the note at maturity.

 

Prepare the necessary entries below (Do not write to the right of column J). (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Credit account titles must be indented. J Date Account Titles Debit Credit P6 On January 1, 2017, Brother Corporation had 75,000 shares of $1 par value common stock issued and outstanding. Dur

 

transactions occurred:

 

Mar. 1

 

Issued 90,000 shares of common stock for $675,000

 

Jun. 1

 

Declared a cash dividend of $2.00 per share to stockholders of record on June 15

 

Jun. 30

 

Paid the $2.00 cash dividend

 

Dec. 1

 

Purchased 5,000 shares of common stock for the treasury for $18 per share

 

Dec. 15

 

Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 3

 

Net income for 2017 amounted to $951,000.

 

Prepare the necessary entries below (Do not write to the right of column J). (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Credit account titles must be indented. J Date Account Titles Debit Credit P7

 

The stockholders' equity section of Peterson Corporation's balance sheet at December 31 is presented here:

 

PETERSON CORPORATION

 

Balance Sheet (partial)

 

Stockholders' equity

 

Paid-in capital

 

Preferred stock, cumulative, 10,000 shares authorized,

 

6,000 shares issued and outstanding

 

Common stock, no par, 750,000 shares authorized,

 

600,000 shares issued

 

Total paid-in capital

 

Retained earnings

 

Total paid-in capital and retained earnings

 

Less: Treasury stock (4,000 common shares)

 

Total stockholders' equity $600,000

 

6,000,000

 

6,600,000

 

1,358,000

 

7,958,000

 

32,000

 

$7,926,000 From a review of the stockholders' equity section, answer the questions in the boxes below. (Do not write to the rig

 

(a) How many shares of common stock are outstanding?

 

(b) Assuming there is a stated value, what is the stated value of the common stock?

 

(c) What is the par value of the preferred stock?

 

(d) If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred

 

stock?

 

(e) If dividends of $60,000 were in arrears on preferred stock, what would be the balance reported

 

for retained earnings? that the equipment will have a $5,000 salvage value at the

 

00 units over its 5-year life. , using the straight-line method of depreciation. 7, what is the book value of the equipment at December 31, e balance of the Accumulated Depreciation?Equipment s fiscal year end is December 31. The following transactions ash plus sales tax of $305, and shipping costs of $250. estimated salvage value of $455 iture is expected to increase the operating efficiency and capacity of the equipment. dit account titles must be indented. Journal description/explanation is not required.) which has a calendar year end and uses the straight-line t was purchased on January 1, 2015, for $96,000 and was

 

n the equipment has been recorded through December 31, nally cost $36,000 and had accumulated depreciation to the dit account titles must be indented. Journal description/explanation is not required.) Withholdings related to these wages were $6,885 for Social

 

for union dues. The company incurred no cost related to

 

ment tax. yable. Assume that wages earned during March will be paid dit account titles must be indented. Journal description/explanation is not required.) interest-bearing note. f Huntley Company. nancial statements. Assume no other interest accrual entries dit account titles must be indented. Journal description/explanation is not required.) tock issued and outstanding. During the year, the following kholders of record on December 31 dit account titles must be indented. Journal description/explanation is not required.) r 31 is presented here: s below. (Do not write to the right of column J). You can use the tab for calculation purposed. This tab will not be graded.

 







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