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21 Nov
2020

Ayayai Co. had the following transactions during the current period. Mar.2 Issued 4,200 shares…

Category:ACADEMICIAN

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Ayayai Co. had the following transactions during the current period. Mar.2 Issued 4,200 shares of $7 par value common stock to attorneys in payment of a bill for $33,700 for services performed in helping the company to incorporate.June12 Issued 59,900 shares of $7 par value common stock for cash of $496,200.July 11 Issued 2,550 shares of $120 par value preferred stock for cash at $130 per share.Nov.28 Purchased 3,350 shares of treasury stock for $80,500.Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit Credit? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ?
Cheese Ahead(Please do Part II of assignment!!!)Below is what I have in response to the above. Frankie’s Homemade Cheese Shop
Cheese Ahead(Please do Part II of assignment!!!)Below is what I have in response to the above. Frankie’s Homemade Cheese Shop (“Frankie’s”) signed an advertising agreement with Simmons Boards (“Owner”) for billboard advertising rights along Route 33 in the town of Hampton. Frankie’s has the right to select and display advertising copy on billboard panels numbered 10 and 12 (panel numbers correspond to designated billboard locations) for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. In consideration for these rights, Frankie’s agrees to pay $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3. Assume that Frankie’s is required to pay the annual fee on Jan. 1 of each contract year. Assuming Frankie’s incremental borrowing rate is 5%, what are the entries Frankie should record at inception of the contract, then at the end of years 1, 2, and 3?However, there is a second part to this that I am having difficulty doing:Making the CheeseRefer to the previous case study. Now evaluate the entries that Simmons Boards should record at inception of the advertising agreement with Frankie’s as well as at the end of each contract year?
Rocklin Company gathered the following budget information for the quarter ending September 30, 2019: Sales: $ 540,000Purchases: 450,000Salaries and wages:
Rocklin Company gathered the following budget information for the quarter ending September 30, 2019: Sales: $ 540,000Purchases: 450,000Salaries and wages: 194,000 Rent: 10,000 Supplies: 8,000 Insurance: 2,000 Other cash expenses: 12,000 A cash balance of $36,000 is planned for July 1. Accounts receivable are expected to be $60,000 on July 1. All but one-half of 1% of the July 1 Accounts Receivable balance will be collected in the quarter ending September 30. The company’s sales collection pattern is 95% in the quarter of sale and 5% in the quarter after sale. Accounts payable will be $30,000 on July 1 and will be paid during the coming quarter. The company’s purchases payment pattern is 75% in the quarter of purchase and 25% in the quarter after purchase. Expenses are paid in the quarter in which they are incurred.How to create a cash budget for the quarter ending September 30, 2019.
Bramble Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new
Bramble Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,009,100 of 8% term corporate bonds on March 1, 2020, due on March 1, 2035, with interest payable each March 1 and September 1, with the first interest payment on September 1st, 2020. At the time of issuance, the market interest rate for similar financial instruments is 6%.As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)Selling price of the bonds $?
Solex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process
Accounting Assignment Writing ServiceSolex Company produces a high-quality insulation material that passes through two production processes. Data for June for the first process follow: Work in process inventory, June 1 60 000 units(direct material 75% completed and conversion 40% completed)Work in process inventory, June 30 ?? units (direct material 50% completed and conversion 25% completed)Direct material costs in work in process inventory, June 1$56 000 Conversion costs in work in process inventory, June 1$14 900 Units started into production 280 000 units Units completed and transferred out 300 000 units Direct materials costs added during June $385 000 Conversion costs added during June$214 500 Required Using the weighted-average method:(a) Calculate the physical units in ending work in process inventory (Enter amount only, do not use decimal points or commas)(b) Calculate the total equivalent units for direct material and conversion.(Enter amount only, do not use decimal points or commas)DM: Conversion (c) Calculate the cost per equivalent unit for direct material and conversion. (2 marks)(Enter amount only, use two decimal points do not use commas)DM: Conversion: (d) Calculate the cost of units completed and transferred out, and the cost of ending work in progress inventory. (2 marks) (Enter amount only, do not use decimal points or commas)Cost of units completed and transferred out: Ending Work in Progress:
Would you be able to tell me what the ending inventory balance using the LIFO method is along with the
Would you be able to tell me what the ending inventory balance using the LIFO method is along with the cost of goods sold for the month using LIFO Method? The data for the table is in the beginning of the practice area in this document, but I’ll still provide the information though. Date: 5/1 Item: Balance QTY: 20 Unit cost: $80 Date: 5/6 Item: Sale QTY: 9 Date: 5/8 Item: purchase QTY: 15 Unit cost: $86 Date: 5/17 Item: sale QTY: 15 Date: 5/29 Item: sale QTY: 3
On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable
On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred.Aug. 3Collected $1,490 of accounts receivable due from customers.5Received $1,610 cash for issuing common stock to new investors.6Paid $3,350 cash on accounts payable.7Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account.12Purchased additional equipment for $1,490, paying $500 in cash and the balance on account.14Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August.18Collected the balance for the services performed on August 7.20Paid cash dividend of $620 to stockholders.24Billed a client $1,240 for legal services performed.26Received $2,480 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.27Agreed to perform legal services for a client in September for $5,580. The client will pay the amount owing after the services have been performed.28Received the utility bill for the month of August in the amount of $340; it is not due until September 15.31Paid income tax for the month $620.Using T-accounts, enter the beginning balances to the ledger.Journalize the August transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)Post the August journal entries to the ledger. (Post entries in the order of information presented in the question.)
For each of the following independent circumstances, calculate the FUTA tax owed by the employer:NOTE:FUTA tax = For simplicity, all
For each of the following independent circumstances, calculate the FUTA tax owed by the employer:NOTE:FUTA tax = For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.An employer in the U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $920, and $5,150. During the current pay period, these employees earn $2,100 and $2,910, respectively.(FUTA is 3.00% in Virgin Islands)
Please see pictures for questions and valuesAllocation of Package Purchase Price and Depreciation MethodsIn an expansion move, Beam Company paid
Please see pictures for questions and valuesAllocation of Package Purchase Price and Depreciation MethodsIn an expansion move, Beam Company paid $2,480,000 for most of the property, plant, and equipment of a small manufacturing firm that was going out of business. Before agreeing to the price, Beam hired a consultant for $20,000 to appraise the assets. The appraised values were as follows:
Fox Co. signs a 6-year truck lease before receiving the truck and pays the lease broker $5,000. Then on lease
Fox Co. signs a 6-year truck lease before receiving the truck and pays the lease broker $5,000. Then on lease commencement date, Fox pays lessor $20,000, the first of 6 such payments. The present value of 5 remaining payments is $85,000. The truck fair value is $200,000, with an economic life of 10 years. If none of Group I or II criteria for this lease are met, what is the total amount of credits in Fox’s entry on lease commencement date? Group of answer choices105,000110,00085,00090,000115,000

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