Tag: 2014…

Accounting, Analysis, and Principles PENCOMP’s balance sheet at December 31, 2014, is as follows….

Accounting, Analysis, and Principles PENCOMP’s balance sheet at December 31, 2014, is as follows…. Accounting, Analysis, and Principles PENCOMP’s balance sheet at December 31, 2014, is as follows. Accounting Prepare an income statement for 2015 and a balance sheet as of December 31, 2015. Also, prepare the pension expense journal entry for the year ended…

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8. (L.O. 4) During the year ended December 31, 2014, Schmelya Corporation incurred the following…

8. (L.O. 4) During the year ended December 31, 2014, Schmelya Corporation incurred the following… 8.       (L.O. 4) During the year ended December 31, 2014, Schmelya Corporation incurred the following infrequent losses: 1.           A factory was shut down during a major strike by employees; costs were $120,000. 2.           A loss of $50,000 was incurred on…

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7. (L.O. 4) On December 1, 2014, Michael Hess Company sold some machinery to Shawn Keling…

7. (L.O. 4) On December 1, 2014, Michael Hess Company sold some machinery to Shawn Keling… 7.       (L.O. 4) On December 1, 2014, Michael Hess Company sold some machinery to Shawn Keling Company. The two companies entered into an installment sales contract at a predetermined interest rate. The contract required four equal annual payments with…

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*16. (L.O. 10) The following information pertains to Tommy-Jer Corporation at December 31, 2014:…

*16. (L.O. 10) The following information pertains to Tommy-Jer Corporation at December 31, 2014:…   *16.     (L.O. 10) The following information pertains to Tommy-Jer Corporation at December 31, 2014: Balance per bank                                                                                              $ 10,000 Deposit in transit                                                                                3,000 Outstanding checks                                                                            8,000 Bank service charges for December                                                        200 Bank erroneously charged Tommy-Jer’s account for Sonny-Ber’s check…

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1. (L.O. 4) At December 31, 2014, a physical count of merchandise inventory belonging to Rhoda…

1. (L.O. 4) At December 31, 2014, a physical count of merchandise inventory belonging to Rhoda… 1.       (L.O. 4) At December 31, 2014, a physical count of merchandise inventory belonging to Rhoda Corp. showed $1,000,000 to be on hand. The $1,000,000 was calculated before any potential necessary adjustments related to the following: ·   Excluded from…

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3. (L.O. 1) In applying the lower-of-cost-or-market rule to inventories at December 31, 2014,…

3. (L.O. 1) In applying the lower-of-cost-or-market rule to inventories at December 31, 2014,… 3.      (L.O. 1) In applying the lower-of-cost-or-market rule to inventories at December 31, 2014, Xavier Corporation wrote the inventory down from $500,000 to $420,000. Using the loss method of recording inventory at market, this writedown should be reported: a.         as a…

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1. (L.O. 2) Innoventions Inc. acquired a patent from Whizkid Inc. on January 1, 2014, in exchange…

1. (L.O. 2) Innoventions Inc. acquired a patent from Whizkid Inc. on January 1, 2014, in exchange… 1.       (L.O. 2) Innoventions Inc. acquired a patent from Whizkid Inc. on January 1, 2014, in exchange for $7,000 cash and an investment security that had been acquired in 2010. The following facts pertain: Original cost of investment                                                                 …

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2. (L.O. 4) The adjusted trial balance of the Laventhal Corporation as of December 31, 2014…

2. (L.O. 4) The adjusted trial balance of the Laventhal Corporation as of December 31, 2014… 2.       (L.O. 4) The adjusted trial balance of the Laventhal Corporation as of December  31, 2014 includes the following accounts: Trademark                                                                                 $  30,000 Discount on bonds payable                                                           37,500 Organization costs                                                                        12,500 Excess of cost over fair value of identifiable…

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