Principle of Account

Anonymous

Question description

Folliw the requirement in the attachment.

Need it Sunday 04/30

Please download this 7 questions and put your solutions under each question. Your answers should be clear, should have your formulas and calculations. If you do not follow this instruction you would not be able to earn full point. I will not accept any excuse for delay submission of this exam. All questions have equal points. 1. Copy equipment that was acquired at the beginning of the year at a cost of \$72,000 has an estimated residual value of \$9,000 and an estimated useful life of 5 years. It is estimated that the machine will output an estimated 1,000,000 copies. This year, 315,000 copies were made. Determine the (a) depreciable cost, (b) depreciation rate, and (c) the units-ofoutput depreciation for the year. 2. A machine costing \$57,000 with a 6-year life and \$54,000 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. 3. Roseland Design borrowed \$700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) (a) Journalize Roseland’s entries to record: a. The issuance of the note. b. The payment of the note at maturity. (b) Journalize CorpOne’s entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity. 4. Roseland Design borrowed \$700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) (a) Journalize Roseland’s entries to record: a. The issuance of the note. b. The payment of the note at maturity. (b) Journalize CorpOne’s entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity. 5.Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., \$60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for \$60,000 on account. Aug. 29 Regis Co. paid the amount due. 6. On April 10, Maranda Corporation issued for cash 11,000 shares of no-par common stock at \$25. On May 5, Maranda issued at par 1,000 shares of 4%, \$50 par preferred stock for cash. On May 25, Maranda issued for cash 15,000 shares of 4%, \$50 par preferred stock at \$55. Journalize the entries to record the April 10, May 5, and May 25 transactions. 7. On January 1 of the current year, the Barton Corporation issued 10% bonds with a face value of \$200,000. The bonds are sold for \$191,000. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, five years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 is a. b. c. d. \$10,900 \$18,200 \$21,800 \$29,000

(Top Tutor) Studypool Tutor
School: UC Berkeley
Studypool has helped 1,244,100 students
flag Report DMCA

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors