Do not give answer in image 30303131Paid salaries of $710.Paid Golden Bear Company in full for equipment purchased on March 10.Received $940 in cash from customers for golf fees earned.Paid estimated income taxes for the month amounting to $110.Prepare journal entries to record the March transactions. (Credit account titles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before creditentries. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit Current Attempt in ProgressOriole Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactionsoccurred during March.Mar. 13561018192530Shareholders invested $55,000 cash in the business in exchange for common shares of the corporation.Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment$6,600.Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash.Paid cash $2,640 for a 1-year insurance policy.Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days.Received golf fees of $1,260 in cash from customers for golf fees earned.Sold 110 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one roundof miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use thecoupons.)Declared and paid a $550 cash dividend.Paid salaries of $710.

Method of recording financial transactions in the book of original entries by debiting and crediting…

Current Attempt in Progress Oriole Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1 Shareholders invested $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. 3 5 6 10 18 19 25 30 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons.) Declared and paid a $550 cash dividend. Paid salaries of $710.

Current Attempt in Progress Oriole Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1 Shareholders invested $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. 3 5 6 10 18 19 25 30 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons.) Declared and paid a $550 cash dividend. Paid salaries of $710.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 42P

See similar textbooks

Similar questions

Problem #2 (20 points) Donations of Assets and Shares Marasigan Corp. received the following items as donations during 2018: Mar. 21 Arias Realty gave the corporation 5 hectares of land valued at P6,000,000. Marasigan agreed to build a distribution warehouse on the property and to employ at least 50 local residents. Apr. 30 A shareholder donated 10,000 shares of Marasigan P200 par ordinary shares. The stock was selling for P425 per share on Apr. 30. June 25 Bobadilla Holdings donated a mobile office, which was moved to the donated land and used as a temporary office. An independent appraisal established the value of the mobile office at P675,000. July 15 4,000 of the ordinary shares received as a donation on Apr. 30 were sold for P1,820,000. Required: Prepare journal entries to record the transactions related to the donations. Compute the amount of donated capital that Marasigan Corporation would present on Dec. 31, 2018 statement of…
Donations of Assets and Shares Marasigan Corp. received the following items as donations during 2018: Mar. 21 Arias Realty gave the corporation 5 hectares of land valued at P6,000,000. Marasigan agreed to build a distribution warehouse on the property and to employ at least 50 local residents. Apr. 30 A shareholder donated 10,000 shares of Marasigan P200 par ordinary shares. The stock was selling for P425 per share on Apr. 30. Bobadilla Holdings donated a mobile office, which was moved to the donated land and used as a temporary office. An independent appraisal established the value of the mobile office at P675,000. June 25 July 15 4,000 of the ordinary shares received as a donation on Apr. 30 were sold for P1,820,000. Required: 1. Prepare journal entries to record the transactions related to the donations. 2. Compute the amount of donated capital that Marasigan Corporation would present on Dec. 31, 2018 statement of financial position.
During your examination of the financial statements of Martin Mfg. Co., a new client, for the year ended March 31, 20X0, you note the following entry in the general journal dated March 31, 20X0: Notes Receivable $550,000 Land $500,000 Gain on sale of land $50,000 To record sale of excess plant-site land to Ardmore Corp. for 8 percent note due five years from date. No interest payment required until maturity of note. Your review of the contract for sale between Martin and Ardmore, your inquiries of Martin executives, and your study of the minutes of Martin’s directors’ meetings uncover the following facts: (1) The land has been carried in your client’s accounting records at its cost of $500,000. (2) Ardmore Corp. is a land developer and plans to subdivide and resell the land acquired from Martin Mfg. Co. (3) Martin had originally…
Mahmoud Ma demic Calendar My MCBS Library English (en)- Course Documents ACT340/DI Test T Summer Session II 2021/ACT 340B/DT MNC Corporation purchased all of the outstanding stock of Caldwell Inc., paying $2,700,000 cash. Juliana assumed all of the liabilities of Caldwell. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value Current Assets (net) $420,000 $450,000 Property, Plant and Equipment (net) 1600,000 2250,000 Liabilities 500,000 600,000 MNC would record goodwill of: a. $1,180,000. en or background noise
Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?
Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
Robert has recently decided to open his new business of retail of products for petcare in a store located in the center of Barcelona. During the month of May 2021, Robert’s new company 4PETS, Ltd. realized the following transaction: 3 of May: 4PETS, Ltd. issued to Robert 200,000 shares in exchange of $200,000 of share capital 3th of May: 4PETS, Ltd purchased a shop next to the cathedral for $300,000. The price of the land is $150,000. Robert paid $80,000 in cash and issued a note payable for the remaining part. 4th of May: 4PETS, Ltd purchased furniture to FURNITURES4ALL, Inc. for $35,000. 4PETS, Ltd paid $20,000 in cash, the remaining $15,000 will have to be paid the 29th of May. 5th of May: 4PETS, Ltd purchased merchandises on account to ALLANIMALS, Inc for $53,000 6th of May: 4PETS, Ltd makes some installations in the shop for $8,500 paid in cash 7th of May: 4PETS, Ltd hires one employee with a salary $1,500/ month. Salaries are paid on the following day 2 of each month. 16 of…
Title In early January, Swanton Corp. purchased a building to house its manufacturing operations in Moose. Description In early January, Swanton Corp. purchased a building to house its manufacturing operations in Moose Jaw for $470,000. The company agreed to lease the land that the building stood on for $14,000 per year from the industrial park owner, and the municipality donated $140,000 to Swanton as an incentive to locate in the area and acquire the building. Prepare entries to record the cash that was exchanged in each of the transactions, assuming the cost reduction method is used.
Plant acquisitions for selected companies are as follows.1. Pina Colada Corporation purchased a company car by making a $4,320 cash down payment and signing a 1-year, $19,200, 10% note payable. The purchase was recorded as follows. Automobiles 25,440 Cash 4,320 Notes Payable 19,200 Interest Payable 1,920 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Blossom Co. received land and a building from the city at no cost. The appraised value of the land was $48,000. The appraised value of the building was $168,000. Since it paid nothing for the land and building, Blossom Co. made no journal entry to record the transaction.3. Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures 96,000 Cash…
Peters Consulting completed these transactions during June 2023:June 2 Trevor Peters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business.June 4 Purchased land and a small office building. The land was worth $268,000 and the building was worth $66,000. The purchase price was paid with $30,000 cash and a long-term note payable for $304,000.June 8 Transferred title of his personal automobile to the business. The automobile had a value of $7,000 and was to be used exclusively in the business.June 10 Purchased $600 of office supplies on credit.June 14 Completed $2,400 of services for a client. This amount is to be paid within 30 days.June 18 Paid $1,800 salary to an assistant.June 22 Paid the account payable from the transaction on June 10.June 24 Purchased $4,000 of new office equipment by paying $2,400 cash and trading in old equipment with a recorded cost of $1,600.June 28 Received $1,000 payment on the receivable created from the…
2. January 1, John Smith formed a corporation. Record the following transactions that took place during the year ended December 31, 1990 on the attached sheet. The corporation records transactions on an accrual basis. Record contribution of $25,000 cash for Capital Stock. Leased a building at a cost of $10,000 per year on 1/1/90. Purchased inventory for resale at a cost of $20,000 payable June 15, 1991. Sold one-fourth of the inventory for $5,000 cash and $5,000 on account. Collected $2,500 on account. Paid salaries as follows: Gross Pay $954 158 Federal withholding FICA withholding Net Pay 46 $750 Paid taxes withheld and company's share of FIICA ($46) to the government. Transaction for the Year Credits Debits Cash Accounts Receivable Inventory Accounts Payable Accrued Payroll Taxes Capital Stock Retained Earning (Net Income) Sales Cost of Sales Salaries Payroll Taxes Lease Expense Income Taxes Total Transactions
Plant acquisitions for selected companies are as follows.1. Blue Spruce Corporation purchased a company car by making a $5,490 cash down payment and signing a 1-year, $24,400, 10% note payable. The purchase was recorded as follows. Automobiles 32,330 Cash 5,490 Notes Payable 24,400 Interest Payable 2,440 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Crane Co. received land and a building from the city at no cost. The appraised value of the land was $61,000. The appraised value of the building was $213,500. Since it paid nothing for the land and building, Crane Co. made no journal entry to record the transaction.3. Waterway Corporation purchased warehouse shelving for $122,000, terms 1/10, n/30. At the purchase date, Waterway intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures 122,000 Cash…