On April 10, a company acquired land in exchange for 2,500 shares of $23 par common stock with a current market price of $70. Journalize this transaction. If an amount box does not require an entry, leave it blank. Apr. 10
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- On December 12th 2021 an equity investment costing $81000 was sold for a $102000 the investment was carried in the balance sheet at $76000 what accounted for under the equity method an error was made in which the total of the sale proceeds was called credit's called credited to the investment account 1 and 2 prepare the following journal entriesКеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…The following transactions are for the Sun’s Corporation, December, 2018. 12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for 9000. 12 Sep. Paid salary for 17000 30 Dec. Declared and paid dividend to shareholders 40000. Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.
- Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals View transaction list Journal entry worksheetes On January 1, 2024, Displays Incorporated had the following account balances: Account Title Cash Accounts receivable. Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $335,000. b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000. c. Received $560,000 from customers on accounts receivable. d. Paid freight on inventory received, $29,000. e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: Requirement a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes…On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (78, due next year). Common stock Retained earnings Totals Year-end adjusting entries: From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $340,000. b. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000. Requirement c. Received $576,000 from customers on accounts receivable. d. Paid freight on inventory received, $34,000. e. Paid $330,000 to inventory suppliers on accounts payable of $338,000. The difference reflects purchase discounts of $8,000. f. Paid rent for the current year, $52,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $160,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $9,000. b. Accrued interest expense on notes payable for…
- The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another…The following accounts are found in the trial balance of Goodwill Trading Corporation at December 31, 2018: 6. Cash Trading Securities Investment Property P35,000 130,000 900,000 3,000,000 350,000 320,000 34,000 5,000,000 1,200,000 280,000 120,000 240,000 87,000 24,000 000.00 Land Finished Goods Inventory Accounts Receivable Allowance for Uncollectible Accounts 000 0 Buildings Accumulated Depreciation - Buildings Goods in Process Inventory Materials Inventory Accounts Payable Income Tax Payable Unearned Rent Mortgage Payable, due in annual installments of P100,000 Interest Payable 100 500,000 10,000 Required: Show computations for the following: Total current assets (a) (b) (c) (d) Working capital Total non-current liabilities Total shareholders' equity 00.0118. Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total current assets for the year ended December 31, 2021? Group of answer choices 4,040,000 4,290,000 3,640,000 3,490,000
- Slobkliclders Amount Descriptions Instructions Instructions The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: $5,072,000 00 Common Stock, no par, $16 stated value 44,300.00 2 Paid-In Capital from Sale of Treasury Stock 182,000.00 Paid-In Capitalin Excess of Par-Preferred Stock 480,000.00 4 Paid-In Capital in Excess of Stated Value-Common Stock 7035,000.00 S Preferred 2% Stock, $105 par 38645,000.00 Retained Earnings 1 of Exhibit 8. There are 375,000 shares of common stock Prepare the Paid-In Capital portion of the stockholders'equity section of the balance sheet using Method authorized and 85,000 shares of preferred stock authorized. Refer to the Amount Descriptions fist provided for the exact wording of the answer choices for text entries Next Previous 3 more Check My Work uses remaining. Check My WorkOn January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Part B The company completed the following transactions during 2020.• Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements:1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of creditsales are…