ACC422 week 5
Final Exam
Presented below is information related to
Rembrandt Inc.'s inventory.
|
(per unit)
|
Skis
|
Boots
|
Parkas
|
|||
|
Historical cost
|
$255.93
|
|
$142.78
|
|
$71.39
|
|
|
Selling price
|
292.30
|
|
195.32
|
|
99.34
|
|
|
Cost to distribute
|
25.59
|
|
10.78
|
|
3.37
|
|
|
Current replacement cost
|
273.44
|
|
141.44
|
|
68.70
|
|
|
Normal profit margin
|
43.10
|
|
39.06
|
|
28.62
|
|
Determine the following:
(a) the two limits to market value
(e.g., the ceiling and the floor) that should be used in the lower of cost or
market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)
Ceiling $
Floor $
(b) the cost amount that should be
used in the lower of cost or market comparison of boots; (Round answer to 2 decimal
places, e.g. 20.25.)
Cost amount$
(c) the market amount that should
be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal
places, e.g. 20.25.)
Market amount $
2. Matlock Company uses a perpetual inventory system.
Its beginning inventory consists of 55 units that cost $33 each. During June,
the company purchased 166 units at $33 each, returned 7 units for credit, and
sold 138 units at $55 each. Journalize the June transactions.
|
Description/Account
Choose One for Each
|
Debit
|
Credit
|
|
Sales,Inventory,Accounts receivable,Accounts
payable,Cost of goods sold
|
|
|
|
Cost of goods sold,Accounts
payable,Inventory,Accounts receivable,Sales
|
|
|
|
(To record inventory purchased.)
|
|
|
|
Inventory,Accounts receivable,Sales,Cost of goods
sold,Accounts payable
|
|
|
|
Accounts receivable,Sales,Cost of goods
sold,Inventory,Accounts payable
|
|
|
|
(To record inventory returned.)
|
|
|
|
Sales,Accounts receivable,Inventory,Cost of goods
sold,Accounts payable
|
|
|
|
Cost of goods sold,Sales,Inventory,Accounts
payable,Accounts receivable
|
|
|
|
(To record inventory sold.)
|
|
|
|
Sales,Accounts payable,Inventory,Cost of goods
sold,Accounts receivable
|
|
|
|
Accounts receivable,Sales,Inventory,Cost of goods
soldAccounts payable
|
|
|
|
(To record cost of goods sold.)
|
|
|
Question 3
Amsterdam Company uses a periodic
inventory system. For April, when the company sold 700 units, the following
information is available.
|
|
Units
|
Unit Cost
|
Total Cost
|
|
April 1 inventory
|
250
|
$17
|
$4,250
|
|
April 15 purchase
|
400
|
20
|
8,000
|
|
April 23 purchase
|
350
|
22
|
7,700
|
|
|
1,000
|
|
$19,950
|
Compute the April 30 inventory and the
April cost of goods sold using the average cost method. (Round computations for cost per
unit to 2 decimal places, e.g. 10.25 and answers to 0 decimal places, e.g.
2,250.)
|
Inventory
|
|
|
Cost of goods sold
|
|
Question 5
Amsterdam Company uses a periodic
inventory system. For April, when the company sold 600 units, the following
information is available.
|
|
Units
|
Unit Cost
|
Total Cost
|
|
April 1 inventory
|
250
|
$15
|
$3,750
|
|
April 15 purchase
|
400
|
18
|
7,200
|
|
April 23 purchase
|
350
|
20
|
7,000
|
|
|
1,000
|
|
$17,950
|
Compute the April 30 inventory and the
April cost of goods sold using the FIFO method.
Inventory Cost of goods sold
Question 6
(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December
1, 2011. The following information is available from Esplanade's inventory
records for Product BAP.
|
|
Units
|
Unit Cost
|
|
January 1, 2012 (beginning inventory)
|
792
|
$8.00
|
|
Purchases:
|
|
|
|
January 5, 2012
|
1,584
|
9.00
|
|
January 25, 2012
|
1,716
|
10.00
|
|
February 16, 2012
|
1,056
|
11.00
|
|
March 26, 2012
|
792
|
12.00
|
A physical inventory on March 31, 2012,
shows 2,112 units on hand.
Prepare schedules to compute the ending
inventory at March 31, 2012, under each of the following inventory methods.
Assume Esplanade Company uses the periodic inventory method.
(a) FIFO
ESPLANADE COMPANY
Computation of Inventory for Product BAP
BAP under FIFO Inventory Method
March 31, 2012
|
|
Units
|
Unit Cost
|
Total Cost
|
|
March 26, 2012
|
|
$
|
$
|
|
February 16, 2012
|
|
|
|
|
January 25, 2012
|
|
|
|
|
March 31, 2012, inventory
|
|
|
$
|
(b) LIFO
ESPLANADE COMPANY
Computation of Inventory for Product BAP
BAP under LIFO Inventory Method
March 31, 2012
|
|
Units
|
Unit Cost
|
Total Cost
|
|
Beginning inventory
|
|
$
|
$
|
|
January 5, 2012
|
|
|
|
|
March 31, 2012, inventory
|
|
|
$
|
(c) Weighted average (Round weighted average cost to 2 decimal places, e.g. 2.25 and use this rounded amount for future calculations. Round the inventory on March to 0 decimal places, e.g. 1,250.)
ESPLANADE COMPANY
Computation of Inventory for Product BAP
BAP under Weighted Average Inventory Method
March 31, 2012
|
|
Units
|
Unit Cost
|
Total Cost
|
||
|
Beginning inventory
|
|
$
|
$
|
||
|
January 5, 2012
|
|
|
|
||
|
January 25, 2012
|
|
|
|
||
|
February 16, 2012
|
|
|
|
||
|
March 26, 2012
|
|
|
|
||
|
|
|
|
$
|
||
|
Weighted Average cost
|
$
|
||||
|
|
|
||||
|
March 31, 2012, inventory
|
$
|
||||
Question 7
Floyd Corporation has the following four
items in its ending inventory.
|
Item
|
Cost
|
Replacement Cost
|
Net Realizable Value (NRV)
|
NRV Less Normal Profit Margin
|
|
Jokers
|
$2,552
|
$2,616
|
$2,680
|
$2,042
|
|
Penguins
|
6,380
|
6,508
|
6,316
|
5,232
|
|
Riddlers
|
5,614
|
5,806
|
5,902
|
4,721
|
|
Scarecrows
|
4,083
|
3,815
|
4,887
|
3,917
|
Determine the final lower of cost or
market inventory value for each item.
Jokers $
Penguins $
Riddlers $
Scarecrows $
Question 8
Kumar Inc. uses a perpetual inventory
system. At January 1, 2013, inventory was $313,724 at both cost and market
value. At December 31, 2013, the inventory was $419,276 at cost and $394,354 at
market value. Prepare the necessary December 31 entry under:
a) the cost of goods sold method
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Loss due to market decline of
inventory, Inventory Allowance to reduce inventory to market, Cash, Sales,
Gain due to market increase of inventory, Cost of goods sold |
|
|
|
Sales, Loss due to market decline of
inventory, Cost of goods sold, Allowance to reduce inventory to market,
Inventory, Cash, Gain due to market increase of inventory
|
|
|
(b) the loss method
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Cost of goods sold, Sales Allowance to
reduce inventory to market, Gain due to market increase of inventory, Cash,
Loss due to market decline of inventory, Inventory |
|
|
|
Cost of goods sold, Sales, Gain due to
market increase of inventory, Cash, Allowance to reduce inventory to market,
Loss due to market decline of inventory, Inventory
|
|
|
Question 9
Boyne Inc. had beginning inventory of
$16,080 at cost and $26,800 at retail. Net purchases were $160,800 at cost and
$227,800 at retail. Net markups were $13,400; net markdowns were $9,380; and
sales were $210,380. Compute ending inventory at cost using the conventional
retail method. (Round computation for cost-to-retail ratio percentage and answer to
0 decimal places, e.g. 25,250.)
|
Ending inventory
|
|
Question 10
(Gross Profit Method)
Astaire Company uses the gross profit
method to estimate inventory for monthly reporting purposes. Presented below is
information for the month of May.
|
|
Inventory, May 1
|
$184,000
|
|
|
Purchases (gross)
|
736,000
|
|
|
Freight-in
|
34,500
|
|
|
Sales
|
1,150,000
|
|
|
Sales returns
|
80,500
|
|
|
Purchase discounts
|
13,800
|
(a) Compute the estimated
inventory at May 31, assuming that the gross profit is 25% of sales
|
Inventory
|
|
(b) Compute the estimated
inventory at May 31, assuming that the gross profit is 25% of cost.
|
Inventory
|
|
Question 11
Previn Brothers Inc. purchased land at a
price of $29,210. Closing costs were $3,290. An old building was removed at a
cost of $15,220. What amount should be recorded as the cost of the land?
Question 12
Garcia Corporation purchased a truck by issuing
an $96,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate
of interest for obligations of this nature is 10%. Prepare the journal entry to
record the purchase of this truck. (Round answers to 0 decimal places, e.g.
15,510. List multiple debit/credit entries from largest to smallest amount,
e.g. 10, 5, 2. Hint: Use tables in text.)
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Notes payable, Truck, Discount on notes
payable, Depreciation expense, Cash, Notes receivable
|
|
|
|
Notes payable, Discount on notes
payable, Depreciation expense, Cash, Notes receivable, Truck
|
|
|
|
Discount on notes payable, Cash, Notes
payable, Truck, Notes receivable, Depreciation expense
|
|
|
Question 13
Mohave Inc. purchased land, building, and
equipment from Laguna Corporation for a cash payment of $412,650. The estimated
fair values of the assets are land $78,600, building $288,200, and equipment
$104,800. At what amounts should each of the three assets be recorded? (Note: Do not round the computation
of the % of total.)
|
|
Recorded Amount
|
|
Land
|
$
|
|
Building
|
$
|
|
Equipment
|
$
|
Question 14
Fielder Company obtained land by issuing
2,000 shares of its $13 par value common stock. The land was recently appraised
at $110,500. The common stock is actively traded at $53 per share. Prepare the
journal entry to record the acquisition of the land. (List multiple debit/credit
entries from largest to smallest amount, e.g. 10, 5, 2.)
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Additional paid-in capital, Common
stock, Cash, Land, Paid-in capital in excess of par |
|
|
|
Common stock, Additional paid-in
capital, Paid-in capital in excess of par, Cash, Land |
|
|
|
Paid-in capital in excess of par,
Land, Additional paid-in capital, Common stock, Cash |
|
|
Question 15
Navajo Corporation traded a used truck
(cost $26,600, accumulated depreciation $23,940) for a small computer worth
$4,921. Navajo also paid $1,330 in the transaction. Prepare the journal entry
to record the exchange. (The exchange has commercial substance.) (List multiple debit/credit
entries from largest to smallest amount, e.g. 10, 5, 2.)
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Accumulated depreciation,Gain on
disposal of truck,Cash,Computer,Truck
|
|
|
|
Truck,Computer,Cash,Gain on disposal of
truck,Accumulated depreciation
|
|
|
|
Computer,Cash,Truck,Gain on disposal of
truck,Accumulated depreciation
|
|
|
|
Computer,Cash,Truck,Gain on disposal of
truck,Accumulated depreciation
|
|
|
|
Computer,Truck,Gain on disposal of
truck,Accumulated depreciation,Cash
|
|
|
Question 16
Mehta Company traded a used welding
machine (cost $9,990, accumulated depreciation $3,330) for office equipment
with an estimated fair value of $5,550. Mehta also paid $3,330 cash in the
transaction. Prepare the journal entry to record the exchange. (The exchange
has commercial substance.) (List multiple debit/credit entries from largest to smallest amount,
e.g. 10, 5, 2.)
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Office equipment,Cash,Accumulated
depreciation,Depreciation expense,Loss on disposal of machine,Gain on
disposal of machine,Machine
|
|
|
|
Loss on disposal of machine,Accumulated
depreciation,Cash,Gain on disposal of machine,Depreciation expense,Office
equipment,Machine
|
|
|
|
Gain on disposal of machine,Accumulated
depreciation,Machine,Depreciation expense,Loss on disposal of machine,Office
equipment,Cash
|
|
|
|
Gain on disposal of machine,Depreciation
expense,Accumulated depreciation,Machine,Office equipment,Loss on disposal of
machine,Cash
|
|
|
|
Cash,Office equipment,Gain on disposal
of machine,Machine,Loss on disposal of machine,Accumulated
depreciation,Depreciation expense
|
|
|
Question 17
Depreciation is normally computed on the
basis of the nearest
full month and to the nearest dollar.
day and to the nearest dollar.
day and to the nearest cent.
full month and to the nearest cent.
Question 18
Fernandez Corporation purchased a truck at
the beginning of 2012 for $58,380. The truck is estimated to have a salvage
value of $2,780 and a useful life of 222,400 miles. It was driven 31,970 miles
in 2012 and 43,090 miles in 2013. Compute depreciation expense for 2012 and
2013.(Round
answers to 0 decimal places, i.e. 2,250.)
2012 $
2013 $
Question 19
Lockhard Company purchased machinery on
January 1, 2012, for $75,600. The machinery is estimated to have a salvage
value of $7,560 after a useful life of 8 years.
(a) Compute 2012 depreciation
expense using the double-declining balance method. $
(b) Compute 2012 depreciation
expense using the double-declining balance method assuming the machinery was
purchased on October 1, 2012.(Round answer to 0 decimal places, i.e.
2,250.) $
Jurassic Company owns machinery that cost
$1,270,800 and has accumulated depreciation of $508,320. The expected future
net cash flows from the use of the asset are expected to be $706,000. The fair
value of the equipment is $564,800. Prepare the journal entry, if any, to
record the impairment loss.
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Cash,Loss on
impairment,Machinery,Accumulated depreciation,Depreciation expense |
|
|
|
Loss on impairment,Depreciation
expense,Machinery,Cash,Accumulated depreciation
|
|
|
Question 21
Everly Corporation acquires a coal mine at
a cost of $515,200. Intangible development costs total $128,800. After
extraction has occurred, Everly must restore the property (estimated fair value
of the obligation is $103,040), after which it can be sold for $206,080. Everly
estimates that 5,152 tons of coal can be extracted. If 902 tons are extracted
the first year, prepare the journal entry to record depletion.
|
Description/Account Choose One
|
Debit
|
Credit
|
|
Accumulated depletion,Development
costs,Restoration costs,Inventory
|
|
|
|
Restoration costs,Inventory,Development
costs,Accumulated depletion
|
|
|
Question 22
Francis Corporation purchased an asset at
a cost of $68,400 on March 1, 2012. The asset has a useful life of 8 years and
a salvage value of $6,840. For tax purposes, the MACRS class life is 5 years.
Compute tax depreciation for each year 2012–2017. (Round answers to 0 decimal
places.)
2012 $
2013 $
2014 $
2015 $
2016 $
2017 $
Question 23
Celine Dion Corporation purchases a patent
from Salmon Company on January 1, 2012, for $53,220. The patent has a remaining
legal life of 16 years. Celine Dion feels the patent will be useful for 10
years. Prepare Celine Dion's journal entries to record the purchase of the
patent and 2012 amortization.
|
Account/Description Choose One
|
Debit
|
Credit
|
|
Accounts payable, Accumulated
amortization, Accounts receivable, Cash, Patent amortization expense, Patents
|
|
|
|
Accumulated amortization, Accounts
payable, Accounts receivable, Patent amortization expense, Cash, Patents
|
|
|
|
(To record purchase of patent.)
|
|
|
|
Patent amortization expense, Accumulated
amortization, Cash,Patents, Accounts receivable, Accounts payable
|
|
|
|
Patent amortization expense, Cash,
Accumulated amortization, Accounts receivable, Accounts payable, Patents
|
|
|
|
(To record amortization.)
|
|
|
Question 24
Karen Austin Corporation has capitalized
software costs of $757,200, and sales of this product the first year totaled
$415,380. Karen Austin anticipates earning $969,220 in additional future revenues
from this product, which is estimated to have an economic life of 4 years.
Compute the amount of software cost amortization for the first year.
(a) Compute the amount of software
cost amortization for the first year using the percent of revenue approach. $
(b) Compute the amount of software
cost amortization for the first year using the straight-line approach. $
Question 25
Jeff Beck is a farmer who owns land which
borders on the right-of-way of the Northern Railroad. On August 10, 2012, due
to the admitted negligence of the Railroad, hay on the farm was set on fire and
burned. Beck had had a dispute with the Railroad for several years concerning
the ownership of a small parcel of land. The representative of the Railroad has
offered to assign any rights which the Railroad may have in the land to Beck in
exchange for a release of his right to reimbursement for the loss he has
sustained from the fire. Beck appears inclined to accept the Railroad's offer.
The Railroad's 2012 financial statements should include the following related
to the incident:
disclosure
in note form only.
recognition
of a loss and creation of a liability for the value of the land.
recognition
of a loss only.
creation
of a liability only.
Question 26
Roley Corporation uses a periodic
inventory system and the gross method of accounting for purchase discounts. On
July 1, Roley purchased $62,000 of inventory, terms 2/10, n/30, FOB shipping
point. Roley paid freight costs of $1,480. On July 3, Roley returned damaged
goods and received credit of $6,200. On July 10, Roley paid for the goods.
Prepare all necessary journal entries for Roley. (For multiple debit/credit
entries, list amounts from largest to smallest, e.g. 10, 8, 6.)
|
Date
|
Description/Account Choose One
|
Debit
|
Credit
|
|
July 1
|
Accounts payable,Purchase
discounts,Cash,Purchases,Purchase returns and allowances
|
|
|
|
|
Purchase returns and allowances,Accounts payable,Cash,Purchase
discounts,Purchases
|
|
|
|
|
Freight-in
|
|
|
|
|
Purchases,Purchase returns and allowances,Purchase
discounts,Cash,Accounts payable
|
|
|
|
July 3
|
Purchase returns and allowances,Accounts
payable,Purchases,Cash,Purchase discounts
|
|
|
|
|
Accounts payable,Purchases,Purchase
returns and allowances,Cash,Purchase discounts
|
|
|
|
July 10
|
Purchases,Cash,Accounts payable,Purchase
discounts,Purchase returns and allowances
|
|
|
|
|
Purchase returns and allowances,Purchase
discounts,Cash,Purchases,Accounts payable
|
|
|
|
|
Cash,Purchases,Accounts payable,Purchase
returns and allowances,Purchase discounts
|
|
|
Question 27
Takemoto Corporation borrowed $115,800 on
November 1, 2012, by signing a $118,406, 3-month, zero-interest-bearing note.
Prepare Takemoto's November 1, 2012, entry; the December 31, 2012, annual
adjusting entry; and the February 1, 2013, entry. (For multiple debit/credit en
tries, list amounts from largest to smallest, e.g. 10, 8, 6. Round all answers
to 0 decimal places, e.g. 11,150.)
|
Date
|
Description/Account Choose One
|
Debit
|
Credit
|
|
11/1/12
|
Notes receivable,Discount on notes
payable,Cash,Interest payable,Notes payable,Interest expense
|
|
|
|
|
Discount on notes payable,Cash,Notes
payable,Interest expense,Notes receivable,Interest payable
|
|
|
|
|
Discount on notes payable,Interest
expense,Notes receivable,Interest payable,Notes payable,Cash
|
|
|
|
12/31/12
|
Cash,Notes payable,Discount on notes
payable,Interest expense,Notes receivable,Interest payable
|
|
|
|
|
Discount on notes payable,Interest
payable,Notes receivable,Notes payable,Interest expense,Cash
|
|
|
|
2/1/13
|
Interest payable,Notes payable,Interest
expense,Cash,Discount on notes payable,Notes receivable
|
|
|
|
|
Notes payable,Interest expense,Interest
payable,Notes receivable,Discount on notes payable,Cash
|
|
|
|
|
Interest expense,Cash,Discount on notes
payable,Interest payable,Notes receivable,Notes payable
|
|
|
|
|
Cash
|
|
|
Question 28
Whiteside Corporation issues $648,000 of
9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the annual market rate for such
bonds is 10%. Compute the issue price of the bonds. (Use the present value tables in
the text. Round your answer to zero decimal places, e.g. 2,510.)
Question 29
Indiana Jones Company enters into a 7-year
lease of equipment on January 1, 2012, which requires 7 annual payments of
$38,300 each, beginning January 1, 2012. In addition, the lessee guarantees a
residual value of $20,810 at lease-end. The equipment has a useful life of 7
years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable,
there are no important uncertainties concerning costs, and the carrying amount
of the machinery is $205,180. Prepare Lost Ark's January 1, 2012, journal
entries.
|
Description Choose One
|
Debit
|
Credit
|
|
Machinery,Cash,Rent Expense,Lease
Liability,Leased Machinery Under Capital Leases,Interest Payable,Interest
Expense,Lease Receivable
|
$
|
|
|
Lease Receivable,Cash,Interest
Payable,Lease Liability,Leased Machinery Under Capital, Leases,Rent Expense,Interest
Expense,Machinery
|
|
$
|
|
(To record the lease)
|
|
|
|
Lease Receivable,Rent Expense,Lease
LiabilityMachinery,Interest Payable,Interest Expense,Cash,Leased Machinery
Under Capital, Leases
|
$
|
|
|
Lease Receivable,Interest Expense,Lease
Liability,Machinery,Cash,Leased Machinery Under Capital Leases,Rent
Expense,Interest Payable
|
|
$
|
|
(To record first lease payment)
|
|
|
Question 30
On January 1, 2012, Irwin Animation sold a
truck to Peete Finance for $25,800 and immediately leased it back. The truck
was carried on Irwin's books at $19,300. The term of the lease is 5 years, and
title transfers to Irwin at lease-end. The lease requires five equal rental
payments of $7,515 at the end of each year. The appropriate rate of interest is
14%, and the truck has a useful life of 5 years with no salvage value. Prepare
Irwin's 2012 journal entries. (Round your answer to the nearest dollar eg 58,591. For multiple debit/credit
entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
|
Date
|
Description Choose One
|
Debit
|
Credit
|
|
Jan. 1
|
Unearned Profit on
Sale-Leaseback,Truck,Leased Equipment,Accumulated Depreciation,Interest
Expense,Cash,Lease Liability,Depreciation Expense
|
$
|
|
|
|
Leased Equipment,Unearned Profit on
Sale-Leaseback,Lease Liability,Depreciation Expense,Interest
Expense,Truck,Cash,Accumulated Depreciation
|
|
$
|
|
|
Interest Expense,Leased
Equipment,Depreciation Expense,Unearned Profit on
Sale-Leaseback,Truck,Accumulated Depreciation,Cash,Lease Liability
|
|
$
|
|
|
(To record the sale )
|
|
|
|
Jan. 1
|
Leased Equipment,Unearned Profit
on Sale-Leaseback,Cash,Accumulated Depreciation,Truck,Depreciation
Expense,Lease Liability,Interest Expense
|
$
|
|
|
|
Cash,Interest Expense,Unearned
Profit on Sale-Leaseback,Leased Equipment,Truck,Depreciation
Expense,Accumulated Depreciation,Lease Liability
|
|
$
|
|
|
(To record the leaseback)
|
|
|
|
Dec. 31
|
Depreciation Expense,Lease
Liability,Unearned Profit on Sale-Leaseback,Cash,Truck,Accumulated
Depreciation,Leased Equipment,Interest Expense
|
$
|
|
|
|
Leased Equipment,Interest
Expense,Cash,Truck,Lease Liability,Accumulated Depreciation,Depreciation
Expense,Unearned Profit on Sale-Leaseback
|
|
$
|
|
|
(To record depreciation)
|
|
|
|
Dec. 31
|
Accumulated Depreciation,Truck,Leased
Equipment,Unearned Profit on Sale-Leaseback,Cash,Lease Liability,Depreciation
Expense,Interest Expense,
|
$
|
|
|
|
Interest Expense,Unearned Profit
on Sale-Leaseback,Cash,Leased Equipment,Depreciation Expense,Accumulated
Depreciation,Truck,Lease Liability
|
|
$
|
|
Dec. 31
|
Lease Liability,Unearned Profit on
Sale-Leaseback,Leased Equipment,Cash,Accumulated Depreciation,Depreciation
Expense,Truck,Interest Expense
|
$
|
|
|
|
Depreciation Expense,Cash,Accumulated
Depreciation,Truck,Lease Liability,Unearned Profit on Sale-Leaseback,Interest
Expense,Leased Equipment
|
$
|
|
|
|
Lease Liability,Depreciation
Expense,Interest Expense,Leased Equipment,Unearned Profit on
Sale-Leaseback,Accumulated Depreciation,Cash,Truck
|
|
$
|
|
|
(To record first lease payment)
|
|
|
TUTORIAL PREVIEW
|
|
Units
|
Unit Cost
|
Total Cost
|
|
April 23
|
350
|
$20
|
$
7,000
|
|
April 15 (portion)
|
50
|
18
|
900
|
|
April 30, inventory
|
400
|
|
$7,900
|
File name: ACC422 week 5 Final Exam.docx File type: .docx PRICE:$30
