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Accounting Equation Correct Transaction Identification Homework Help

  • November 29, 2017
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1. June Smith, a process engineer, has sold her 15-year patent for a new etching process to Silica Labs, Inc. In return, she has received $500,000 in cash and, based on its value on the sale date, $200,000 in common stock in Silica Labs. The stock is forecasted to double in market value over the next two months.
 
How would this transaction be recorded by Silica Labs?
Debit patent account $700,000; credit cash $500,000; credit common stock $200,000
Debit cash $500,000; debit common stock $200,000; credit patent account $700,000
Debit cash $500,000; credit patent account $500,000
Debit patent account $500,000; credit cash $500,000
 
2. Consider the same scenario as in the previous question:
June Smith, a process engineer, has sold her 15-year patent for a new etching process to Silica Labs, Inc. In return, she has received $500,000 in cash and, based on its value on the sale date, $200,000 in common stock in Silica Labs. The stock is forecasted to double in market value over the next two months.
 
Assuming that Silica Labs holds some long-term debt, which of the following describes the effect of the transaction on Silica Labs?
Current ratio will decrease and total debt to equity ratio will increase
Current ratio will increase and total debt to equity ratio will decrease
Current ratio will increase and total debt to equity ratio will increase
Current ratio will decrease and total debt to equity ratio will decrease
 
3. Lucky Lee, a video-game store in New York city, purchases a game machine directly from Taiwan for $30,000. In the U.S., the same machine will probably cost at least $36,000. Pick the most appropriate accounting action for Lucky Lee:
Record the machine at $36,000
Record the machine at $30,000
Record the machine for [($30,000+$36,000)/2] = $33,000
Have the machine examined by an independent appraiser and record it at the appraised value?
 

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4. Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, calculate the cash proceeds to Chang Co.?
 
5. Complete the following sentence: The Conservatism Concept directs an entity to consider recognizing a liability when it is __________________.
absolutely certain economic resources may be sacrificed in the future
remotely possible economic resources may be sacrificed in the future
reasonably possible economic resources may be sacrificed in the future
reasonably certain economic resources may be sacrificed in the future
 

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