Accounting Equation Transaction Effect On Balance Sheet Homework Help
- November 28, 2017
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- Category: Accounting
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1. Palomar Paper Products purchased land in 1996 for $15,000 cash. The company has held the land since that time. In 2014 Palomar purchased another tract of land for $15,000 cash. Assume that prices in general increased by 60 percent from 1996 to 2014.
a. Assuming that Palomar made only these two land purchases, what dollar amount would appear in the land account on Palomar’s balance sheet as of December 31, 2014?
b. Palomar used $15,000 cash to make each land purchase. Would $15,000 in 1996 buy the same amount of goods and services as $15,000 in 2014? If not, how much more or less, and why?
c. Explain how one could adjust the dollar amount reported in the land account as of December 31, 2014, if the stable dollar assumption were dropped.
2. Mr. X purchased a building for $ 5,000,000 by making a down payment of $ 1,000,000 and signing a $ 4,000,000 bill payable due in 60 days. What was the effect on assets & liabilities from this transaction?
3. Pamela Oliver operates a sole proprietorship business that sells golf equipment. In 2013, Oliver agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Oliver will own a two-thirds interest in the capital of the partnership. The agreed upon values of assets and liabilities to be transferred follow. Total Accounts receivable of $115,000 will be transferred and approximately $3,500 of these accounts may be uncollectible. Merchandise inventory $ 91,000 Furniture and fixtures $ 33,000 Accounts payable $ 17,000 .How do you find Oliver’s capital?
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4. Crane Company Division B recorded sales of $360,000, variable cost of goods sold of $315,000, variable selling expenses of $13,000, and fixed costs of $61,000, creating a loss from operations of $38,000. determine if the division should be discontinued.
5. A business reports its own office stationery on the balance sheet at its $ 400 cost, although it cannot be sold for more than $ 10 as scrap paper. Which accounting principle and/ or assumption justifies this treatment?
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