Accounting Equity Portfolio And Journal Entries Homework Help
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1.Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Mar. 5 Purchased 500 units of product with a list price of $5 per unit. The purchaser is granted a trade discount of 20%; terms of the sale are 2/10, n/60; invoice is dated March 5.
Mar. 7 Returned 50 defective units from the March 5 purchase and received full credit.
Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.
2.The following data represent total revenues (from all sources) for the Palmdale Human Service Agency for the past four fiscal years: 20X1 $15,000,000 20X2 $14,250,000 20X3 $14,000,000 20X4 $13,500,000 Forecast total revenues for fiscal year 20X5 using moving averages, weighted moving averages, exponential smoothing, and time series regression. For moving averages and weighted moving averages, use only the data for the past three fiscal years. For weighted moving averages, assign a value of 1 to the data for 20X2, a value of 2 to the data for 20X3, and a value of 3 to the data for 20X4. For exponential smoothing, assume that the last forecast for fiscal year 20X4 was $13,000,000. You decide on the alpha to be used for exponential smoothing. For time series regression, use the data for all four fiscal years. Which forecast will you use? Why?
3.Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the company’s investments in available-for-sale equity securities (dollars in millions).
1. Compute the fair market value of Biomet’s available-for-sale equity portfolio for both 2012 and 2011.
2. What was the effect on the company’s comprehensive income amount associated with its available-for-sale securities?
3. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2012. How much income would be realized on the sale? Provide the journal entry.
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4.Ashley Woods Village paid $1,000,000 principal and $200,000 interest on its general obligation bonds that it issued to finance widening of a local thoroughfare. This transaction will most likely
A. Decrease fund balance in the Capital Projects Fund by $1,000,000.
B. Decrease fund balance in the Capital Projects Fund by $1,200,000.
C. Decrease fund balance in the Debt Service Fund by $1,000,000.
D. Decrease fund balance in the Debt Service Fund by $1,200,000
5.Vincent pays $20,000 for equipment to use in his trade or business. He pays sales tax of $800 as a result of the purchase. Must the $800 tax be capitalized as part of the purchase price?
Vincent friend tells him that capital gains tax is discriminatory in that it is imposed upon individuals who can afford to buy capital assets. Do you agree or disagree? Why? Why not? Be sure to include the definition of capital asset and capital gain in your response.
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