Financial Accounting Preparing Journal Entries Assignment Homework Help
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1. Consider The following Entries
1/2/11 Purchased patent (7-year life) $560,000
4/1/11 Goodwill purchased (indefinite life) 360,000
7/1/11 10-year franchise; expiration date 7/1/2021 440,000
9/1/11 Research and development costs 185,000
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2011, recording any necessary amortization and reflecting all balances accurately as of that date. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125. If no entry is required enter No entry for the account and 0 for the amount.)
2.So I already tried and keep getting them wrong. I would really appreciate your help. On January 1, 2011, TCU Utilities issued $1,004,000 in bonds that mature in 6 years. The bonds have a stated interest rate of 5 percent and pay interest on June 30 and December 31 each year. When the bonds were sold, the market rate of interest was 15 percent. The company uses the effective-interest amortization method. (Use Table 5, Table 6) 1. What was the issue price on January 1, 2011? 2. What amount of interest expense should be recorded on June 30, 2011? and December 31, 2011? 3. What amount of cash interest should be paid on June 30, 2011? and December 31, 2011 4. What is the book value of the bonds on June 30, 2011? and December 31, 2011.
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3. The charter of the corporation authorized 500,000 shares of $5 par common stock, and 50,000 shares of $40 par, 3% preferred stock. As of January 1, 2011, there were 20,000 shares of common stock issued and outstanding and 4,000 shares of preferred stock issued and outstanding. Selected transactions completed by Sharpe Inc. during the fiscal year ending December 31, 2011 are as follows:
Jan 1: Issued 16,000 shares of $5 par common stock at $18, receiving cash.
Jan 1: Issued 7,200 shares of $40 par preferred 3% stock at $72 for cash.
Jan 31; Purchased a two year insurance policy for $34,080.
Feb 1: Purchased equipment for $290,000, paying $50,000 cash and financing the remainder with a 180-day, 5% note payable.
Mar 12: Purchased land for $325,000 by issuing 10,000 shares of common stock.
May 1: Purchases 1,200 shares of the company’s own common stock at $22 per share.
May 31: Issued $1,000,000 of the 9-year, 8% bonds with interest payable semiannually. The amount of cash received was $1,092,880. July 31: Paid the amount due on the note payable signed on Feb 1.
Aug 1: Sold 450 shares of treasury common stock purchased on May 1 for $26 per share.
Sept 15: Declared a 2% stock dividend on common stock to be distributed on Sept 30 to stockholders of record on Sept 20. The market price per share on Sept 15 is $25 per share.
Sept 30: Distributed the stock divided declared Sept 15.
Oct 1: Borrowed $36,000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $2,130 per quarter.
Oct 16: Sold 250 shares of treasury common stock purchased on May 1 for $20 per share.
Nov 30: Paid the semiannual interest and amortized the premium on the bonds issued on May 31. (record as one compound entry)
Dec 1: Declared a cash dividend at the stated amount to preferred stockholders and .50 per share to common stockholders payable on Dec 30 to stockholder’s of record on Dec 16. ( HINT: don’t forget the shares distributed from the stock dividend.)
Dec 30: Paid the cash dividends declared on Dec 1. Dec 31: Paid the first quarterly installment of the note issued on Oct 1.
Dec 31: Record revenue for the year of $1,975,000, received $500,000 in cash, the remainder is on account.
Dec 31: Record expenses for the year, paid in cash. (one compound entry) Rent $170,000 Utilities $13,200 Salaries $760,000 Advertising $140,000 Medical insurance $32,000 Commissions $63,000 Legal and accounting $18,000 Miscellaneous $8,400
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