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I have a real bugger of an assignment, I have a boatload of questions to do and cant find the answers to some of them, I will post them on here and if you can give me the answer to any of them, it would help me out immensely.
1. Land, buildings and equipment are acquired for a lump sum of $875,000. The market values of the three assets are, respectively, $200,000, $500,000 and $300,000. What is the cost assigned to the equipment?
2. The journal to record a major expenditure to upgrade equipment that extends its useful life beyond the original estimate would include a credit and debit to what?
3. Great Farms Company sold some fully depreciated equipment for $4,100 cash. The equipment had been purchased for $49,600, and the company had estimated the useful life at 8 years and a residual value at $5,600. How will this sale affect Retained Earnings? (i couldn’t find anything about retained earnings when i looked it up, is this a trick question?
4. Bonds with an 8% interest rate were issued when the market rate of interest was 9%. The quoted bond price will be: (greater than 100 or less than 100?)
5.A $3,000, 7.5% bond is quoted at 97.5. When the bond is issued, the Bonds Payable account will be increased by:
6.Assume the following: Sales revenue was $3,000,000. Interest expense was $15,000. Net income was $300,000. The times interest earned is:
7.Revision Company has just made the interest payment on its $3,000,000 of outstanding bonds. The unamortized discount is currently $127,400. Revision decided to retire the bonds by purchasing the bonds when the bonds were priced at 97. Which statement regarding the retirement is true?
A. Revision paid $2,910,000 to purchase the bond and recognized a $37,400
Loss.
B. Revision paid $3,000,000 to purchase the bond and recognized a $164,800
loss.
C. Revision paid $2,872,600 to purchase the bond and recognized a $127,400
loss.
D. Revision paid $2,910,000 to purchase the bond and recognized a $164,800
loss.
1. Land, buildings and equipment are acquired for a lump sum of $875,000. The market values of the three assets are, respectively, $200,000, $500,000 and $300,000. What is the cost assigned to the equipment?
Market value :
Land $200,000
Buildings $500,000
Equipment $300,000
Total $1,000,000
Work out the purchase price proportionately (87.5%)
Land $175,000
Buildings $437,500
Equipment $262,500
Total $875,000
2. The journal to record a major expenditure to upgrade equipment that extends its useful life beyond the original estimate would include a credit and debit to what?
Dr Equipment xxx
Cr Cash or AP xxx
3. Great Farms Company sold some fully depreciated equipment for $4,100 cash. The equipment had been purchased for $49,600, and the company had estimated the useful life at 8 years and a residual value at $5,600. How will this sale affect Retained Earnings?
If by fully depreciated you mean that it’s been depreciated down to its residual value, then selling it at $4100 would mean there’s a loss of $1500, so it would go to reduce retained earnings by $1500
4. Bonds with an 8% interest rate were issued when the market rate of interest was 9%. The quoted bond price will be: (greater than 100 or less than 100?)
Less than 100, i.e., at a discount
5.A $3,000, 7.5% bond is quoted at 97.5. When the bond is issued, the Bonds Payable account will be increased by:
$2,925
6.Assume the following: Sales revenue was $3,000,000. Interest expense was $15,000. Net income was $300,000. The times interest earned is:
TIE = Operating profit before interest / Interest
= 315,000/15000 = 21
7.Revision Company has just made the interest payment on its $3,000,000 of outstanding bonds. The unamortized discount is currently $127,400. Revision decided to retire the bonds by purchasing the bonds when the bonds were priced at 97. Which statement regarding the retirement is true?
A. Revision paid $2,910,000 to purchase the bond and recognized a $37,400 Loss.
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1)nov 1 company signed a 9000 4-month 10% notes payable, with the principle plus interest due on march 1 of the following year.Waht is the adjusting entry for the accured interest at dec. 31 on the note?
2) adavance ticket sales totaling 6,000,000 cash would be recongined as:
a.debit sales,credit unearned revenue (UR)
b.debit UR, credit sales
c.debit cash, credit UR
d.debit UR, credit cash
e.debit cash,credit UR
3)An employee earned 47,000 during the yr working for an employer. The FICA tax for S.S is 6.2% and the FICA tax for medicare is 4.5%. The employee's share of FICA taxes is:
4)A company used straight-line depreciation for an item of equipmnent that cost 12,000 had a salvage value of 2,000 and had a 5yr useful life. After depricaiting the assest for 3 complete yrs, the salavage value was reduced to 1,200 and its total life was increased from 5yrs to 6yrs. Determine the amount of depreciation to be charged against the machine during each of the remaining yrs of its useful life:
5)Jim Jilly is paid monthly. For the month of Jan of the current year, he earned a total of $8,288.FICA tax for social security is 6.2% and the FICA tax for medicare is 1.45%. The FUTA tax rate is 0.8% and the SUTA tax rate is 5.4%.Both unemployment taxes are applied to the first $7,000 for an employee's pay. The amount of federal income tax withheld from his earning was $1,375.17. His net pay for the month is:
6)A company purchased a rope braiding machine for $190,000. The machine has a useful life of 8 yrs and a residual value of $10,000. It is estimated that the machine could produce 750,000 units of rope over its useful life. In the 1st yr, 105,000 units were produced. In the 2nd yr, production increased to 109,000 units. Using the units of production method, what is the amount of depreication that should be recorded for the second year.
1. Interest Expense $400
Int Payable $400
2. C/E, they are the same. Sales are always a credit, always debit cash,
3.1/2
4. 1600
Here are the first few, try figuring the rest on your own
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1)Jim Jilly is paid monthly. For the month of Jan of the current year, he earned a total of $8,288.FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8% and the SUTA tax rate is 5.4%.Both unemployment taxes are applied to the first $7,000 for an employee's pay. The amount of federal income tax withheld from his earning was $1,375.17. His net pay for the month is:
2)A company purchased a rope braiding machine for $190,000. The machine has a useful life of 8 yrs and a residual value of $10,000. It is estimated that the machine could produce 750,000 units of rope over its useful life. In the 1st yr, 105,000 units were produced. In the 2nd yr, production increased to 109,000 units. Using the units of production method, what is the amount of depreciation that should be recorded for the second year?
3) A company used straight-line depreciation for an item of equipment that cost 12,000 had a salvage value of 2,000 and had a 5yr useful life. After depreciating the assest for 3 complete yrs, the salvage value was reduced to 1,200 and its total life was increased from 5yrs to 6yrs. Determine the amount of depreciation to be charged against the machine during each of the remaining yrs of its useful life:
4) nov 1 company signed a 9000 4-month 10% notes payable, with the principle plus interest due on march 1 of the following year. What is the adjusting entry for the accrued interest at dec. 31 on the note?
5) A company had fixed interest expense for $6,000, its income before interest expense and any income taxes is $18,000 and its income is 8,400.The company’s times interest earned ratio equals:
6) A total asset turnover ratio of 3.5 indicates that:
a. for every $1 in sales, the firm acquired $3.50 in assets during the period.
b.for every $1 in assets, the firm produced 3.50 in net sales during the period.
c.for every $1 in assets, the first earned gross profit of 3.50 during the period.
d.for every $1 in assets, the firm earned 3.50 in net income.
e. for every $1 in assets, the firm paid 3.50 in expanses during the period.
7) adavance ticket sales totaling 6,000,000 cash would be recongined as:
a.debit sales,credit unearned revenue (UR)
b.debit UR, credit sales
c.debit cash, credit UR
d.debit UR, credit cash
e.debit cash,credit revenue payable
8)Partnership accounting is same as:
a. sole proprietorship
b.for corporation
c.sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
d.S corporation
e. accounting for corporation, except that retained earnings is used to keep track of partners’ withdrawals.
1-simple arithmetic
2–14.53% of $180,000
3-arithmetic-1600
4,5,6,7,8—check your textbook and try and do some of your work yourself
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Duration : 59 sec
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