The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

In early January 2017, NewTech purchases computer equipment for $273,000 to use in operating activities for the next four years. It estimates the equipment’s salvage value at $26,000.

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Exercise 8-7 Straight-line depreciation LO P1

Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation.

Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation.

PLEASE USE THE BA 11 PLUS CALCULATOR FUNCTIONS. NO FORMULA METHODS PLEASE. I'M BEING GRADED ON MY FINAL USING CALCULATOR FUNCTIONS ONLY. ALSO PLEASE SHOW WORK IN THE TABLE AS WELL. THANK YOU.

2. LO 1 Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly.

1. What is the size of the monthly payments?

2. How much will the loan cost him?

3. How much will Angelo owe after 18 months?

4. How much interest will he pay in his 36th payment?

5. How much of the principal will be repaid by the 48th payment?

6. Prepare a partial amortization schedule showing details of the first three payments, Payments 24, 25, 26, the last three payments, and totals.

Outline the rules associated with asset revaluations under the fair value model of AASB116, describing (i) what movements are recorded, (ii) what happens to the accumulated depreciation account, and (iii) the impact on depreciation expense in subsequent years.

On January 1, 2016, Apple granted 80,000 stock options to key members of its executive team. Each option grants the executives the ability to purchase one share of Apples common stock ($10 par value) at a price of $40 per share. The options were exercisable within a 2-year period beginning on January 1, 2018, as long as the executives remain an employee at Apple until that date. It is assumed that the options were for services performed equally in 2016 and 2017. The Black-Scholes option pricing model determines total compensation expense to be $1,300,000. On January 1, 2018, the Apple executives exercised 48,000 of their stock options. On that date, Apples stock had a market price of $50 per share. The remaining 32,000 stock options lapsed on January 1, 2020 because of the decision not to exercise their options.

Required

1. Prepare the necessary journal entries related to the stock option plan for the years 2016 through 2020.
2. Over what period of time should compensation cost be allocated?

The following is the receipts and payments account for the year ended 31 December 2018:

(2) On 31 December 2017 the club held investments which cost $10000. During the year ended 31 December 2018, these were sold for $15000.
(3) Equipment was valued at $6000 on 31 December 2017. On 30 June 2018, the club purchased additional equipment at a cost of $ 10400. Depreciation is to be provided for at the rate of 10% per annum.

(a) Prepare the trading section of the income statement for the year ended 31 December 2018.
(b) Prepare the income and expenditure account for the year ended 31 December 2018.

High-Low method - Calculation of variable cost per unitHigh-Low method - Calculation of fixed costsTotal cost at the high pointVariable costs at the high point:Volume at the high point:Variable cost per unitTotal variable costs at the high pointTotal fixed costsTotal cost at the low pointVariable costs at the low point:Volume at the low point:Variable cost per unitTotal variable costs at the low pointTotal fixed costs

Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month:

The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below:

1.  Prepare the Production Department’s flexible budget performance report for March, including both the spending and activity variances.

  
Required:

On December 31, 2020, Berclair Inc. had 400 million shares of common stock and 7 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 60 million shares of its common stock as treasury stock. Berclair issued a 4% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $350 million.

Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2016. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $35 per share. During 2021, the market price of the common shares averaged $70 per share.

The options were exercised on September 1, 2021.

Required:

Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)

You are provided with the following information for Blue Spruce Corp., effective as of its April 30, 2014, year-end.

I need to put this in a balance sheet. The first part of the balance sheet is called "income statement". The second part of the balance sheet is called "retained earning statement". The third part is a balance sheet with assets and liabilities.thanks

Changes in Accounting Principle

Gaubert Inc. decided in March 2017 to change from FIFO to weighted-average inventory pricing. The company reported 2017 income as $30,000. Gaubert’s pre-tax income, using the new weighted-average method in 2015 would have been $35,000 ($5k higher than reported).

In 2016, if the new inventory method had been used, Income would have been $27,000 ($3k higher than reported).

What is the proper disclosure of this event?

Changes in Accounting Estimate

Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straight-line basis. In 2017 (year 8), it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time.

Calculate the depreciation expense for 2017

Correction of Errors

In 2018, Hillsboro Co. determined that it incorrectly overstated its accounts receivable and sales revenue by $100,000 in 2017. In 2018, what is the adjusting journal entry in order to correct for this error (ignore income taxes)?

Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021.

At December 31, 2018, paid-in capital consisted of the following:

No preferred stock or potential common shares were outstanding during any of the periods shown.

Required:
Compute Renn-Dever’s earnings per share as it would have appeared in income statements for the years ended December 31, 2019, 2020, and 2021. (Negative amounts should be indicated by a minus sign.)