Tamarisk, Inc. includes the following account among its trade receivables.

Age the balance.

1) Mighty Joe company purchases merchcandise for $12,000 on Dec 1, 2017, by issuing a $12,000, 10%, 30 day note to the supplier. Record the journal entry for the issuance of the note. Do not forget journal entry descriptions.

2.) Jaxon Company records gross salaries of $50,000 for September 30, 2017. FICA taxes are 8% of gross salaries, the federal unemployment tax rate is 0.6% because the state unemployment tax rate is 5.4%. Federal income tax withholdings amounted to $5,500 and state income tax withholdings amounted to $3,300. Assume all wages are subject to all taxes. Prepare the two journal entries to record the payment of the payroll and the accrual of payroll taxes. Do not forget journal entry descriptions. SHOW YOUR WORK

3)Property taxes for August 1, 2017 through July 31, 2018 was assessed at $8,400. Property taxes were paid on December 31, 2017. Record the accrual for September 30, 2017 and the payment made on December 31, 2017. Do not forget journal entry descriptions. (15 points)
SHOW YOUR CALCULATIONS!

The following information is available for the month ofApril. The company uses the perpetual inventory method. April 1 inventory balance 120 units @$8.04 each April 10purchase 200 units @ $8.20 each April 20purchase 410 units @ $8.40 each April 22sale 630 units @ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute the value of ending inventory under LIFO,show steps. b. Compute the value of ending inventory under FIFO,show steps. c. Which inventory costing method results in the largestcost of goods sold?

1. David raised working capital from local investors by issuing bonds. The bonds, which have a face value of $40,000, were sold on July 1st, 2018. They have a coupon rate of 7.40 percent and pay interest monthly for three years with the first payment due on August 1st, 2018. The last payment, which includes repayment of principal, is July 1st, 2021. David’s investors agreed on an issue price of 106.

Required: Prepare journal entries to record all transactions and adjustments for the year ending December 31, 2018 (record all of the entries in a single sheet).

Consider a $760 CF at the beginning of 2063. The interest rate is 3.9%. What is the equivalent uniform amount for a series of end-of -year CFs spanning 2050-2055? (answer: $87.88)

Please show work

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.40 on December 31, 20Y2.

Determine the following measures for 20Y2 (round to one decimal place, including percentages, except for per-share amounts): Assume a 365-day year.

Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs uniformly throughout the production process.

Required:

Prepare schedules to accomplish each of the following process-costing steps for the month of June. Use the weighted-average method of process costing.

1. Analysis of physical flow of units.

2. Calculation of equivalent units.

3. Computation of unit costs.

4. Analysis of total costs.

OPTIONS:

• Direct-material costs
• Units completed and transferred out during June
• Units started during June
• Work in process, June 1
• Work in process, June 30
• Conversion costs
• Costs incurred during June

Analysis of physical flow of units.

Calculation of equivalent units.

Computation of unit costs. (Round "Cost per equivalent unit" to 2 decimal places.)

Analysis of total costs. (Round "Cost per equivalent unit" to 2 decimal places.)

Place the items listed below into either the Balance Sheet or the Income Statement.

Cash $10,300 Accounts Receivable $9,500 Supplies $2,000 Inventory $7,200 Building $78,000 Notes Receivable $20,000 Accounts Payable $7,700 Salaries Payable $5,300 Common Stock $79,000 Retained Earnings $19,700 Revenue $42,200 Cost of Goods Sold $24,500 Rent Expense $1,900 Utilities Expense $500

Module 7 Assignment #1

Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents.
This Homework is a two-step process:

1. Place the items listed below into either the Balance Sheet or the Income Statement.

2. Check your answers using the following formulas:
   1. REVENUE – COST OF GOODS SOLD = GROSS PROFIT – OPERATING EXPENSES = NET INCOME

2. ASSETS = LIABILITIES + OWNERS EQUITY

(OWNER’S EQUITY = RETAINED EARNINGS ENDING BALANCE + COMMON STOCK)

Review your assignments. If you have the items in the right places, you should be able to calculate an Owner’s Equity of $85,500 and a Gross Profit of $66,900. Be sure to include the Example: Trucks (4) in your calculations. If you don’t get those answers, then you’ve probably got something in the wrong place.

On January 1, 2017, Fisher Corporation purchased 40 percent (72,000 shares) of the common stock of Bowden, Inc. for $984,000 in cash and began to use the equity method for the investment. The price paid represented a $54,000 payment in excess of the book value of Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment because of a recently developed patent held by Bowden with a 15-year remaining life. All other assets were considered appropriately valued on Bowden's books.

Bowden declares and pays a $98,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $410,000 in 2017 and $360,000 in 2018. Each income figure was earned evenly throughout its respective year.

On July 1, 2018, Fisher sold 10 percent (18,000 shares) of Bowden's outstanding shares for $326,000 in cash. Although it sold this interest, Fisher maintained the ability to significantly influence Bowden's decision-making process.

Prepare the journal entries for Fisher for the years of 2017 and 2018.

record 1/2 year of patent amortization:

Pitcher Corporation purchased 60 percent of Softball Corporation’s voting common stock on January 1, 20X1. On January 1, 20X5, Pitcher received $288,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $368,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis.

Required:
a. Prepare the worksheet consolidation entry or entries needed at December 31, 20X5, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the entry to eliminate the gain on the truck and to correct the asset's basis.
• Record the entry to adjust Accumulated Depreciation.

b. Prepare the worksheet consolidation entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the entry to eliminate the gain on the truck and to correct the asset's basis.
• Record the entry to adjust Accumulated Depreciation.

Chaz Corporation has taxable income in 2018 of $312,000 for purposes of computing the §179 expense and acquired the following assets during the year:

What is the maximum total depreciation deduction that Chaz may deduct in 2018? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your answer to the nearest whole dollar amount.)

I got this answer but it's incorrect (Maximum total depreciation deduction $3,632,338)

Incredible Sound is a wholesale business that sells musical instruments.Transactions involving sales and cash receipts for the firm during April 2019 follow. The firm sells it's merchandise for cash and on open account. During April Incredible Sounds engaged in the following transaction.

April 2019 Transactions

1 Sold merchandise for $ 4,200 to Alto Music Center; Issued Invoice 3912 with terms of 2/10, n/30.

2 Received a check for $1,813 from Music Supply Store in payment of invoice 2718 of March 25 ($ 1,850) , less cash discount ($37)

5 Sold merchandise totaling $1,650 in cash to a new customer who has not yet established credit.

7 Merchandise of $ 80 sold on April 5 is returned for cash refund.

8 Sold merchandise for $6,200 to Music Warehouse; issued invoice 3913 with terms of 2/10 n/30

10 Received payment from Alto Music Center in payment of invoice 3912, less cash discount

15 Accepted a return of damaged merchandise form Music Warehouse: issued credit Memorandum 105 for $ 2,150. The original sale was made on invoice 3913 on April 8

17 Received payment from Music Wearhouse for the sale of April 8, less the return on April 15; Music Wearhouse deducted the appropriate cash discount from its payment

19 Received a check for $ 2,150 as payment in full for Oldies Sound for Invoice 3850 dated back March 20

20 Sold merchandise for $10,900 to Hawk Music Center ; issued invoice 3914 with terms of 2/10, n/30

25 Sold merchandise for $10,500 to Modern Sounds; issued invoice 3915 with terms of 2/10, n/30

26 Sold merchandise for $8,300 to Country Tunes Issued; invoice 3916 with terms of 2/10 , n/30

27 Accepted a return of damaged merchandise from Modern Sound ; issued credit Memorandum 106 for $470 The original sale was made on invoice 3915 on April 25

29 Received payment for Hawk Music Center for the sale of April 20, less cash discount

30 Sold merchandise for $2,900 Oldies Sound; issued invoice 3917 with terms of 2/10, n/30

Post the above transaction to the appropriate accounts in the general ledger and in the accounts receivable ledger

Prepare a schedule of accounts receivable

General Ledger Accounts

101 Cash $27,100 Dr

111 Accounts receivable $ 4,000 Dr

401 Sale

451 Sales Return and allowance

452 Sales Discounts

Accounts Receivable Ledger Accounts

Alto Music Center

Country Tunes

Hawk Music Center

Modern Sounds

Music Supply Store $1,850

Music Wearhouse

Oldies Sounds 2,150

What were the total sale on account in April, prior to any returns,allowances or discounts?

Total Sales on Account

On April 1, 12,000 shares of $5 par common stock were issued at $24, and on April 7, 3,000 shares of $50 par preferred stock were issued at $106.

Required:

On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $29 per share. It sold 4,000 of the treasury shares at $32 per share on June 10. The remaining 3000 shares were sold on November 10 for $25 per share.

a. Journalize the entries to record the purchase (treasury stock is recorded at cost).

b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.

Hi-Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An absorption costing income statement for the most recent period is shown:

Hi-Tek produced and sold 60,200 units of B300 at a price of $21 per unit and 12,600 units of T500 at a price of $39 per unit. The company’s traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company’s two product lines is shown below:

The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek’s ABC implementation team concluded that $56,000 and $101,000 of the company’s advertising expenses could be directly traced to B300 and T500, respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team also distributed the company’s manufacturing overhead to four activities as shown below:

Required:

1. Compute the product margins for the B300 and T500 under the company’s traditional costing system.

2. Compute the product margins for B300 and T500 under the activity-based costing system.

3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)

ompute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.)

Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2 decimal places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.)

Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $320,000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $804,000 at January 1, 2017. Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $178,000 in 2017 and $250,000 of net income during 2018. Dividends of $76,000 and $96,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method.

1. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield?

2. If Belden sells its entire investment in Sheffield on January 1, 2019, for $414,000 cash, what is the impact on Belden's income?

3. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows. What amount of equity income should Belden recognize for the year 2018?