On 12/31/2020, Heaton Industries Inc. reported retained earnings of $275,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020?

elect the correct answer.

11

Green Company sells its product for $11100 per unit. Variable costs per unit are: manufacturing, $5600; and selling and administrative, $125. Fixed costs are: $51000 manufacturing overhead, and $61000 selling and administrative. There was no beginning inventory at 1/1/18. Production was 34 units per year in 2018–2020. Sales were 34 units in 2018, 30 units in 2019, and 38 units in 2020. Income under absorption costing for 2020 is

E11.3  

(LO 1, 2 ) (Depreciation Computations—SYD, DDB—Partial Periods) Judds Company purchased a new plant asset on April 1, 2020, at a cost of $711,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Judds' accounting period is the calendar year.

Instructions

a.  

Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method.

b.  

Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method.

Problem One:

On March 1, 2019, Mark Company acquired real estate on which it planned to construct a small office building. The company paid $75,000 in cash. An old warehouse on the property was razed at a cost of $6,400; the salvaged materials were sold for $1,200. Additional expenditures before construction began included $800 attorney’s fee for work concerning the land purchase, $3,800 real estate broker’s fee, $5,800 architect’s fee, and $11,000 to put in driveways and a parking lot.

Instructions

1. Determine the amount to be reported as the cost of the land.

2. For each cost not used in part (a), indicate the account to be debited.

Problem Two:

Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2018, at a cost of $188,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000.

Instructions

1. Compute the depreciation cost per unit.

2. Calculate the depreciation expense, accumulated depreciation, and book value for 2018, 2019, 2020, and 2021 assuming actual mileage was: 2018, 27,000; 2019, 34,000; 2020, 24,000; and 2021, 18,000.

Year           Depreciation Expense               Accumulated Depreciation                    Book Value

2018

2019

2020

2021

Problem Three:

Kinder Company purchased a new machine on October 1, 2018, at a cost of $145,000.  The company estimated that the machine will have a salvage value of $25,000.The machine is expected to be used for 20,000 working hours during its 5-year life.

Instructions

Compute the depreciation expense under the following methods for the year indicated.

1. Straight-line for 2018 and 2019.

2. Units-of-activity for 2018 and 2019, assuming machine usage was 3,400 hours for 2018 and 12,200 for 2019.

3. Declining-balance using double the straight-line rate for 2018 and 2019.

4. Assuming the straight-line method.
   1. Prepare the journal entry to record 2018 depreciation.

2. Show how the truck would be reported in the December 31, 2018, balance sheet.

Problem Four:

On January 1, 2019, Jaime Inc. invested $900,000 in a mine estimated to have 1,200,000 tons of ore of uniform grade. During the 2019, 100,000 tons of ore were mined and sold.

Instructions

1. Prepare the journal entry to record depletion expense.

2. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?

Problem Five:

The following are selected 2019 transactions of Penaflok Corporation.  

Jan. 1    Purchased a small company and recorded goodwill of $200,000. Its useful life is indefinite.

May 1   Purchased for $120,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions

Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

INTERVIEW QUESTIONS

Please describe any retail or cashing experience you have

How would you describe your ability to multi-task

INTERVIEW QUESTIONS

Please describe any retail or cashing experience you have

Please describe any customer services experience you have

If you were asked to describe constructivist teaching in a job interview, what would you say? How would you become a constructivist teacher?

What is the definition of a professional look?

Provide a description of a professional look for a job interview. (like clothing and how you can achieve it). What to avoid?

If a recently graduate is turned down in an interview because lack of expirence over an expirience candidate is that discrimination? please explain why? 150 word minimum.

On January 1, 2020, a company had 700,000 shares of common stock outstanding. On March 1, it issued a 3-for-1 stock split. On July 1 it Issued 50,000 shares. On September 1 it Issued a 20% stock dividend. Determine the weighted-average number of shares outstanding as of December 31, 2020.