Calculate the angle of incidence of beam radiation on a surface located at Harrisonburg, VA at 10:30 A.M. (solar time) on February 13, if the surface is tilted 45° from the horizontal and pointed 15° west of south.
In: Physics
One mole each of CO 2 , O 2 , and N 2 are fed to a batch reactor and heated to 3000 K and 5.0 atm.
Two reactions as shown proceed to equilibrium
CO 2<-----> CO + ½ O 2 K p1 = 0.3272 atm 1/2
½ N 2 + ½ O 2 <-------> NO, K p2 = 0.1222
Calculate the equilibrium composition of the reactor content. [CO 2 = 25.74 mole%; CO = 4.50
mole%; O 2 = 33.55 mole%; N 2 = 30.30 mole%; NO = 3.90 mole%]
In: Chemistry
| During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: | |
| October Transactions | |
| Date | Transaction Description |
| Oct. 1 | Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock. |
| Oct. 1 | Paid the premium on a one-year insurance policy, $1,200. |
| Oct. 1 | Paid the current month's store rent expense, $1,040. |
| Oct. 3 | Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due. |
| Oct. 8 | Purchased repair supplies from McKenna Company on credit, $390. |
| Oct. 12 | Paid utility bill for October, $154. |
| Oct. 16 | Cash bicycle repair revenue for the first half of October, $1,362. |
| Oct. 19 | Made payment to McKenna Company, $200. |
| Oct. 31 | Cash bicycle repair revenue for the last half of October, $1,310. |
| Oct. 31 | Declared and paid cash dividend of $800. |
REQUIREMENT #1: Prepare journal entries to record the October transactions in the General Journal below. Remember that Debits must equal Credits - All of your Journal Entries should balance.
REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances.
REQUIREMENT #3: Prepare a trial balance for October in the space below.
Requirement #4: Prepare adjusting entries using the following
information in the General Journal below. Show your
calculations!
a) One month's insurance has
expired.
b) The remaining inventory of repair supplies is
$194.
c) The estimated depreciation on repair equipment is
$70.
d) The estimated income taxes are $40.
Requirement #5: Post the adjusting entries on October 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Requirement #7: Prepare the financial statements for Rawls
Repair Corporation as of October 31 in the space
below.
You will only be preparing the Income Statement, Statement of
Retained Earning and the Balance Sheet.
Requirement #8: Prepare the closing entries at October 31 in the
General Journal below. Hint: use the balances for each account
which appear on the Adjusted
Trial Balance for your closing entries.
Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.
Requirement #10: Prepare a post-closing trial balance as of October 31 in the space below.
In: Accounting
On 1 January 20x1, Success Co. entered into a lease agreement to lease a highly specialised machinery (which had a useful life of 20 years) from Victory Leasing Co.
Victory Leasing Co. had bought the new machinery for a cash consideration of $1,122,095.
The terms of the lease agreement included the following:
At the commencement date, Success Co. was reasonably certain that it will extend the lease to 20 years.
The rate of return of the lease was 5%. Success Co.’s incremental borrowing rate was 4%.
The initial direct cost paid by Success Co. was $20,000. Victory Leasing Co. had also paid $20,000 of initial direct cost.
Assume the asset was depreciated using straight-line basis with no residual value.
Required:
Prepare appropriate journal entries (with reference to IFRS 16-Leases) for Success Co. and Victory Leasing Co for the year 20x1. Assume a December 31 year-end.
In: Accounting
At the beginning of 2018, Baker Co. reported the following amounts related to investments:
ASSETS
Interest receivable-Black Co. bonds 20,000
Investment in Blue Co. common stock $320,000
Fair value adjustment (10,000)=$310,000
Investment in Red Co. common stock $700,000
Fair value adjustment $20,000= $720,000
Investment in Black Co., 8% bonds-AFS security $600,000
Fair value adjustment 30,000 = $630,000
Requirement 1: In the space below each item a-d (or on a t-account sheet), record Rockets 2018 transactions/events on the underlined date. Show any computations.
a. On January 31, 2018, received semi-annual interest payment of $24,000 on 8% Black Co. bonds purchased at the $600,000 face value on August 1, 2017. Baker recorded an adjusting entry for interest at the end of 2017.
b. On July 31, 2018, received semi-annual interest payment of $24,000 from Black Co.
c. On November 1, 2018, sold Red Co. common stock for $690,000.
.
d. On December 31, 2018, recorded any necessary adjusting entries related to investments. The following information is available:
Dec. 31, 2018 fair value
Bkue Co. common stock $270,000
Blue Co. bonds 674,000
What is net income?
What is comprehensive NI?
In: Accounting
The following selected transactions were completed during August between Summit Company and Beartooth Co.:
| Aug. | 1 | Summit Company sold merchandise on account to Beartooth Co., $49,550, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $30,000. |
| 2 | Summit Company paid freight of $1,265 for delivery of merchandise sold to Beartooth Co. on August 1. | |
| 5 | Summit Company sold merchandise on account to Beartooth Co., $59,560, terms FOB shipping point, n/eom. The cost of the goods sold was $43,840. | |
| 9 | Beartooth Co. paid freight of $2,290 on August 5 purchase from Summit Company. | |
| 15 | Summit Company sold merchandise on account to Beartooth Co., $56,100, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,715, which was added to the invoice. The cost of the goods sold was $36,310. | |
| 16 | Beartooth Co. paid Summit Company for purchase of August 1. | |
| 25 | Beartooth Co. paid Summit Company on account for purchase of August 15. | |
| 31 | Beartooth Co. paid Summit Company on account for purchase of August 5. |
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.
In: Accounting
The following selected transactions were completed during August between Summit Company and Beartooth Co.:
| Aug. | 1 | Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. |
| 2 | Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. | |
| 5 | Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipping point, n/eom. The cost of the goods sold was $43,250. | |
| 9 | Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. | |
| 15 | Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,755, which was added to the invoice. The cost of the goods sold was $31,720. | |
| 16 | Beartooth Co. paid Summit Company for purchase of August 1. | |
| 25 | Beartooth Co. paid Summit Company on account for purchase of August 15. | |
| 31 | Beartooth Co. paid Summit Company on account for purchase of August 5. |
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.
In: Accounting
The following selected transactions were completed during August between Summit Company and Beartooth Co.:
| Aug. | 1 | Summit Company sold merchandise on account to Beartooth Co., $43,500, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $29,330. |
| 2 | Summit Company paid freight of $1,110 for delivery of merchandise sold to Beartooth Co. on August 1. | |
| 5 | Summit Company sold merchandise on account to Beartooth Co., $69,400, terms FOB shipping point, n/eom. The cost of the goods sold was $42,440. | |
| 9 | Beartooth Co. paid freight of $2,310 on August 5 purchase from Summit Company. | |
| 15 | Summit Company sold merchandise on account to Beartooth Co., $61,000, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,555, which was added to the invoice. The cost of the goods sold was $37,780. | |
| 16 | Beartooth Co. paid Summit Company for purchase of August 1. | |
| 25 | Beartooth Co. paid Summit Company on account for purchase of August 15. | |
| 31 | Beartooth Co. paid Summit Company on account for purchase of August 5. |
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.
In: Accounting
Problem 11-10
Martinez Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Martinez has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company’s records and personnel.
| 1. | Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. | |
| 2. | Land A and Building A were acquired from a predecessor corporation. Martinez paid $844,000 for the land and building together. At the time of acquisition, the land had an appraised value of $86,100, and the building had an appraised value of $774,900. | |
| 3. | Land B was acquired on October 2, 2016, in exchange for 2,600 newly issued shares of Martinez’s common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $28 per share. During October 2016, Martinez paid $15,300 to demolish an existing building on this land so it could construct a new building. | |
| 4. | Construction of Building B on the newly acquired land began on October 1, 2017. By September 30, 2018, Martinez had paid $307,000 of the estimated total construction costs of $428,900. It is estimated that the building will be completed and occupied by July 2019. | |
| 5. | Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when donated placed the fair value at $38,900 and the salvage value at $2,700. | |
| 6. | Machinery A’s total cost of $181,800 includes installation expense of $540 and normal repairs and maintenance of $14,400. Salvage value is estimated at $6,500. Machinery A was sold on February 1, 2018. | |
| 7. | On October 1, 2017, Machinery B was acquired with a down payment of $5,280 and the remaining payments to be made in 11 annual installments of $5,540 each beginning October 1, 2017. The prevailing interest rate was 8%. The following data were abstracted from present value tables (rounded). |
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Present value |
Present value |
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| 10 years | 0.463 | 10 years | 6.710 | |||
| 11 years | 0.429 | 11 years | 7.139 | |||
| 15 years | 0.315 | 15 years | 8.559 | |||
Complete the schedule below. (Round answers to 0
decimal places, e.g. 45,892.)
| Assets |
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Cost | Salvage |
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2017 | 2018 | |||||||||
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N/A |
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30 | __ | (6) ___ | |||||||||
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10 | (8) ___ | (9) ___ | |||||||||
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8 | (11) ___ |
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20 | __ | (14) ___ |
In: Accounting
Skysong Corporation, a manufacturer of steel products, began
operations on October 1, 2016. The accounting department of Skysong
has started the fixed-asset and depreciation schedule presented
below. You have been asked to assist in completing this schedule.
In addition to ascertaining that the data already on the schedule
are correct, you have obtained the following information from the
company’s records and personnel.
| 1. | Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2. | Land A and Building A were acquired from a predecessor corporation. Skysong paid $844,000 for the land and building together. At the time of acquisition, the land had an appraised value of $86,100, and the building had an appraised value of $774,900. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3. | Land B was acquired on October 2, 2016, in exchange for 2,600 newly issued shares of Skysong’s common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $28 per share. During October 2016, Skysong paid $15,300 to demolish an existing building on this land so it could construct a new building. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. | Construction of Building B on the newly acquired land began on October 1, 2017. By September 30, 2018, Skysong had paid $307,000 of the estimated total construction costs of $428,900. It is estimated that the building will be completed and occupied by July 2019. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. | Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when donated placed the fair value at $38,900 and the salvage value at $2,700. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6. | Machinery A’s total cost of $181,800 includes installation expense of $540 and normal repairs and maintenance of $14,400. Salvage value is estimated at $6,500. Machinery A was sold on February 1, 2018. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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7. On October 1, 2017, Machinery B was acquired with a down payment of $5,280 and the remaining payments to be made in 11 annual installments of $5,540 each beginning October 1, 2017. The prevailing interest rate was 8%. The following data were abstracted from present value tables (rounded).
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In: Accounting