Right Now, Inc. purchases a large piece of equipment from ARCSOFT Corp. The terms of the purchase call for Right Now to take delivery of the equipment on June 1 , 2016 upon transfer of $50,000 to ARCSOFT on that same day. Additional payments of $200,000 is to be paid by Right Now to ARCSOFT on June 1, 2017 and June 1, 2018. The equipment will be usable upon delivery with no further involvement by ARCSOFT. Both companies only make adjusting entries at the end of the year. The normal borrowing rate for Right Now is 8%.

What journal entries should Right Now and ARCSOFT make on:

June 1, 2016

Dec 31, 2016

Dec 31, 2017

June 1, 2018

Yellow Company a distributor of machinery bought a machine from manufacturer in November 2016 for P500,000. On December 30, 2016, the entity sold this machine for P750,000 under the following terms: 2% discount if paid within 30 days, 1% discount if paid after 30 days but within 60 days or payable in full within 90 days if not paid within the discount period.However, the customer had the right to return this machine to Yellow Company if it was unable to resell the machine before expiration of the 90-day period, in which case the customer’s obligation to Yellow Company would be cancelled. In the net sales for the year ended December 21, 2016, what amount should be included for the sale of the machine?

QS 14-7 Recording bond issuance and discount amortization LO P1, P2

Sylvestor Company issues 10%, five-year bonds, on December 31, 2016, with a par value of $110,000 and semiannual interest payments.

Use the above bond amortization table and prepare journal entries to record

(a) the issuance of bonds on December 31, 2016

(b) the first interest payment on June 30, 2017

(c) the second interest payment on December 31, 2017.
  

AFN equation Broussard Skateboard's sales are expected to increase by 25% from $7.6 million in 2016 to $9.50 million in 2017. Its assets totaled $3 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 70%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations

Please help me!

Problem 12-1
AFN equation

Broussard Skateboard's sales are expected to increase by 15% from $9.0 million in 2016 to $10.35 million in 2017. Its assets totaled $3 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 5%, and the forecasted payout ratio is 75%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.

Carlsbad Corporation's sales are expected to increase from $5 million in 2016 to $6 million in 2017, or by 20%. Its assets totaled $5 million at the end of 2016. Carlsbad is at full capacity, so its assets must grow in proportion to projected sales. At the end of 2016, current liabilities are $1 million, consisting of $250,000 of accounts payable, $500,000 of notes payable, and $250,000 of accrued liabilities. Its profit margin is forecasted to be 5%, and the forecasted retention ratio is 45%. Use the AFN equation to forecast Carlsbad's additional funds needed for the coming year. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest cent.

Problem 12-01
AFN equation

Broussard Skateboard's sales are expected to increase by 15% from $7.2 million in 2016 to $8.28 million in 2017. Its assets totaled $3 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 7%, and the forecasted payout ratio is 75%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.

Problem 12-01
AFN equation

Broussard Skateboard's sales are expected to increase by 20% from $8.2 million in 2016 to $9.84 million in 2017. Its assets totaled $3 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 5%, and the forecasted payout ratio is 70%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.

Assignment 3:

P9-6A Altona Limited purchased delivery equipment on March 1, 2016, for $130,000 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,000. The equipment was disposed of on November 30, 2018. Altona uses the diminishing-balance method at one time the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually.

Instructions

(a) Record the acquisition of equipment on March 1, 2016.

(b) Record depreciation at August 31, 2016, 2017, and 2018.

(c) Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions:

1. It was sold for $60,000.
2. It was sold for $80,000.
3. It was retired for no proceeds.