At December 31, 2017, Grand Company reported the following as
plant assets.
| Land | $ 4,320,000 | |||
| Buildings | $29,800,000 | |||
| Less: Accumulated depreciation—buildings | 10,570,000 | 19,230,000 | ||
| Equipment | 47,520,000 | |||
| Less: Accumulated depreciation—equipment | 4,910,000 | 42,610,000 | ||
| Total plant assets | $66,160,000 |
During 2018, the following selected cash transactions
occurred.
| April 1 | Purchased land for $2,000,000. | |
| May 1 | Sold equipment that cost $840,000 when purchased on January 1, 2014. The equipment was sold for $504,000. | |
| June 1 | Sold land purchased on June 1, 2008 for $1,430,000. The land cost $393,000. | |
| July 1 | Purchased equipment for $2,440,000. | |
| Dec. 31 | Retired equipment that cost $480,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. |
A: Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
B: Prepare the plant assets section of Grand’s balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment.)
In: Accounting
At December 31, 2017, Grand Company reported the following as plant assets.
| Land | $ 4,320,000 | |||
| Buildings | $29,800,000 | |||
| Less: Accumulated depreciation—buildings | 10,570,000 | 19,230,000 | ||
| Equipment | 47,520,000 | |||
| Less: Accumulated depreciation—equipment | 4,910,000 | 42,610,000 | ||
| Total plant assets | $66,160,000 |
During 2018, the following selected cash transactions occurred.
| April 1 | Purchased land for $2,000,000. | |
| May 1 | Sold equipment that cost $840,000 when purchased on January 1, 2014. The equipment was sold for $504,000. | |
| June 1 | Sold land purchased on June 1, 2008 for $1,430,000. The land cost $393,000. | |
| July 1 | Purchased equipment for $2,440,000. | |
| Dec. 31 | Retired equipment that cost $480,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. |
A: Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
B: Prepare the plant assets section of Grand’s balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment.)
In: Accounting
On January 1, 2018 Kimmel Company accepts a $53000 non interest bearing note from a customer for services provided. The note is to be paid in 4 equal installments every 6 months (payments every July 1 and January 1 with the first payment on July 1, 2018) An assumed interest rate of 9% is implied. Round installments to the nearest dollar.
A) Prepare an amortization table for this note. Round amounts to the nearest dollar. Clearly label your rows with dates for each recognition of interest revenue/discount amortization and for each installment payment. NOTE: Kimmel Corp prepares financial statements (and recognizes interest revenue) semiannually on each June 30th and December 31st.
B) Prepaire T Accounts for note receivable and discount on notes receivable witha ll entries posted from 1/1/18 to 12/31/18
C) How much interest revenue would be on the income statement for the year ended December 31,2018?
In: Accounting
Part 3: Lessee Entries: Capital Lease
On January 1, 2018, Southern, Inc. signed a 10-year non-cancelable lease for a machine. The terms of the lease called for Southern to make annual payments of $17,240 at the beginning of each year, starting January 1, 2018. The machine has an estimated useful life of 12 years.
The machine reverts back to the lessor at the end of the lease term. Southern uses the straight-line method of depreciation for all of its plant assets. Southern’s incremental borrowing rate is 4%, and the Lessor’s implicit rate is unknown.
Prepare all necessary journal entries for Southern for this lease through January 1, 2019.
In: Accounting
Assume you are creating a database for IS paint store. The database needs to support the following business functions. • Allow customers to browse the inventory. Customers want to search by paint types and colors. Customers also wants to know pricing information. • A customer can be a regular customer (e.g., home owner), or a contractor or painting professionals. Different customers can get different discounts for the same type of paint. We assume each customer can get the same discount for all types of products in this store. • Allow the employees of the IS paint store to record the information of a sale. Each sale has a sale date, sale amount (colors, number of gallons, etc.), and total payment due (including prices and sales tax). • A customer can finance for large sales. For simplicity, we only consider the case where each customer can have 12 installments of payments with 0% interest rate. For example, if the total payment amount is $120, a customer can choose to pay $10 each month for 12 months to complete the payment. For each transaction like this, we should allow the employees to record the type of payment, the next payment date, amount due. If a customer misses a payment, employees of the store need to send a notice to the customer to charge a fine. The data model consists of 4 entities: Inventory, Customer, Transaction, and Transaction_Detail. Please see the solutions for assignment 1 for details of the sample design. Please answer the following questions. 1. Draw the entities and relationships using ER diagram notations. Please specify relationships with cardinalities. You may use any drawing tools to print it out, or draw it clearly on the paper. 2. Answer why you do not want to create relationships for customer search inventory, employee records transaction, and employee sends notice to customer.
In: Computer Science
Database notation is not consistent; there are hundreds of types of database models. Each model or notation is good at selective situations. Visio uses notation and graphical shapes that are not the same as those in your text. If you look at some of the links to schemas, you will see a similar sort of thing. Research the web for data models and data notation and similar phrases. Provide your answer to the following questions:
1.Name some of the notations/models you find In your own words,
2.discuss why do these differences in modeling exist
3.What, if any, solution you would recommend.
In: Computer Science
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You are the Chief Financial Officer for Bio Innovations, a private company operating since 1993. Bio develops and markets cancer drugs, and recently became a cloud provider for medical centers. You recently joined the company and have been encouraging the founder and executive chair, Mary Cooper, to take the company public. Mary is reluctant to do that primarily because of the nature of the business and her belief that GAAP financial statements place the company in an unfavorable position, especially against the background of its significant research and development expenditure that is expected to continue for the foreseeable future. Mary met an investment banker during her recent family vacation and immediately called you into her office on her return to tell you of the interaction with the banker who mentioned something to her about non-GAAP reporting. Mary is unsure of what he meant by non-GAAP reporting and how such reporting would create a favorable position for Bio, were it to go public. She is also fearful that she would face penalties if a publicly listed Bio engaged in what seems like a dubious reporting practice. Mary reluctantly asks for your advice as the investment banker is encouraging her to take the company public and wants to make a formal presentation to Bio’s board on going public You are excited to hear about this development as the main reason you joined the company is that you felt it was an excellent candidate for a listing on the New York Stock Exchange. Further, your involvement would be a major career achievement.
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In: Accounting
| Comprehensive Example Ch 4 pt 2 - Online Class | ||||
| Salary | $ 125,000.00 | |||
| Corporate Bonds | $ 10,000.00 | |||
| Muni Bonds | $ 5,000.00 | |||
| For AGI Deductions | $ 7,000.00 | |||
| Itemized Deductions | $ 1,000.00 | |||
| Filing Status | MFJ | |||
| Withholding | $ 5,000.00 | |||
| Non-Refundable Credits | $ 10,000.00 | |||
| Calculate: | 2017 | 2018 | ||
| Gross Income | ||||
| Adjusted Gross Income | ||||
| Taxable Income | ||||
| Income Tax Liability | ||||
| Tax Due/ (Refund) | ||||
In: Accounting
Describe 3 potential barriers to EHR adoption and strategies to overcome those barriers. Support with 2 references/citations
In: Nursing
Write an a 3 page essay giving examples and citations of The Labor Market Effects of National Health Insurance in Zambia
In: Economics