Dan Corp issues 3,000 shares of 10%, preferred stock. The Cash amount is $450,000; in this case the market value is: *
$10
$100
$120
$150
On July 1, 2019, Alex Company borrows $30,000 from City Bank and signs a 4- months, 5%, $30,000 interest bearing note. Interest Expense is: *
$500
$800
$30,500
$30,800
Lili Company’s products are subject to a 1-year warranty. During 2019, the company sold 300,000 units, of which the company estimates 4% will be defective. During the year, the company honored warranty contracts for 6,000 units. When honoring warranty contracts, the company must *
Debit Warranty Liability and credit Repair Parts
Debit Repair Parts and credit Warranty Liability
Debit Warranty Expense and credit Warranty Liability
Debit Warranty Liability and credit Warranty Expense
On July 1, 2019, Alex Company borrows $30,000 from City Bank and signs a 4- months, 5%, $30,000 interest bearing note. The payment date is *
October 1, 2019
November 1, 2019
December 1, 2019
January 1, 2020
Dan Corp issues 500 of 10%, $100 par value preferred stock to attorneys who helped the company organize. Attorneys valued their service at $100,000. Preferred Stock should be recorded as: *
Debit $50,000
Credit $50,000
Debit $130,000
Credit $130,000
Which of the following represents the number of shares repurchased from the market? *
Treasury shares
Issued shares
Outstanding shares
Authorized shares
The sale of common stock below par: *
Is a common occurrence
Is not permitted
Is a practice that most shareholders encourage
Requires that a liability be recorded for the difference between the sales price and the par value of the shares.
In: Accounting
Is Chief Executive Officer (CEO) compensation aligned with the interests of all shareholders? Support your answers with the findings in the articles or journals.
In: Accounting
Develop a list of five criteria for a CEO assuming that he or she has effective diversity management and inclusion as a strategic goal.
In: Finance
Please explain on the role of Schultz ‘the returning CEO’ in Starbucks revitalization. What were the initiatives that he executed during the process?
In: Operations Management
What are Disney’s biggest strategic challenges? What recommendations would you give the Disney CEO to address the challenges? Be specific.
In: Operations Management
How would you propose to evaluate a CEO for making her healthcare organization sufficiently accountable over of a period of time?
In: Operations Management
Allocating Payments and Receipts to Fixed Asset Accounts
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.
| a. | Fee paid to attorney for title search | $3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| b. | Cost of real estate acquired as a plant site: Land | 374,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Building (to be demolished) | 35,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| c. | Delinquent real estate taxes on property, assumed by purchaser | 21,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| d. | Cost of razing and removing building acquired in B | 5,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| e. | Proceeds from sale of salvage materials from old building | 3,500* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| f. | Special assessment paid to city for extension of water main to the property | 14,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| g. | Architect’s and engineer’s fees for plans and supervision | 51,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| h. | Premium on one-year insurance policy during construction | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| i. | Cost of filling and grading land | 20,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| j. | Money borrowed to pay building contractor | 879,200* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| k. | Cost of repairing windstorm damage during construction | 6,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| l. | Cost of paving parking lot to be used by customers | 17,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| m. | Cost of trees and shrubbery planted | 10,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| n. | Cost of floodlights installed on parking lot | 1,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| o. | Cost of repairing vandalism damage during construction | 2,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| p. | Proceeds from insurance company for windstorm and vandalism damage | 7,000* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| q. | Payment to building contractor for new building | 937,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| r. | Interest incurred on building loan during construction | 44,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| s. |
Refund of premium on insurance policy (h) canceled after 11 months Required: 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the dropdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign.
2. Determine the amount debited to Land, Land Improvements, and Building.
3. Since land used as a plant site lose its ability to provide services, it depreciated. Land improvements lose their ability to provide services as time passes and are therefore . 4. What would be the effect on the income statement and balance sheet if the cost of filling and grading land of $20,600 [payment (i)] was incorrectly classified as Land Improvements rather than Land? Assume Land Improvements are depreciated over a 20-year life using the double-declining-balance method. |
417* |
In: Accounting
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.
| a. | Fee paid to attorney for title search | $2,500 | ||
| b. | Cost of real estate acquired as a plant site: Land | 285,000 | ||
| Building (to be demolished) | 55,000 | |||
| c. | Delinquent real estate taxes on property, assumed by purchaser | 15,500 | ||
| d. | Cost of razing and removing building acquired in (b) | 5,000 | ||
| e. | Proceeds from sale of salvage materials from old building | 4,000 | * | |
| f. | Special assessment paid to city for extension of water main to the property | 29,000 | ||
| g. | Architect’s and engineer’s fees for plans and supervision | 60,000 | ||
| h. | Premium on one-year insurance policy during construction | 6,000 | ||
| i. | Cost of filling and grading land | 12,000 | ||
| j. | Money borrowed to pay building contractor | 900,000 | * | |
| k. | Cost of repairing windstorm damage during construction | 5,500 | ||
| l. | Cost of paving parking lot to be used by customers | 32,000 | ||
| m. | Cost of trees and shrubbery planted | 11,000 | ||
| n. | Cost of floodlights installed on parking lot | 2,000 | ||
| o. | Cost of repairing vandalism damage during construction | 2,500 | ||
| p. | Proceeds from insurance company for windstorm and vandalism damage | 7,500 | * | |
| q. | Payment to building contractor for new building | 800,000 | ||
| r. | Interest incurred on building loan during construction | 34,500 | ||
| s. | Refund of premium on insurance policy (h) canceled after 11 months | 500 | * |
Required:
1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the dropdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign.
| Item | Account | Amount |
| a. | $ | |
| b. | $ | |
| c. | $ | |
| d. | $ | |
| e. | $ | |
| f. | $ | |
| g. | $ | |
| h. | $ | |
| i. | $ | |
| j. | $ | |
| k. | $ | |
| l. | $ | |
| m. | $ | |
| n. | $ | |
| o. | $ | |
| p. | $ | |
| q. | $ | |
| r. | $ | |
| s. | $ |
2. Determine the amount debited to Land, Land Improvements, and Building.
| Land | Land Improvements | Building |
| $ | $ | $ |
3. Land used as a plant site lose its ability to provide services; thus, it depreciated. However, land improvements lose their ability to provide services as time passes and are, therefore, .
4. What would be the effect on the income statement and balance sheet if the cost of filling and grading land of $12,000 [payment (i)] was incorrectly classified as Land Improvements rather than Land? Assume Land Improvements are depreciated over a 20-year life using the double-declining-balance method.
In: Accounting
You are admitting a 19-year-old female college student to the hospital for fevers. using the patients provided, choose a culture unfamiliar to you and described what is essential to remember while you interview this patient discuss the health care support systems available in your community for someone of this culture if no support systems are available in your community, identify a national resource
In: Nursing
Consider some examples of successful global business. Complete either an interview with a manager doing business internationally or an analysis of global business news (your choice). Use this information to answer the following question: How might you incorporate your previous learning on the supply and demand curve to understand how exchange rates and trade embargoes influence global business?
In: Economics