Lynbrook Securities engaged in the following transactions during 2020:
1. Purchased $160,000 of supplies from Scan House Supplies on February 1, terms 2/15, net 30. Use the Net Method to record the purchase.
2. Paid for the purchase of merchandise (Transaction 1) on February 26.
3. On April 1 negotiated a payment extension with Capital Products for a $10,000 Accounts Payable balance by signing a 1-year, 9% note.
4. Borrowed $200,000 on a 9-month, 6% interest-bearing note on May 31.
5. Purchased $78,000 of merchandise on June 4, terms 2/15, net 30. Use the Net Method to record the purchase.
6. Paid for the purchased merchandise (Transaction 5) on June 16.
7. Received from Scan House Inc. on August 20, a $20,000 deposit against a total selling price of $120,000 for services to be performed for Scan House during the 4th quarter of the year.
8. Paid quarterly installments of Social Security and Medicare and individual income tax withholdings, as shown below, on October 15. The Social Security and Medicare were recorded as expenses during the previous quarter ending September 30. The amounts paid represent both the employee and employer shares (50% each): a. Social Security taxes withheld $185,000 b. Medicare taxes withheld 43,266 c. Federal income taxes withheld 319,000
9. On December 10, Lynbrook completed the services ordered by Scan House on August 20. Scan House’s remaining balance of $100,000 is due on January 9. Required:
1. Prepare journal entries for these transactions. 2. Prepare any adjusting journal entries required at December 31, 2020 relating to the above transactions.
In: Accounting
The following information was taken from Egeland Ltd.’s adjusted
trial balance as at July 31, 2020:
| Sales revenue | $2,777,000 | |||
| Interest expense | 45,000 | |||
| Cost of goods sold | 1,560,674 | |||
| Utilities expense | 17,000 | |||
| Depreciation expense | 216,000 | |||
| Distribution expenses | 410,000 | |||
| Administration expenses | 278,000 | |||
| Advertising expense | 60,000 | |||
| Interest revenue | 21,000 | |||
| Income tax expense | 78,000 | |||
| Dividends declared—Common shares | 27,000 | |||
| Dividends declared—Preferred shares | 14,526 |
Prepare a single-step statement of income for the year ended
July 31, 2020.
.
.
.
Prepare a multi-step statement of income for the year ended July 31, 2020.
.
.
.
Determine Egeland’s gross margin percentage for the year. (Round answer to 1 decimal place, e.g. 52.7%.)
.
.
.
If Egeland had 88,000 common shares outstanding throughout the year, determine the company's basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.)
In: Accounting
a) A country produces computers. If the pretrade domestic price for computers is $ 900, and the world price for computers is $ 1200, will this country export or import computers?
(b) Say the US dollar appreciates against other currencies. What will happen to US exports? To US imports?
(c) Say US interest rates increase over Japanese interest rates. Will the US dollar appreciate or depreciate against the Japanese yen?
(d) Say the US economic growth rate increases over the Canadian economic growth rate. Will the US dollar appreciate or depreciate against the Canadian dollar?
In: Economics
Explain the significance and importance of the warehousing industry using examples from real life. Also, considering the fact that the US is moving from a manufacturing economy to a Service oriented economy, do you think the warehousing industry will become obsolete in the future? Give appropriate reasons from your answer and be very detailed in your answers.
In: Operations Management
Where exactly does CMB come from. I've seen it in documentaries as a huge sphere with Earth in the middle. But if all this radiation was ejected from the start of the universe some time after the big bang; why can we see it? Surely the radiation should be travelling away from us? Just like every galaxy is?
In: Physics
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk.
|
a. |
Architect's and engineer's fees for plans and supervision |
80,000 |
||
|
b. |
Cost of filling and grading land |
30,000 |
||
|
c. |
Cost of removing building purchased with land in (e) |
10,000 |
||
|
d. |
Cost of paving parking lot to be used by customers |
25,000 |
||
|
e. |
Cost of real estate acquired as a plant site: Land ($375,000) and Building ($25,000) |
400,000 |
||
|
f. |
Cost of repairing windstorm damage during construction |
5,000 |
||
|
g. |
Cost of repairing vandalism damage during construction |
1,800 |
||
|
h. |
Cost of trees and shrubbery planted |
12,000 |
||
|
i. |
Delinquent real estate taxes on property, assumed by purchaser |
20,000 |
||
|
j. |
Fee paid to attorney for title search |
3,000 |
||
|
k. |
Finder's fee paid to real estate agency |
4,000 |
||
|
l. |
Interest incurred on building loan during construction |
40,000 |
||
|
m. |
Money borrowed to pay building contractor |
775,000 |
* |
|
|
n. |
Payment to building contractor for new building |
750,000 |
||
|
o. |
Proceeds from insurance company for windstorm and vandalism damage |
3,600 |
* |
|
|
p. |
Premium on one-year insurance policy during construction |
7,500 |
||
|
q. |
Proceeds from sale of salvage materials from old building |
4,000 |
* |
|
|
r. |
Refund of premium on insurance policy (p) canceled after 10 months |
1,250 |
* |
|
|
s. |
Special assessment paid to city for extension of water main to the property |
10,500 |
Instructions:
Item Land Land Building Other Accounts
Improvements
a. 80,000
In: Accounting
The Stilton Company has the following inventory and credit
purchases during the fiscal year ended December 31, 2020.
| Beginning | 640 units @ $75/unit | |||||
| Feb. 10 | 350 units @ $72/unit | |||||
| Aug. 21 | 230 units @ $85/unit | |||||
Stilton Company has two credit sales during the period. The units
have a selling price of $135.00 per unit.
| Sales | ||
| Mar. | 15 | 430 units |
| Sept. | 10 | 335 units |
Stilton Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods sold and
ending inventory using: (Do not round intermediate
calculations. Round the "Weighted-average cost" to 2 decimal
places. Round final answers to 2 decimal places.)
2. Calculate the dollar value of cost of goods
sold and ending inventory using specific identification, assuming
the sales were specifically identified as follows:
| Mar. | 15: | 230 | units from beginning inventory |
| 200 | units from the February 10 purchase | ||
| Sept. | 10: | 225 | units from beginning inventory |
| 40 | units from the February 10 purchase | ||
| 70 | units from the August 21 purchase | ||
3. Using information from your answers in Parts 1
and 2, journalize the credit purchase on February 10 and the credit
sale on September 10 for each of:
a. FIFO
b. Moving weighted average (Do not round
intermediate calculations. Round "Average cost per unit" to 2
decimal places. Round the final answers to nearest whole
dollar.)
c. Specific identification
hi chegg team can you help me with this question.
In: Accounting
Sandhill Corp., which uses IFRS, signs non-renewable,
non-cancellable lease agreement to lease robotic equipment from Xiu
Inc. The following information concerns the lease
agreement.
| Inception date | January 1, 2020 | |
| Lease term | 5 years | |
| Fair value of equipment Jan. 1, 2020 | $140,000 | |
| Economic life of leased equipment | 7 years | |
| Annual rental payments starting Jan. 1, 2020 | $23,829 | |
| Option to purchase at the end of the term | none | |
| Depreciation method | Straight-line | |
| Residual value | none | |
| Sandhill’s incremental borrowing rate | 6% |
Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability.
| The amount of the right-of-use asset | $ |
Prepare the initial entry to reflect the signing of the lease
agreement. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Jan. 1, 2020 |
|||
Prepare an amortization schedule for the term of the lease to be
used by Sandhill. Use Excel. (Round answers to 0
decimal places, e.g. 5,275.)
| Sandhill Corp. Lease Amortization Schedule (Lessee) |
||||||||
| Date | Annual Payment |
Interest on Unpaid Liability |
Reduction of Lease Liability |
Balance of Lease Liability |
||||
| $ | ||||||||
| January 1, 2020 | $ | $ | ||||||
| January 1, 2021 | $ | |||||||
| January 1, 2022 | ||||||||
| January 1, 2023 | ||||||||
| January 1, 2024 | ||||||||
Prepare the journal entries on Sandhill Corp.’s books to record
the payments related to this lease for the years 2020 and 2021 as
well as any adjusting journal entries at its fiscal year ends of
December 31, 2020 and 2021. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Dec. 31, 2020 Jan. 1, 2021 Dec. 31, 2021 |
|||
| (To record depreciation) | |||
|
Dec. 31, 2020 Jan. 1, 2021 Dec. 31, 2021 |
|||
| (To record interest) | |||
|
Dec. 31, 2020 Jan. 1, 2021 Dec. 31, 2021 |
|||
|
Dec. 31, 2020Jan. 1, 2021Dec. 31, 2021 |
|||
| (To record depreciation) | |||
|
Dec. 31, 2020Jan. 1, 2021Dec. 31, 2021 |
|||
| (To record interest) |
In: Accounting
On January 1, 2020, Blossom Inc. agrees to buy 3 kg of gold at
$32,000 per kilogram from Golden Corp on April 1, 2020, but does
not intend to take delivery of the gold. On the day that the
contract was entered into, the fair value of this futures contract
that trades on the Futures Exchange was zero. On January 1, 2020,
Blossom is required to deposit $66 with the stockbroker as a
margin. The fair value of the futures subsequently fluctuated as
follows:
| Date | Fair Value of Futures Contract | |
|---|---|---|
|
January 20, 2020 |
$455 | |
|
February 6, 2020 |
$130 | |
|
February 28, 2020 |
$362 | |
|
March 14, 2020 |
$750 |
On the settlement date, the spot price of gold is $33,000 per
kilogram. Assume that Blossom complies with IFRS.
QUESTION:
1) Prepare the journal entry for the day the futures contract was signed.
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
January 1, 2020 |
enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount |
2) Prepare the journal entries to recognize the changes in the fair value of the futures contract.
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
| transaction date | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| transaction date | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| transaction date | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| transaction date | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount |
3) Prepare the journal entry that would be required if Blossom settled the contract on a net basis on April 1, 2020.
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
April 1, 2020 |
enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| enter an account title | enter a debit amount | enter a credit amount | |
| enter an account title | enter a debit amount | enter a credit amount |
In: Accounting
Manifest Destiny. Describe the emergence of "Manifest Destiny" in the U.S. -tell us what it is, how it emerged, and explain how it impacted Native peoples in the U.S. (the Cherokee, Plains Indians, Native Peoples of the West,...) in the 19th century. Then explain how the U.S. came to take half of Mexico. Then tell us how the Mexican-American and Native American populations that lived in the territories that the U.S. took from Mexico in 1848 (California, New Mexico, Arizona, Texas...) fared after1848. Explain each part with specific examples
In: History