ACC Inter ch 14

a) Emma Company purchased a machine from Noah Corporation on October 31, 2016. In payment for the $140,300 purchase, Emma issued a one-year installment note to be paid in equal monthly payments of $12,465 at the end of each month. The payments include interest at an annual rate of 12%. When recording the December 31, 2016 payment, the Debit to Interest expense will be? $_________

b) Pope Industries purchased a machine from Fitz Corporation on October 1, 2016. In payment for the $211,000 purchase, Pope issued a two year installment note to be paid in equal semi-annual payments at the end of each 6 month period. The payments include interest at an annual rate of 12%.

Each installment payment will be $__________________

Pacific Ink had beginning work-in-process inventory of $1,005,960 on October 1. Of this amount, $423,500 was the cost of direct materials and $582,460 was the cost of conversion. The 61,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.

During October, 128,000 units were transferred out and 43,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,314,300 for direct materials and $4,022,730 for conversion.

Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)

Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this amount, $459,200 was the cost of direct materials and $610,760 was the cost of conversion.The 63,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.

During October, 132,000 units were transferred out and 45,000 remained in ending inventory.The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,578,400 for direct materials and $4,182,090 for conversion.

a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Round intermediate calculations to 2 decimal places.)

Wrigley Company issued the following notes during 2019. Find the interest due on each of the notes, using the interest formula method.

Analyze:
What is the balance in Notes Payable on December 31, 2019, assuming that all notes were paid when due?

Find the interst due on each of the notes, using the interst formula method. (use the 360 days a year)

1. A $15000 note at 9 percent for 180 days, issued February 15

2. A $14000 note at 12 percent for four months, issued October 3.

3. A $20000 note at 10 percent for 180 days, issued October 18.

What is the balance in Notes Payable on December 31,2019, assuming that all noted were paid when due?

On April 1, 2020, Mendoza Company (a U.S.-based company) borrowed 504,000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on October 1, 2020, and will make a second interest payment on March 31, 2021, when the loan is repaid. Mendoza prepares U.S. dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 euro:

The table below shows the closing monthly stock prices for IBM and Amazon. Calculate the simple three-month moving average for each month for both companies. (Input all amounts as positive values. Do not round intermediate calculations. Round your answers to 2 decimal places.)

The table below shows the closing monthly stock prices for IBM and Amazon. Calculate the simple three-month moving average for each month for both companies. (Input all amounts as positive values. Do not round intermediate calculations. Round your answers to 2 decimal places.)

Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this amount, $459,200 was the cost of direct materials and $610,760 was the cost of conversion. The 63,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 132,000 units were transferred out and 45,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,578,400 for direct materials and $4,182,090 for conversion.

Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)

Pacific Ink had beginning work-in-process inventory of $750,960 on October 1. Of this amount, $307,920 was the cost of direct materials and $443,040 was the cost of conversion. The 51,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs.

During October, 108,000 units were transferred out and 33,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,556,000 for direct materials and $3,278,760 for conversion.

Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)

The table below shows the closing monthly stock prices for IBM and Amazon. Calculate the simple three-month moving average for each month for both companies. (Input all amounts as positive values. Do not round intermediate calculations. Round your answers to 2 decimal places.)