the cpompany has customers make a 20% deposit on items made. This deposit is credited to the Unearned Sales Account when received. Customers pay the remaining balance (80% of the selling price) once the product is done and delivered. On june 1, 2016, the Unearned Sales account had a credit balance of $180,000. During June and July 2016, total customer deposits made for products to be delivered in the future amounted to $400,000 and $480,000.

Questions: (please explain answers, not just give. thank you!!!)

What account would be debited when customer deposits are received?

What account would be credited when the customer deposits are received?

During june and july 2016, the company completed and delivered goods worth $800,000 and $1,200,000, for which customer deposits had been received. (Note: $800,000 and $1,200,000 is the total selling price including the 20% deposit) What is the total sales revenue recognized for june and july As of june 31, what is the balance of the Unearned Sales account?

As of july 30th, what is the balance of the Unearned Sales account? ( The best way to answer 5and6 is to construct a 3 column ledger )

Net Cash Flow From Operating Activities

Verna Company's records provided the following information for 2016:

Decrease in accounts payable, $4,600

Loss on sale of land, $1,900

Increase in inventory, $7,800

Increase in income taxes payable, $2,700

Net income, $68,400

Patent amortization expense, $1,600

Ordinary loss, $6,200

Decrease in deferred taxes payable, $2,500

Amortization of discount on bonds payable, $1,300

Payment of cash dividends, $24,000

Depletion expense, $5,000

Decrease in salaries payable, $1,400

Decrease in accounts receivable, $3,500

Gain on sale of equipment, $6,100

Proceeds from issuance of stock, $57,000

Ordinary gain, $3,700

Depreciation expense, $10,000

Amortization of discount on investment in bonds, $1,500

Required

Prepare the operating activities section of Verna's 2016 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.

On January 1, 2016, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions: • The lease is noncancelable and has a term of 8 years. • The annual rentals are $40,500, payable at the beginning of each year. • The interest rate implicit in the lease is 13%. • Anderson agrees to pay all executory costs and is given an option to buy the equipment for $1 at the end of the lease term, December 31, 2024. • The cost of the equipment to the lessor is $155,500, and the fair retail value is approximately $219,600. • The lessor incurs no material initial direct costs. • The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. • The lessor estimates that the fair value is expected to be significantly greater than $1 at the end of the lease term. The lessor calculates that the present value on January 1, 2016 of 8 annual payments in advance of $40,500 discounted at 13% is $219,615.71 (the $1 purchase option is ignored as immaterial). Required: 1. Next Level Identify the classification of the lease transaction from Ballieu’s point of view. 2. Prepare all the journal entries for Ballieu for the years 2016 and 2017.

On January 1, 2016, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions: • The lease is noncancelable and has a term of 8 years. • The annual rentals are $34,500, payable at the beginning of each year. • The interest rate implicit in the lease is 11%. • Anderson agrees to pay all executory costs and is given an option to buy the equipment for $1 at the end of the lease term, December 31, 2024. • The cost of the equipment to the lessor is $137,000, and the fair retail value is approximately $197,100. • The lessor incurs no material initial direct costs. • The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. • The lessor estimates that the fair value is expected to be significantly greater than $1 at the end of the lease term.

The lessor calculates that the present value on January 1, 2016 of 8 annual payments in advance of $34,500 discounted at 11% is $197,070.76 (the $1 purchase option is ignored as immaterial).

Required: 1. Next Level Identify the classification of the lease transaction from Ballieu’s point of view. 2. Prepare all the journal entries for Ballieu for the years 2016 and 2017.

On January 1, 2016, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions:

The lessor calculates that the present value on January 1, 2016 of 8 annual payments in advance of $28,900 discounted at 12% is $160,792.58 (the $1 purchase option is ignored as immaterial).

Required:

On January 1, 2016, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions

: • The lease is noncancelable and has a term of 8 years.

• The annual rentals are $31,000, payable at the beginning of each year.

• The interest rate implicit in the lease is 12%. • Anderson agrees to pay all executory costs and is given an option to buy the equipment for $1 at the end of the lease term, December 31, 2024.

•The cost of the equipment to the lessor is $162,500, and the fair retail value is approximately $172,500. • The lessor incurs no material initial direct costs.

• The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor.

• The lessor estimates that the fair value is expected to be significantly greater than $1 at the end of the lease term.

The lessor calculates that the present value on January 1, 2016 of 8 annual payments in advance of $31,000 discounted at 12% is $172,476.47 (the $1 purchase option is ignored as immaterial).

Required: 2. Prepare all the journal entries for Ballieu for the years 2016 and 2017.

There are 9 journal entires for 20116 and 4 for 2017

Thank you for you help

Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.

2016

Sold $1,351,100 of merchandise (that had cost $981,600) on credit, terms n/30.

Wrote off $18,700 of uncollectible accounts receivable.

Received $667,400 cash in payment of accounts receivable.

In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable will be uncollectible.

2017

Sold $1,532,300 of merchandise (that had cost $1,337,600) on credit, terms n/30.

Wrote off $27,400 of uncollectible accounts receivable.

Received $1,117,400 cash in payment of accounts receivable.

In adjusting the accounts on December 31, the company estimated that 2.40% of accounts receivable will be uncollectible.

  
Required:
Prepare journal entries to record Liang’s 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar amount.)

Walmart Stores, Inc. is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements and disclosures notes revealed the following information:

Balance Sheet (in millions):

Required:

1. Discuss some possible reasons why Walmart leases rather than purchases most of its premises.

2. The net asset "property under finance lease" has a 2016 balance of $6,345 million ($11,096-4,751). Liabilities for finance leases total $6,367 ($551+5,816). Why do the asset and liability amounts differ?

3.Prepare a 2016 summary entry to record Walmart's lease payments, which were $600 million.

4. What is the approximate average interest rate on Walmart's finance leases? (hint: see requirment 3)

Federal Semiconductors issued 12% bonds, dated January 1, with a face amount of $890 million on January 1, 2016. The bonds sold for $827,052,405 and mature on December 31, 2032 (20 years). For bonds of similar risk and maturity the market yield was 13%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2016, the fair value of the bonds was $810 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2017 had risen to $816 million. Required: Complete the below table to record the following journal entries (Enter your answers in whole dollars.) 1. & 2. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016 and on December 31, 2017, balance sheet. Federal determined that one-half of the increase in fair value was due to a decline in general interest rates. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)