On December 31, 2020, Pina Colada Corp. estimated that 4% of its net accounts receivable of $455,200 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment on December 31, 2020. On May 11, 2021, Pina Colada Corp. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,276. On June 12, 2021, Shoemaker paid the amount previously written off.

Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Noelle Inc. issued a $1.3 million bond at 9% for 3 years to finance a project. The bonds were issued on January 1, 2018. The bond pays interest semi annually on July 1 and January 1. The market rate is 8%. The company used effective interest method. Year end is September 30. Required: a) Calculate the proceeds (price) that Noelle Inc. would receive for the bond on January 1, 2018. The PV tables can be used. Show calculations b) Prepare a bond amortization schedule using the effective interest method. c) Prepare the journal entries to record the initial sale of the bond on January 1, 2018, the interest payment on July 1, 2018, the accrual on September 30, 2018 and the interest payment on January 1, 2019. d) Assume that on May 1, 2020, Noelle Inc. decides to retire 30% of the bonds for a cash price of 102 plus accrued interest. 1. Prepare the journal entry to pay out the interest to the bondholders on May 1, 2020 due to the bond retirement 2. Prepare the journal entry for the bond retirement on May 1, 2020

Blossom Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $6,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Blossom's equipment. Blossom's controller estimates that expected future net cash flows on the equipment will be $3,750,000 and that the fair value of the equipment is $3,300,000. Blossom intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Blossom uses straight-line depreciation.

(a) What is the carrying value of the equipment at December 31, 2020?

(b) Prepare the journal entry (if any) to record the impairment at December 31, 2020.

(c) Prepare any journal entries for the equipment at December 31, 2021. The fair value of the equipment at December 31, 2021, is estimated to be $3,450,000.

(d) Repeat the requirements for (a) and (b), assuming that Blossom intends to dispose of the equipment and that it has not been disposed of as of December 31, 2021.

*I keep getting these sorts of problems wrong on my practice quiz so if you could break down how you're finding the solution I would greatly appreciate it!

Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Required:
Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)

Complete the following table.

                                Gross Profit (Loss) Recognized

                   Revenue Recognized Over Time             Revenue Recognized Upon Completion

Situation       2016       2017       2018                             2016       2017     2018       

1.

2.

3.

4.

5.

6.

1. Ameer Co. uses the gross method to record sales made on credit. On April 1, 2020, it made sales of $150,000 with terms 3/15 n/45. On April 9, 2020, Ameer Co. received full payment for the April 1 sale.

1. Prepare the required journal entries for Ameer Co. (gross method)
2. Prepare the journal entries showing what the Net Method would look like

2. Same info as above but change the date that payment was received to April 30, 2020

1. Prepare the required journal entries forAmeerCo. (gross method)
2. Prepare the journal entries showing what the Net Method would look like

3. In your own words explain the difference between direct write-off method and allowance method for recognizing bad debt expense

4. The trial balance before adjustment of Reservoir Company reports the following balances:

                                                                                        Dr.                   Cr.    

Accounts receivable                                                $600,000

Allowance for doubtful accounts                                                $       10,000

Instructions

1. Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of accounts receivable.
2. Show the T-accounts and how you got the correct Bad Debt Expense

Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Use the following information on Disney to answer the case questions.

◼ Disney’s current stock price is $140.00 per share. The average growth rate of the company’s dividend has been 17.7% from 2004 through 2018

◼ Disney’s return on equity is 28.0% and the company retains approximately 80.0% of its profits while paying out the remaining 20.0% in dividends.

◼ The company’s stock currently trades at 21.21 times its current year earnings estimate of $6.60 per share.

◼ Analysts expect the company to earn $6.19 per share in 2020 and $6.93 in 2021. ◼ Disney’s peers in media networks trade at 25.5 times their current year earnings estimates while peers in parks, experiences and consumer products at 21.9; studio entertainment at 19.1 and DTCI at 14.1.

◼ Assume the expected return for Disney’s stock is 6.9%.

What is Disney stock’s intrinsic value using The Constant Growth Model and the Multi-Stage Growth Model

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Borrow $52,000 from a bank
Jan 26. Purchase equipment for $48,000 in cash
Jan 27. Issue $85,000 in stock

What is the final amount in Total Assets?