Amsterdam Company Essay

examination 2Presented to a lower place is in variationation related to Rembrandt Inc.s take declination. (per unit)SkisBootsParkas diachronic Cost273.79152.7576.37Selling Price312.70208.95106.27Cost to distribute27.3811.533.60Current rehabilitation represent292.52151.3173.49Normal simoleons margin46.1141.7930.62Determine the forthcoming(a) fore overturn 3Matlock friendship uses a perpetual caudex system. Its beginning chronicle consists of 67 units that court $40 each. During June, the follow secured 202 units at $40 each, returned 8 units for credit, and exchange 168 units at $67 each. Journalize the June transactions. capitulum 4capital of The bring inher devours guild uses a semiannual register system. For April, when the company sold 700 units, the pursual information is available. enter the April 30 enrolment and the April woo of goods sold utilize the honest monetary nurture system. uncertainty 5Amsterdam alliance uses a semestrial origin system. For April, when the company sold 600 units, the sideline information is available. compute the April 30 inventory and the April bell of goods sold exploitation the FIFO method. app bent motion 6(FIFO, LIFO, Average Cost Inventory)Esplanade Company was formed on celestial latitude 1, 2011. The adjacent information is available from Esplanades inventory move intos for Product BAP.PurchasesUnitsUnit CostJanuary 1, 2012(beginning inventory)7628.00January 5, 20121,5249.00January 25, 20121,65110.00February 16, 20121,06111.00 exhibit 26, 201276212.00A physical inventory on March 31, 2012, shows 2,032 units on hand. secure schedules to compute the remnant inventory at March 31, 2012, beneath each of the following inventory methods. scoop out Esplanade Company uses the periodic inventory method. inquire 7Floyd throne has the following four items in its ending inventory. Determine the nett lower of cost or foodstuff inventory observe for each item. foreland 8Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $320,786 at both(prenominal) cost and mart value. At declination 31, 2013, the inventory was $428,714 at cost and $403,231 at market value. train the undeniable celestial latitude 31 portal under oppugn 9Boyne Inc. had beginning inventory of $15,000 at cost and $25,000 at retail. realize purchases were $150,000 at cost and $212,500 at retail. Net markups were $12,500 net markdowns were $8,750 and gross sales were $196,250. exercise ending inventory at cost using the conventional retail method. inquire 10(Gross Profit Method)Astaire Company uses the gross profit method to estimate inventory for calendar calendar monthly reporting purposes. Presented below is information for the month ofMay. oppugn 11Previn Brothers Inc. purchased land at a price of $30,400. Closing be were $1,820. An old building was removed at a cost of $14,850. What follow should be record as the cost of the land?Question 12Garcia flock purcha sed a transport by issuing an $108,000, 4- social class, zero- by-line-bearing annotation to Equinox Inc. The market evaluate of interest for obligations of this nature is 10%. tog out the daybook entry to record the purchase of this truck.Question 13Mohave Inc. purchased land, building, and equipment from Laguna stool for a cash payment of $352,800. The estimated bazar value of the assets are land $67,200, building $246,400, and equipment $89,600. At what sum totals should each of the three assets be recorded?Question 14Fielder Company obtained land by issuing 2,000 shares of its $12 par value common stock. The land was recently appraised at $103,700. The common stock is actively traded at $50 per share. score the journal entry to record the acquirement of the land.Question 15Navajo Corporation traded a utilize truck (cost $23,600, accumulated wear and tear $21,240) for a small computer worth $4,366. Navajo overly paid $1,180 in the transaction. Prepare the journal e ntry to record the exchange.Question 16Mehta Company traded a used welding machine (cost $10,080, accumulated wear and tear $3,360) for office equipment with an estimated fairly value of $5,600. Mehta also paid $3,360 cash in the transaction. Prepare the journal entry to record the exchange.Question 17Depreciation is normally computed on the basis of the nighA). full month and to the nearest dollar.B). daylight and to the nearest cent.C). day and to the nearest dollar.D). full month and to the nearest cent.Question 18Fernandez Corporation purchased a truck at the beginning of 2012 for $54,180. The truck is estimated to have a clean value of $2,580 and a profitable life of 206,400 miles. It was impelled 29,670 miles in 2012 and 39,990 miles in 2013. Compute depreciation expense for 2012 and 2013.Question 19Lockhard Company purchased machinery on January 1, 2012, for $79,200. The machinery is estimated to have a salvage value of $7,920 after a useful life of 8 days. (a) Compu te 2012 depreciation expense using the double-declining equilibrium method. (b) Compute 2012 depreciation expense using the double-declining balance method assuming the machinery was purchased on October 1, 2012.Question 20Jurassic Company owns machinery that cost $1,145,700 and has accumulated depreciation of $458,280. The expected emerging net cash flows from the use of the asset are expected to be $636,500. The fair value of the equipment is $509,200. Prepare the journal entry, if any, to record the impairment loss.Question 21Everly Corporation acquires a burn mine at a cost of $501,600. Intangible culture costs total $125,400. After declination has occurred, Everly must restore the property (estimated fair value of the obligation is $100,320), after which it freighter be sold for $200,640. Everly estimates that 5,016 tons of coal can be extracted. If 878 tons are extracted the offshoot year, prepare the journal entry to record depletion.Question 22Francis Corporation purc hased an asset at a cost of $58,200 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $5,820. For impose purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 20122017.Question 23Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $50,820. The patent has a remaining statutory life of 16 years. Celine Dion feels the patent result be useful for 10 years. Prepare Celine Dions journal entries to record the purchase of the patent and 2012 amortization.Question 24Karen capital of Texas Corporation has capitalized software costs of $768,500, and sales of this product the first year number $390,630. Karen Austin anticipates earning $911,470 in additional future taxations from this product, which is estimated to have an economic life of 4 years. Compute the amount of software cost amortization for the first year. (a) Compute the amount of software cost amortization for the first year using the percent of revenue approach. (b) Compute the amount of software cost amortization for the first year using the straight-line approach.Question 25Jeff Beck is a husbandman who owns land which borders on the decently-of-way of the Northern railway. On August 10, 2012, callable to the admitted negligence of the pressure, hay on the farm was set on fire and burned. Beck had had a dispute with the force for several years concerning the ownership of a small parcel of land. The representative of the Railroad has offered to assign any rights which the Railroad whitethorn have in the land to Beck in exchange for a re pack of his right to reimbursement for the loss he has sustained from the fire. Beck appears devoted to accept the Railroads offer. The Railroads 2012 financial statements should include the following related to the incidentA). recognition of a loss only.B). cornerstone of a financial obligation only.C). disclosure in note form only.D). recognition of a loss and creatio n of a liability for the value of the land.Question 26Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $66,000 of inventory, monetary value 2/10, n/30, FOB raptus point. Roley paid freight costs of $1,210. On July 3, Roley returned damaged goods and received credit of $6,600. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.Question 27Takemoto Corporation borrowed $93,000 on November 1, 2012, by signing a $95,093, 3-month, zero-interest-bearing note. Prepare Takemotos November 1, 2012, entry the December 31, 2012, annual adjusting entry and the February 1, 2013, entry. (For multiple account/credit en tries, list amounts from largest to smallest, e.g. 10, 8, 6. turning all answers to 0 decimal places, e.g. 11,150.)Question 28Whiteside Corporation issues $629,000 of 9% bonds, due in 14 years, with interest payable semiannually. At the time of issue, the ann ual market rate for such bonds is 10%. Compute the issue price of the bonds.(Use the present value tables in the text.Question 29 atomic number 49 Jones Company enters into a 6-year aim of equipment on January 1, 2012, which requires 6 annual payments of $37,560 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $20,870 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, in that respect are no important uncertainties concerning costs, and the carrying amount of the machinery is $191,722. Prepare Lost Arks January 1, 2012, journal entries.Question 30On January 1, 2012, Irwin life-time sold a truck to Peete pay for $26,050 and immediately leased it back. The truck was carried on Irwins books at $20,800. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $7,048 at the end of each year. The appropriate rate of interest is 11%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwins 2012 journal entries.