Acct 2011 | Accounting homework help

BE17-1

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Garfield Troop donationd, as a held-to-manliness cannonade, $80,000 of the 9%, 5-year fetters of Chester Strengthening for $74,086, which grants an 11% give-back. Plan Garfield's narrative entries for (a) the donation of the cannonade and (b) the voucher of annual portion-out and remittance amortization. Assume potent portion-out amortization is used. (Round confutations to nothing decimal places, e.g. 25,000. List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

    
    
    
    
    
    

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BE17-2

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Garfield Troop donationd, as an beneficial-for-sale securities, $80,000 of the 9%, 5-year fetters of Chester Strengthening for $74,086, which grants an 11% give-back. Plan Garfield's narrative entries for (a) the donation of the cannonade, (b) the voucher of annual portion-out and remittance amortization, and (c) the year-end untarnished appraise combination. The fetters enjoy a year-end untarnished appraise of $75,500. Assume potent portion-out amortization is used. (Round confutations to nothing decimal places, e.g. 12,510. List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

    
    
    
    
    
    
    
    

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BE17-3

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Carow Strengthening donationd, as a held-to-manliness cannonade, $60,000 of the 8%, 5-year fetters of Harrison, Inc. for $65,118, which grants a 6% give-back. The fetters pay portion-out semiannually. Plan Carows' narrative entries for (a) the donation of the cannonade, and (b) the voucher of semiannual portion-out and reward amortization. Assume potent portion-out amortization is used. (Round confutations to nothing decimal places, e.g. 25,510. List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

    
    
    
    
    

 

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BE17-4

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Hendricks Strengthening donationd trading cannonade fetters for $50,000 at par. At December 31, Hendricks ordinary annual portion-out of $2,000, and the untarnished appraise of the fetters was $47,400. Plan Hendricks' narrative entries for (a) the donation of the cannonade, (b) the portion-out ordinary, and (c) the untarnished appraise combination.

 

    
    
    
    
    
    
    

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BE17-5

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Fairbanks Strengthening donationd 400 portion-outs of Sherman Inc. dishonorable fund as an beneficial-for-sale cannonade for $13,200. During the year, Sherman remunerated a money dividend of $3.25 per portion-out. At year-end, Sherman fund was selling for $34.50 per portion-out. Plan Fairbanks's narrative entries to annals (a) the donation of the cannonade, (b) the dividends ordinary, and (c) the untarnished appraise combination.

    
    
    
    
    
    
    

 

 

 

     

 

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BE17-6

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Fairbanks Strengthening donationd 400 portion-outs of Sherman Inc. dishonorable fund as an cannonade in Equity Investments (Trading) for $13,200. During the year, Sherman remunerated a money dividend of $3.25 per portion-out. At year-end, Sherman fund was selling for $34.50 per portion-out. Plan Fairbanks's narrative entries to annals (a) the donation of the cannonade, (b) the dividends ordinary, and (c) the untarnished appraise combination.

    
    
    
    
    
    
    

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BE17-7

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Zoop Strengthening donationd for $300,000 a 30% portion-out in Murphy, Inc. This cannonade enables Zoop to strain expressive administration pit Murphy. During the year Murphy earned net pay of $180,000 and remunerated dividends of $60,000. Plan Zoop's narrative entries connected to this cannonade.

   
   
   
   
   
   
   
   
   
   

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BE17-8

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Cleveland Troop has a fund portfolio appraised at $4,000. Its consume was $3,300. If the Securities Untarnished Appraise Combination (Available-for-Sale) totality has a debit pit of $200, plan the narrative memorandum at year-end.

   

 

   

 

   

 

 

 

BE17-9

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Your confutation is emend.

The subjoined advice relates to Starbucks for 2009: net pay $390.8 darling; unrealized encroachment establish of $9.8 darling connected to beneficial-for-sale securities during the year; accumulated other emblemificant pay of $48.4 on September 28, 2008. (For privative aggregate use either a privative emblem anterior the compute, e.g. -45 or parenthesis, e.g. (45).)

Assuming no other changes in accumulated other emblemificant pay, determine:

(a)

Other emblemificant pay for 2009:

 

 

 

 

 

(b)

Comprehensive pay for 2009:

 

 

 

 

 

(c)

Accumulated other emblemificant pay at September 30, 2009:

 

 

 

 

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BE17-10

Hillsborough Co. has an beneficial-for-sale cannonade in the fetters of Schuyler delay a carrying (and untarnished) appraise of $70,000. Hillsborough immovable that due to thin economic prospects for Schuyler, the fetters enjoy decreased in appraise to $60,000. It is immovable that this detriment in appraise is other-than immediate. Plan the narrative memorandum, if any, to annals the contraction in appraise.

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E17-3

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(Entries for Held-to-Maturity Securities)

On January 1, 2011, Roosevelt Troop donationd 12% fetters, having a manliness appraise of $500,000, for $537,907.40. The fetters grant the fetterholders delay a 10% grant. They are erad January 1, 2011, and developed January 1, 2016, delay portion-out receivable December 31 of each year. Roosevelt Troop uses the potent-portion-out manner to locate unamortized remittance or reward. The fetters are classified in the held-to-manliness predicament. (Round your confutations to 2 decimal places, e.g. 25,100.25.)

(a)

Prepare the narrative memorandum at the era of the fetter donation.

 

(b)

Prepare a fetter amortization register. (Round your deduction for each cell to 2 decimal places, e.g. 25,210.25. Use the completeed quantity in your deduction for the next cell.)

Schedule of Portion-out Allowance and Fetter Reward Amortization

Effective Portion-out Method

12% Bonds Sold to Grant 10%

1/1/11

 

 

 

$ 537907.4

12/31/11

    

12/31/12

    

12/31/13

    

12/31/14

    

12/31/15

    

 

*$.75 adventitious to regulate for preceding completeing

 

(c)

Prepare the narrative memorandum to annals the portion-out ordinary and the amortization for 2011. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2. Complete all confutations to 2 decimal places, e.g. 25,205.25.)

   
 
   
   
   

 

(d)

Prepare the narrative memorandum to annals the portion-out ordinary and the amortization for 2012. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2. Complete all confutations to 2 decimal places, e.g. 25,205.25.)

   

 

 

 

   

 

   

 

   

 

 

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E17-4

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(Entries for Available-for-Sale Securities)

On January 1, 2011, Roosevelt Troop donationd 12% fetters, having a manliness appraise of $500,000, for $537,907.40. The fetters grant the fetterholders delay a 10% grant. They are erad January 1, 2011, and developed on January 1, 2016, delay portion-out receivable December 31 of each year.  Roosevelt Troop uses the potent-portion-out manner to locate unamortized remittance or reward. The fetters are classified in the beneficial-for-sale predicament.

The untarnished appraise of the fetters at December 31 of each year-end is as follows:

 

2011

$534,200

 

2012

$515,000

 

2013

$513,000

 

2014

$517,000

 

2015

$500,000

 

(a)

Prepare the narrative memorandum at the era of the fetter donation. (Round your confutations to 2 decimal places, e.g. 2,510.25)

 

(b)

Prepare the narrative entries to annals the portion-out ordinary and acknowledgment of untarnished appraise for 2011. (Round your confutations to 2 decimal places, e.g. 25,250.10. List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

   
   
   
   
   
   
   
   

 

(c)

Prepare the narrative memorandum to annals the acknowledgment of untarnished appraise for 2012. Assume that the memorandum to annals portion-out allowance has already been made. (Round your confutations to 2 decimal places, e.g. 2,250.25. In computing amortized consume (carrying appraise) of the fetters at the end of each year, complete your deduction to 2 decimal places, e.g. 2.250.25 and use the completeed quantity for later deduction.)

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E17-9

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(Available-for-Sale Securities Entries and Financial Statement Presentation)

At December 31, 2012, the beneficial-for-sale equity portfolio for Wenger, Inc. is as follows.

 

Security

Cost

Fair Value

Unrealized
Gain (Loss)

 

A

$17,500

 

$15,000

 

($2,500)

 

 

B

12,500

 

14,000

 

1,500 

 

 

C

23,000

 

25,500

 

2,500 

 

 

Total

$53,000

 

$54,500

 

$1,500 

 

 

 

 

 

 

 

 

 

 

Previous securities untarnished appraise combination—pit Dr.

200 

 

 

Securities untarnished appraise combination—Dr.

$1,300 

 

On January 20, 2013, Wenger, Inc. sold safeguard A for $15,300. The sale allowance are net of brokerage fees.

(a)

Prepare the regulateing memorandum at December 31, 2012, to declaration the portfolio at untarnished appraise.

 

(b)

Show the pit fencing introduction of the cannonade connected totalitys at December 31, 2012. (Ignore notes introduction.)

Wenger Inc.
Balance Sheet
As of December 31, 2012

Current Assets:

 

 

       Equity Investments (AFS)

  

 

  

Stockholders equity:

 

 

 

 

XXX,XXX

 

 

XXX,XXX

 

 

XXX,XXX

 

 

 
 

 

$XXX,XXX

 

(c)

Prepare the narrative memorandum for the 2013 sale of safeguard A. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

   
 
   
   
   

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P17-3

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(Available-for-Sale Investments)

Cardinal Paz Corp. carries an totality in its public ledger denominated Investments, which contained debits for cannonade donations, and no credits, delay the subjoined descriptions.

 

Feb. 1, 2012

Sharapova Troop dishonorable fund, $100 par, 200 portion-outs

$37,400

 

April 1

U.S. synod fetters, 11%, due April 1, 2022, portion-out payable April 1 and October 1, 110 fetters of $1,000 par each

110,000

 

July 1

McGrath Troop 12% fetters, par $50,000, erad March 1, 2012 donationd at 104 plus accrued portion-out, portion-out payable year-by-year on March 1, due March 1, 2032

54,000

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Prepare entries indispensable to tabulate the quantitys into honorable totalitys, stately that all the securities are classified as beneficial-for-sale. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

   
   
   
   
   

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Prepare the memorandum to annals the accrued portion-out and the amortization of reward on December 31, 2012, using the straight-line manner. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2. Complete deductions to 3 decimal places, e.g. 12.252 and the decisive confutations to nothing decimal places, e.g. 12,510.)

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Your confutation is emend.

The untarnished appraises of the cannonades on December 31, 2012, were:

 

Sharapova Troop dishonorable fund

$31,800

 

U.S. synod fetters

124,700

 

McGrath Troop fetters

58,600

 What memorandum or entries, if any, would you applaud be made?

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Your confutation is emend.

The U.S. synod fetters were sold on July 1,2013, for $119,200 plus accrued portion-out. Give the honorable memorandum. (List multiple debit/credit entries from largest to lowest quantity, e.g. 10, 5, 2.)

   
   
   
   
   

-P17-8 (a & c)

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(Fair Appraise and Equity Methods)

Brooks Corp. is a medium-sized strengthening specializing in quarrying stone for fabric composition. The troop has crave dominated the chaffer, at one span achieving a 70% chaffer observation. During fortunate years, the troop's produce, coupled delay a unrepealed dividend device, resulted in funds beneficial for beyond cannonade. Pit the years, Brooks has had a device of investing empty money in equity securities. In detail, Brooks has made intermittent cannonades in the troop's highest supplier, Norton Industries. Although the established presently owns 12% of the ungathered dishonorable fund of Norton Industries, Brooks does not enjoy expressive administration pit the operations of Norton Industries.
      Cheryl Thomas has of-late joined Brooks as contributor controller, and her pristine assignment is to plan the 2012 year-end regulateing entries for the totalitys that are appraised by the “untarnished appraise” administration for financial declarationing purposes. Thomas has gathered the subjoined advice encircling Brooks' proper totalitys.

  1. Brooks has trading securities connected to Delaney Motors and Patrick Electric. During this fiscal year, Brooks donationd 100,000 portion-outs of Delaney Motors for $1,400,000; these portion-outs presently enjoy a chaffer appraise of $1,600,000. Brooks' cannonade in Patrick Electric has not been profitable; the troop extraneous 50,000 portion-outs of Patrick in April 2012 at $20 per portion-out, a donation that presently has a appraise of $720,000.
  2. Prior to 2012, Brooks invested $22,500,000 in Norton Industries and has not modifiable its encroachments this year. This cannonade in Norton Industries was appraised at $21,500,000 on December 31, 2011. Brooks' 12% holding of Norton Industries has a present chaffer appraise of $22,225,000.

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Prepare the mismisappropriate regulateing entries for Brooks as of December 31, 2012, to meditate the contact of the “untarnished appraise” administration for twain classes of securities pictorial aloft.

   
   
   
   
   
   
   

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Prepare the entries for the Norton cannonade, stately that Brooks owns 25% of Norton's portion-outs. Norton declarationed pay of $500,000 in 2012 and remunerated money dividends of $100,000.

   
   
   
   
   

 

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