ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000
Q: Please step by step answer.
A: Step 1: 1) Given that, Initial investment = $86,250 Cash flow per year = $29,500 Payback period =…
Q: TMD Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company…
A: References: Nyati, A. (2021). " A Study of Drivers and Barriers for Online Consumer Behavior in…
Q: The balance on the Office Supplies account is $4,000.00 before adjustments. If the Office Supplies…
A: Step 1: Introduction to Adjusting Entries:The most common year-end entries include closing entries…
Q: Match the term with its definition. Additions Avoidable Interest Capitalization Period Commercial…
A: 1. Additions: Picture these as the upgrades or expansions a company makes to its existing assets.…
Q: Given the following account balances before closing entries, what would be the balance for Smith,…
A: Given: Smith, Withdrawals: $27,000Service Revenue: 281,000Salaries Expense: 66,000Depreciation…
Q: You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was…
A: Here's the step-by-step calculation and why the other options are incorrect:Step 1: Calculate Tax…
Q: Question 2. A company manufactures two products, X and Y, for which the following information is…
A: First, we need to calculate the total cost for each activity. The total cost for production setup is…
Q: x CIOLII…
A: a. Sales BudgetApril: 86,100 units x $24 = $2,066,400May: 81,900 units x $24 = $1,965,600June:…
Q: Need Help...
A: Step 1: Introduction to Applied Overhead Cost:The applied manufacturing overhead cost during the…
Q: BDF limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero…
A: In VAT (Value Added Tax) system, supplies refer to the goods and services a company sells. These…
Q: Please fill in these charts
A: Answer (1) To compute the volume variance, we need to compare the actual activity level with the…
Q: None
A: When the problem is silent, the interest rate is an annual rate, which means it is good for…
Q: The Elberta Fruit Farm of Ontario is considering buying a cherry-picking machine to replace the…
A: Step 1: 1. Calculate the annual savings in cash operating costs provided by the cherry picker.To…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: To record the increase in fair value of the equipment, we need to recognize the change in the…
Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'…
A: Step 1:Step 2:Step 3: Step 4:
Q: Financial statement data for years ending December 31 for Latchkey Company follows: Sales $1,734,000…
A: Step 1: Computation of the ratio of sales to assets for 2016: Ratio of sales to assets for…
Q: 2. (E-5) Describe a transaction that resulted in each of the following entries affecting the…
A:
Q: 1. Answer the following: • Prepare a trial balance for the month. • Prepare journal entries on the…
A: Journal entries are the first step in the accounting cycle and are used to record all business…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: 1) Cost allocation of Service Departments using Step Down Method and calculating Predetermined…
Q: Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax…
A: Before we can answer the question, we need to understand the terms used in the statements:Input Tax…
Q: Hardyke Group operates a local after-school recreation and activities program. The Education…
A: b. Hardyke Group would prefer the price of $6.90 per day. This is because with this price, the total…
Q: While James Craig and his former classmate Paul Dolittle both studied accounting at school, they…
A: Paul's Schedule K-1 (Form 1120-S) for the company Good to Eat (GTE) in the year 2022, with the…
Q: At present, 20-year Treasury bonds are yielding 6.5% while some 20-year corporate bonds that you are…
A: 1. Total yield on Treasury bonds: This yield consists of the risk-free rate plus the maturity-risk…
Q: Return to question Kal is the president of Zebra Antiques. An employee, Reese Francis, is due a…
A: References Boon, C., Eckardt, R., Lepak, D. P., & Boselie, P. (2018). Integrating strategic…
Q: Describe the relationship between profit and turnover, revenue and sales, turn over and income and…
A: First of all,It is necessary to comprehend the connections between different financial concepts in…
Q: Gonzalez Company is considering two new projects with the following net cash flows. The company's…
A: Step 1:Answer: Project 1 Payback Period2years Project 2 Payback Period2.25yearsDecision:…
Q: Required information [The following information applies to the questions displayed below.] The…
A: On the basis of revenue , segment will be reported separately if it's revenue is more than or equal…
Q: Anton, Berty and Carol are in partnership without an agreement.However, Carol is entitled to rent…
A: First, we need to calculate the total rent payable to Carol. Carol is entitled to a rent of £2,000…
Q: am. 111.
A:
Q: Finley Corporation has monthly fixed costs of $67,000. It sells two products for which it has…
A: Step 1: Step 2: Step 3: Step 4:
Q: Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished…
A: Step 1: The cost of goods sold can be calculated by adding the Beginning finished goods inventory…
Q: The Marine Division of Pacific Corporation has average invested assets of $110,000,000. Sales…
A: Step 1: Identify the givenAverage invested asset: $110,000,000Sales revenue: $50,280,000Net…
Q: ACME Company purchases for resale 1,000 widgets for $64 each. At year-end, the replacement cost is…
A: Step 1: If ACME uses LCM lower cost method, then widgets will be recorded at historical cost or…
Q: 25. You are doing the bank reconcilement. The company wrote 30 checks this month and all have…
A: Checks that is not yet cleared or presented to the bank for payment are called OUTSTANDING CHECKS.…
Q: (7) (NOTE: the source documents are re-numbered) Do not close off the journals, narrations are not…
A: Transaction 1: Sale of Goods on CreditDate: 1General Journal:Debit: Accounts Receivable (M. Masha) -…
Q: What is the average miles per gallon (mpg) for all new cars? Using consumer reports, a random sample…
A: a) Identify the variable:The variable is the characteristic that we are measuring or observing. In…
Q: The following balances appear on the books of Harvey Tilman Enterprises: Motts, Capital, $25,100;…
A: First, we need to insert each account's adjusted balance as given. The adjusted balances are as…
Q: 23 eBook Print References Determine the amount of the Earned Income Credit in each of the following…
A: a. A single person with earned income of $8,720 and no qualifying children:The credit is calculated…
Q: Loss is generally considered a tax relief and can be carried forward to the following trading year…
A: First, we need to determine which rules apply to LMP Limited. According to the information provided,…
Q: During May, Jimmy spent $700 to buy 20 products and sold 4 of them for $60 each. Jimmy should record…
A: Let's solve it. Generally, Expense in a particular time-frame is the money spent to keep business…
Q: Provide Required answer plz..
A:
Q: Provide required 4 answer
A: Step 1: Calculate the annual depreciation expense Annual depreciation expense=LIfe(Cost - salvage)…
Q: R&R construction Limited supplies for April 2024 was: Construction Services $500,000 ( exempt…
A: Here's a detailed analysis of why the correct answer is 3. $325,050 and why the other options are…
Q: provide correct option with explanation
A: Correct Option Explanation E. is a pool of indirect production costs that must somehow be attached…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Here's how to calculate the implicit interest cost of foregoing the cash discount for Ben's Bulk…
Q: Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the…
A: Opportunity cost refers to the benefit foregone from choosing another alternative.
Q: Sage Company is operating at 90% of capacity and is currently purchasing a part used in its…
A: Step 1: Differential cost increase or decrease can be calculated as the difference in the relevant…
Q: BDF limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero…
A: Here's the breakdown of why option A is correct and why the others are incorrect:a. BDF limited…
Q: Step by step solutions and explanation and fast solution provide
A: The first step is to calculate the budgeted overhead. The budgeted overhead is the sum of the…
Q: Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the…
A: The franking account is a record of the company's franking credits and debits, which are used to…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- On June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc. issued 10,000 shares of common stock with a $10 par value. The land had been appraised at a market value of $117,000. The journal entry to record this transaction would be: O Land 100,000 Common Stock-$10 Par Value O Land Common Stock-$10 Par Value Paid-In Capital in Excess of Par-Common O Land Common Stock-$10 Par Value Paid-In Capital in Excess of Par-Common Land Common Stock-$10 Par Value 117,000 137,000 117,000 100,000 100,000 17,000 100.000 37,000 117,000Fielder Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land.22,000 shares reacquired by Sunland Corporation for $50 per share were exchanged for undeveloped land that has an appraise value of $1,630,000. At the time of the exchange, the common stock was trading at $57 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
- Desert Company purchased land by exchanging 25,000 shares of the company's common stock that had a $10 par value. The land was recently appraised for $250,000. Desert's stock is not actively traded on the NYSE but last year a shareholder sold a block of 250 shares at a selling price of $20 per share. What is the original cost of the Land that will be recorded by Desert, Co., on their Balance Sheet?27,000 shares reacquired by Monty Corporation for $56 per share were exchanged for undeveloped land that has an appraised value of $1,618,000. At the time of the exchange, the common stock was trading at $66 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.Erica Company had the following property acquisitions 1. Acquired a tract of land in exchange for 50,000 ordinary The last property tax bill indicated assessed value of shares with P100 par value and market price of P120 per PROBLEMS Pr Problem 23-1 (IAA) 20 during the current year: a per share on the date of acquisition. P4,500,000 for the land. 2. Received land from a major shareholder as an inducement to locate a plant in the city. No payment was required but the entity paid P50,000 for legal expenses for land transfer. The land is fairly valued at P1,000,000. 3. Purchased for P5,500,000, including appraiser fee of P100,000´a warehouse building and the land on which it is located. The land had an appraised value of P2,000,000 and original cost of P1,400,000. The building had an appraised value of P3,000,000 and original cost of P2,500,000. 4. Purchased an office building and the land on which it is located for P7,500,000 cash and assumed an existing P2,500,000 mortgage. For realty…
- A company acquires land by issuing 11,100 shares of its $20 par value common stock which is currently trading at $30 per share, and the appraised value of the land is $261,000. Which of the following statements correctly describes the recording of the land? Multiple Cholce Record the land at Its appraised value of $261,000 and recognize a galn of $-72.000 sınce the Issued stock is currently worth $333,000. Record the land at the par value of the stock glven up, $222,000. Record theNnd at the average of Its appralsed value of $261,000 and the $333,000 value of the stock Issủed, thereby recognizing a $-72,000 gain. Record the land at the $333,000 value of the consideration glven up.Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive’s books for $40,000. Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations: a. The preferred stock is currently selling for $110 per share. No appraisal is available on the land. b. The land is appraised at $65,000. There have been no recent sales of the preferred stock. c. The preferred stock is currently selling for $125 per share. The land is appraised at $64,000.On September 1, FAITH Inc issued 120,000 shares of its P50 par value ordinary share in exchange for land. On the date of the transaction, the fair value of the ordinary shares, evidenced by its quoted market price in the stock exchange, was P120 per share. The fair value of the land on the same date was valued at P10,000,000. The journal entry to record this transaction includes a debit to Land for how much?
- 22,000 shares reacquired by Sunland Corporation for $50 per share were exchanged for undeveloped land that has an appraised value of $1,630,000. At the time of the exchange, the common stock was trading at $57 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit29,000 shares reacquired by Bridgeport Corporation for $55 per share were exchanged for undeveloped land that has an appraised value of $1,808,000. At the time of the exchange, the common stock was trading at $66 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditDuring 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?