1. Indicate the effects of each transaction on the accounting equation.
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- During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $25,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 10 percent interest due in six months. On January 3, it paid $1,300 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. E8-4 Part 2 2. Compute the acquisition cost of the machine.During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,600. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,300. E8-4 Part 1 Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) Date January 1 No effect January 2 Equipment Cash January…During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery. January 2, the company paid $8,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $800 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,200. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. 3. Compute the depreciation expense to be reported for Year 1. Depreciation expense
- Alpine Construction, Inc. has a $100,000 line of credit with the Bow Valley Bank. The annual percentage rate is the current prime rate plus 3 1/4% . The balance on June 1 was $52,900. On June 8, Alpine borrowed $30,600 to pay for a shipment of lumber and roofing materials and on June 18 borrowed another $12,300 for equipment repairs. On June 28, a $35,000 payment was made on the account. The billing cycle for June has 30 days. The current prime rate is 7 3/4%What is Alpine’s new balanceOn May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above ConOn May 3, 2020, Flint Company consigned 80 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Flint Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $730 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded to 0…
- Hitzu Company sold a copler (that costs $7.500) for $15,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2 the copler requires on-site repairs that are completed the same day. The repairs cost $111 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copler.On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicating that 35 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. tA Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $ +AOn August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?
- On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 4,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $225,000 on the same day. Azure sends the first 2,700 units on August 31, with an invoice for $675,000 due September 15. The remaining 1,800 units are delivered on October 15, along with an invoice for the remaining amount of the total $2,250,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay. Prepare the journal entries to record the events (leaving out the accounting for Azure's costs). Date July 8 August 31 September 15 October 15 October 31 Account To record the deposit. To record initial delivery of units. To collect cash on account. To record delivery of remaining units. To collect cash on account. <<…Hitzu Co. sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $140 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1? Warranty expense 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? Estimated warranty liability 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2?Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes. Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the end of each month for the rest. Provide answer to the following question on the Tab named Financial Accounting on the Excel file. Requirement: a) Provide the journal entry that must be made on the purchase date of truck. b) Determine the amount of monthly payment that must be made. c) Prepare Amortization Schedule. d) Provide the journal entry that company must make the for 2nd monthly payment. e) Provide the journal entry that company must make on the last monthly payment. Problem 5. Excel Sheet Formatting for Data Entry Elizabet wants to use the Excel Sheet in Tab called “Formatting” for compiling and recording company sales. You have been asked to help her in formatting the sheet in order (a) to reduce the chance of errors in typing, and (b) speedup data entry. Elizabet only will be typing…