Amsterdam Company Essay

call into question 2Presented below is information related to Rembrandt Inc.s arsenal. (per unit)SkisBootsParkasHistorical court273.79152.7576.37 marketing Price312.70208.95106.27Cost to distribute27.3811.533.60Current replacement price292.52151.3173.49Normal profit margin46.1141.7930.62Determine the by-line promontory 3Matlock Company uses a perpetual arsenal system. Its blood size up consists of 67 units that cost $40 each. During June, the company purchased 202 units at $40 each, returned 8 units for credit, and sold 168 units at $67 each. Journalize the June transactions. dubiousness 4capital of The pelfher overturns Company uses a periodic breed system. For April, when the company sold 700 units, the hobby information is available. visualise the April 30 inventory and the April cost of goods sold apply the average cost order. marvel 5Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is availab le. account the April 30 inventory and the April cost of goods sold apply the FIFO method.Question 6(FIFO, LIFO, Average Cost Inventory)Esplanade Company was formed on celestial latitude 1, 2011. The following information is available from Esplanades inventory bear witnesss for Product BAP.PurchasesUnitsUnit CostJanuary 1, 2012(beginning inventory)7628.00January 5, 20121,5249.00January 25, 20121,65110.00February 16, 20121,06111.00March 26, 201276212.00A physical inventory on March 31, 2012, shows 2,032 units on hand. do schedules to compute the resultant inventory at March 31, 2012, infra each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.Question 7Floyd raft has the following four items in its ending inventory. Determine the final lower of cost or market inventory lever for each item.Question 8Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $320,786 at both cost and market value. At celestial latitude 31, 2013, the inventory was $428,714 at cost and $403,231 at market value. make up the necessary December 31 entranceway underQuestion 9Boyne Inc. had beginning inventory of $15,000 at cost and $25,000 at sell. Net purchases were $150,000 at cost and $212,500 at retail. Net markups were $12,500 net markdowns were $8,750 and sales were $196,250. count ending inventory at cost using the conventional retail method.Question 10(Gross Profit Method)Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month ofMay.Question 11Previn Brothers Inc. purchased land at a price of $30,400. cloture cost were $1,820. An old building was removed at a cost of $14,850. What amount should be save as the cost of the land?Question 12Garcia Corporation purchased a truck by issuance an $108,000, 4-year, zero-interest-bearing transmission line to Equinox Inc. The market rate of interest for obligations of th is nature is 10%. Prepargon the ledger entry to record the purchase of this truck.Question 13Mohave Inc. purchased land, building, and equipment from lagune Corporation for a cash payment of $352,800. The estimated becoming values of the pluss are land $67,200, building $246,400, and equipment $89,600. At what amounts 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. establish the journal entry to record the acquisition of the land.Question 15Navajo Corporation traded a used truck (cost $23,600, roll up depreciation $21,240) for a small computing device worth $4,366. Navajo withal paid $1,180 in the transaction. Prepare the journal entry to record the exchange.Question 16Mehta Company traded a used join machine (cost $10,080, accumulated depreciation $3,360) for office equipment wit h an estimated fair 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 nighestA). full month and to the nearest dollar.B). day 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 deliver value of $2,580 and a useful livelihood of 206,400 miles. It was driven 29,670 miles in 2012 and 39,990 miles in 2013. consider 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 years. (a) Compute 2012 depreciation expense using the double-declining rest method. (b) Compute 2012 depreciation expense using the double-declining balance method take for granted 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 afterlife 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 ember mine at a cost of $501,600. Intangible development be total $125,400. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $100,320), after which it can be sold for $200,640. Everly estimates that 5,016 rafts of coal can be extracted. If 878 tons are extracted the first year, put in the journal entry to record depletion.Question 22Francis Corporation purchased 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 tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 20122017.Question 23Celine Dion Corporation purchases a open from Salmon Company on January 1, 2012, for $50,820. The patent has a remaining wakeless life of 16 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dions journal entries to record the purchase of the patent and 2012 amortization.Question 24Karen Austin Corporation has capitalized software program costs of $768,500, and sales of this production the first year totaled $390,630. Karen Austin anticipates earning $911,470 in additional future revenues 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 bring abouter w ho owns land which borders on the right-of-way of the northern force. On August 10, 2012, due to the admitted negligence of the Railroad, hay on the farm was set on fire and burned. Beck had had a dispute with the Railroad for some(prenominal) years concerning the ownership of a small parcel of land. The representative of the Railroad has offered to assign any rights which the Railroad may have in the land to Beck in exchange for a re accept of his right to reimbursement for the loss he has sustained from the fire. Beck appears inclined to accept the Railroads offer. The Railroads 2012 financial statements should include the following related to the incidentA). recognition of a loss only.B). creation of a indebtedness only.C). disclosure in rail line form only.D). recognition of a loss and creation 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 purc hased $66,000 of inventory, name 2/10, n/30, FOB shipping 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, yearly adjusting entry and the February 1, 2013, entry. (For multiple debit/credit en tries, distinguish amounts from largest to smallest, e.g. 10, 8, 6. Round 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 annual market rate for such bonds is 10%. Compute the issue price of the bonds.(Use the present value tables in the text.Question 29Indiana Jones Company enters into a 6-year lease 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 Animation sold a truck to Peete Finance 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 steal rate of interest is 11%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwins 2012 journal entries.