post acc111 unit 7 chapter 9,10 and 11 assignment latest 2015 november

M9-4 Computing Book Value (Straight-Line Depreciation) [LO 9-3]

A machine that cost $500,000 has an estimated residual value of $25,000 and an estimated useful life of five years. The company uses straight-line depreciation. Calculate its book value at the end of year 4. (Do not round intermediate calculations.)

M9-9 Recording the Disposal of a Long-Lived Asset [LO 9-5]

[The following information applies to the questions displayed below.]

The following are the transactions of Morrell Corporation:

a.	Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received.
b.	Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280.

M9-9 Part 1

Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

M9-9 Part 2

Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6]

Bluestone Company had three intangible assets at the end of the current year:

a.	A patent purchased this year from Miller Co. on January 1 for a cash cost of $4,200. When purchased, the patent had an estimated life of 14 years.
b.	A trademark was registered with the federal government for $3,000. Management estimated that the trademark could be worth as much as $100,000 because it has an indefinite life.
c.	Computer licensing rights were purchased this year on January 1 for $20,000. The rights are expected to have a four-year useful life to the company.

Required:

1.	Compute the acquisition cost of each intangible asset.

2.	Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.)

3.	Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year.

chapter 10

M10-2 Recording Sales and State Tax [LO 10-2]

[The following information applies to the questions displayed below.]

Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $11,500 cash plus 6 percent sales tax. The clock had originally cost Heines $7,500. Assume Heines uses a perpetual inventory system.

M10-2 Part 1

1.	Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.)

M10-2 Part 2

Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

M10-2 Part 1

Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.)

M10-2 Part 2

2.	Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2]

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $55,000 but that employee income taxes totaling $7,500 and FICA taxes totaling $2,875 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts.

1.	What was the amount of net pay?

2.	Assuming Lightning Electronics must also pay $300 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

M10-6 Recording a Note Payable [LO 10-2]

[The following information applies to the questions displayed below.]

Greener Pastures Corporation borrowed $1,300,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016.

(a)	The note issued on November 1.
(b)	The interest accrual on December 31.

M10-6 Part 1

1.	Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.)

Explanation:

7.Award: 10 out of 10.00 points

M10-6 Part 2

2.	Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Do not round intermediate calculations.)

8.Award: 10 out of 10.0

M10-6 Part 1

1.	Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.)

M10-6 Part 2

2.	Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Do not round intermediate calculations.)

10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2]

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $63,000 but that employee income taxes totaling $8,300 and FICA taxes totaling $3,275 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts.

1.	What was the amount of net pay?

2.	Assuming Lightning Electronics must also pay $380 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

chapter 11

M11-4 Analyzing and Recording the Issuance of Common Stock [LO 11-2]

To expand operations, Aragon Consulting issued 1,350 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share.

1-a.

Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance.(Enter any decreases to account balances with a minus sign.)

1-b.

Prepare the journal entry for the stock issuance.(If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

2-a.

Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. (Enter any decreases to account balances with a minus sign.)

2-b.

Prepare the journal entry for the stock issuance, if the par value were $2 per share. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

M11-9 Determining the Impact of a Stock Dividend [LO 11-3]

Sturdy Stone Tools, Inc. announced a 100 percent stock dividend. Determine the impact (increase, decrease, no change) of this dividend on the following:


1.	Total assets.
2.	Total liabilities.
3.	Common stock.
4.	Total stockholders’ equity.
5.	Market value per share of common stock.

M11-13 Calculating and Interpreting Earnings per Share (EPS) and Return on Equity (ROE) [LO 11-5]

Academy Driving School reported the following amounts in its financial statements:

	Year 1	Year 2
Number of common shares		12,700		12,700
Net income	$	40,640	$	35,640
Cash dividends paid on common stock	$	2,800	$	2,800
Total stockholders’ equity	$	360,000	$	340,000

Calculate EPS and ROE for year 2. (Round EPS to 2 decimal places and ROE to 1 decimal place.)

post acc111 unit 7 chapter 9,10 and 11 assignment latest 2015 november

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