Entries by Grace Wahito

This question is for Acct212 (TCO 4) Linda’s Lampshades started business

March 30, 2020 in /by

This question is for Acct212(TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: Journals – Jan. 2001 Purchases Supplier        Date Received         Quantity       Unit Cost      Amount Donna          01/10/01                110             12.00           1320.00 Thomas        01/15/01                160             14.00           2240.00 Cindy           01/18/01                150             15.00           2250.00 Sales Customer     Date shipped   Quantity    Sel. Price              Amount          Norilene       01/16/01       200                 25.00                   5000.00 1.   Calculate the ending inventory, using the perpetual inventory method: A.    Using FIFO B.    Using LIFO C.    Using Average Cost 2.   Prepare the following […]

 

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On January 1, Year 1, Acorn Financial Corp.

March 30, 2020 in /by

On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into five shares of common stock. The bonds have a 10-year term to maturity and pay interest semiannually. Acorn’s common stock has a par value of $20.00 per share. The bonds have a stated interest rate […]

 

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On January 1, 2015, BeWell Company purchased 30%

March 30, 2020 in /by

On January 1, 2015, BeWell Company purchased 30% of common stock of DoingWell Co for $450,000 DoingWell reported net income of $27,000 for the year and paid dividends of $ &9,000. BeWell appropriately uses equity method to record investment in Doing Well. Prepare the appropriate journal entries on Jan 1, 2015 and December 31, 2015 […]

 

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You own a contract that promises an annuity cash flow

March 30, 2020 in /by

You own a contract that promises an annuity cash flow of $200 end-of-the-year cash flows for each of the next 4 years. (Note: The first cash flow is exactly 1 year from today). At an interest rate of 7%, what is the future value of this contract exactly 4 years from today?   Looking for […]

 

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