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Brief Exercise 21-1 Determine cash received from customers LO21-3] Horton Housew

Brief Exercise 21-1 Determine cash received from customers LO21-3] Horton Housewares' accounts receivable decreased during the year by $10.0 million $43.0 million? entered as 5.5 …

Brief Exercise 21-10 Cullumber Corporation enters into a 6-year lease of equipme

Brief Exercise 21-10 Cullumber Corporation enters into a 6-year lease of equipment on January 1, 2017, which requires 6 annual payments of $36,100 each, beginning January 1, 2017.…

Brief Exercise 21-10 Financing activitles [LO21-6] Carter Containers sold market

Brief Exercise 21-10 Financing activitles [LO21-6] Carter Containers sold marketable securities, land, and common stock for $38.0 million, $14.0 miliion, and $45 5 miltion, respec…

Brief Exercise 21-11 Blossom Corporation manufactures replicators. On January 1,

Brief Exercise 21-11 Blossom Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that had cost $102,700 to manufacture. The lease a…

Brief Exercise 21-2 Bogart Company is considering two alternatives. Alternative

Brief Exercise 21-2 Bogart Company is considering two alternatives. Alternative A will have revenues of $147,300 and costs of $101,600. Alternative B will have revenues of $185,10…

Brief Exercise 21-2 Date Account Titles and Explanation Debit Credit January 1,

Brief Exercise 21-2 Date Account Titles and Explanation Debit Credit January 1, 2014 (To record the lease.) January 1, 2014 (To record first lease payment Brief Exercise 21-2 Wate…

Brief Exercise 21-2 Nash Company leased equipment from Costner Company. The leas

Brief Exercise 21-2 Nash Company leased equipment from Costner Company. The lease term is S years and requires equal rental payments of $46,558 at the beginning of each year. The …

Brief Exercise 21-2 Paige Company estimates that unit sales will be 10,800 in qu

Brief Exercise 21-2 Paige Company estimates that unit sales will be 10,800 in quarter 1, 12,300 in quarter 2, 14,200 in quarter 3, and 18,800 in quarter 4. Using a sales price of …

Brief Exercise 21-2 Warner Company purchases $50,600 of raw materials on account

Brief Exercise 21-2 Warner Company purchases $50,600 of raw materials on account, and it incurs $64,200 of factory labor costs. Supporting records show that (a) the Assembly Depar…

Brief Exercise 21-3 a. me e se equi es annual payments The Hea and Corporation r

Brief Exercise 21-3 a. me e se equi es annual payments The Hea and Corporation recorded a capital ease at $3 12.900 onJanuary 1 2017. The interest ate is 10% Head and Corporation …

Brief Exercise 21-4 Goode Company has the following production data for selected

Brief Exercise 21-4 Goode Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out Units % Compl…

Brief Exercise 21-4 Rick Kleckner Corporation recorded a capital lease at $219,3

Brief Exercise 21-4 Rick Kleckner Corporation recorded a capital lease at $219,360 on January 1, 2014. The interest rate is 14%. Kleckner Corporation made the first lease payment …

Brief Exercise 21-4 Your answer is partially correct. Try again. Perine Company

Brief Exercise 21-4 Your answer is partially correct. Try again. Perine Company has 2,376 pounds of raw materials in its December 31, 2016, ending inventory. Required production f…

Brief Exercise 21-5 For Gundy Company, units to be produced are 5,430 in quarter

Brief Exercise 21-5 For Gundy Company, units to be produced are 5,430 in quarter 1 and 6,400 in quarter 2. It takes 1.5 hours to make a finished unit, and the expected hourly wage…

Brief Exercise 21-5 The Smelting Department of Kiner Company has the following p

Brief Exercise 21-5 The Smelting Department of Kiner Company has the following production and cost data for November Productor work in process 3 300 units that are 100% complete a…

Brief Exercise 21-6 Assume that IBM leased equipment that was carried at a cost

Brief Exercise 21-6 Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2014, …

Brief Exercise 21-6 For Roche Inc., variable manufacturing overhead costs are ex

Brief Exercise 21-6 For Roche Inc., variable manufacturing overhead costs are expected to be $20,810 in the first quarter of 2017, with $4,450 increments in each of the remaining …

Brief Exercise 21-7 Bryant Company has a factory machine with a book value of $8

Brief Exercise 21-7 Bryant Company has a factory machine with a book value of $85,700 and a remaining useful life of 7 years. It can be sold for $25,900. A new machine is availabl…

Brief Exercise 21-7 Elbert Company classifies its selling and administrative exp

Brief Exercise 21-7 Elbert Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be $26,800 in the…

Brief Exercise 21-8 Jennifer Brent Corporation owns equipment that cost $124,600

Brief Exercise 21-8 Jennifer Brent Corporation owns equipment that cost $124,600 and has a useful life of 10 years with no salvage value. On January 1, 2014, Jennifer Brent leases…

Brief Exercise 21-8 North Company has completed all of its operating budgets. Th

Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,300 units and total sales of $2,207,100. The total unit cost o…

Brief Exercise 21-8 North Company has completed all of its operating budgets. Th

Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,820 units and total sales of $2,391,000. The total unit cost o…

Brief Exercise 21-8 North Company has completed all of its operating budgets. Th

Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,640 units and total sales of $2,354,100. The total unit cost o…

Brief Exercise 21-8 North Company has completed all of its operating budgets. Th

Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,720 units and total sales of $2,448,100. The total unit cost o…

Brief Exercise 21-9 Indiana Jones Corporation enters into a 6-year lease of equi

Brief Exercise 21-9 Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2014, which requires 6 annual payments of $40,760 cach, beginning January 1, 20…

Brief Exercise 21-9 Kaspar Industries expects credit sales for January, February

Brief Exercise 21-9 Kaspar Industries expects credit sales for January, February, and March to be $202,100, $264,200, and $319,300, respectively. It is expected that 75% of the sa…

Brief Exercise 21-9 Sheridan Corporation enters into a S-year lease of equipment

Brief Exercise 21-9 Sheridan Corporation enters into a S-year lease of equipment on January 1, 2017, which requires 5 annual payments of $43,200 each, beginning January 1, 2017. I…

Brief Exercise 21-9 Your answer is partially correct. Try again Kaspar Industrie

Brief Exercise 21-9 Your answer is partially correct. Try again Kaspar Industries expects credit sales for January, February, and March to be $205,100,?263,100, and $314,500, resp…

Brief Exercise 21-9 Your answer is partially correct. Try again. Noland Corporat

Brief Exercise 21-9 Your answer is partially correct. Try again. Noland Corporation decided at the beginning of 2017 to change from the declining-balance method of depreciating it…

Brief Exercise 21-9 Your answer is partially correct. Try again. Stellar Corpora

Brief Exercise 21-9 Your answer is partially correct. Try again. Stellar Corporation enters into a 5-year lease of equipment on January 1, 2017, which requires 5 annual payments o…

Brief Exercise 21-9 x Your answer is incorrect. Try again. Production costs char

Brief Exercise 21-9 x Your answer is incorrect. Try again. Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,516, labor $21,591,…

Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares o

Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016, the company has the following stock transactions. Jan. 15…

Brief Exercise 217 On lanuary 1, 2017, Wooden Company issued 16,000 shares of $2

Brief Exercise 217 On lanuary 1, 2017, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000. n March 1, 2017, the company purchased 2,000 shares of its co…

Brief Exercise 217 Strickman Company uses the allowance method for estimating un

Brief Exercise 217 Strickman Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account…

Brief Exercise 21A-1 (Essay) Callaway Golf Co. leases telecommunications equipme

Brief Exercise 21A-1 (Essay) Callaway Golf Co. leases telecommunications equipment from Photon Company. Assume the following data for equipment leased from Photon Company. The lea…

Brief Exercise 21A-11 Assume that IBM leased equipment that was carried at a cos

Brief Exercise 21A-11 Assume that IBM leased equipment that was carried at a cost of $125,000 to Pharoah Company. The term of the lease is 5 years December 31, 2016, with equal re…

Brief Exercise 21A-15 LeBron James (LBJ) Corporation agrees on January 1, 2017,

Brief Exercise 21A-15 LeBron James (LBJ) Corporation agrees on January 1, 2017, to lease equipment from Cavaliers, Inc. for 3 years. The lease calls for annual lease payments of $…

Brief Exercise 21A-15 LeBron James (LBJ) Corporation agrees on January 1, 2017,

Brief Exercise 21A-15 LeBron James (LBJ) Corporation agrees on January 1, 2017, to lease equipment from Cavaliers, Inc. for 3 years. The lease calls for annual lease payments of $…

Brief Exercise 21A-28 Brent Corporation owns equipment that cost $80,000 and has

Brief Exercise 21A-28 Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2017, Brent leases the equipment to …

Brief Exercise 21A-7 Teal Mountain Corporation recorded a right-of-use asset for

Brief Exercise 21A-7 Teal Mountain Corporation recorded a right-of-use asset for $312,900 as a result of a finance lease on December 31, 2016. Teal Mountain's incremental borrowin…

Brief Exercise 21A-9 Windsor Inc. wishes to lease machinery to Thiensville Compa

Brief Exercise 21A-9 Windsor Inc. wishes to lease machinery to Thiensville Company. Thiensville wants the machinery for 4 years, although it has a useful life of 10 years. The mac…

Brief Exercise 22-1 At e beur ning u 201 / Vaughn Corstu on Cuma any charge rum

Brief Exercise 22-1 At e beur ning u 201 / Vaughn Corstu on Cuma any charge rum the competed contrect rret to recognizing revenue overt me percente e-o completion to 2017, pretax …

Brief Exercise 22-10 For its three investment centers, Gerrard Company accumulat

Brief Exercise 22-10 For its three investment centers, Gerrard Company accumulates the following data: I II III Sales $1,940,000 $3,938,000 $3,914,000 Controllable margin 941,640 …

Brief Exercise 22-11 Your answer is incorrect. Try again. Morales Corporation pr

Brief Exercise 22-11 Your answer is incorrect. Try again. Morales Corporation produces microwave units. The following per unit cost information is available: direct materials $30;…

Brief Exercise 22-11 Your answer is incorrect. Try again. Morales Corporation pr

Brief Exercise 22-11 Your answer is incorrect. Try again. Morales Corporation produces microwave units. The following per unit cost information is available: direct materials $30;…

Brief Exercise 22-12 Presented below is information related to the Southern Divi

Brief Exercise 22-12 Presented below is information related to the Southern Division of Lumber, Inc. Contribution margin $1,211,900 Controllable margin $895,114 Average operating …

Brief Exercise 22-2 Your answer is incorrect. Try again., At the beginning of 20

Brief Exercise 22-2 Your answer is incorrect. Try again., At the beginning of 2017, Sheridan Construction Company changed from the completed-contract method to recognizing revenue…

Brief Exercise 22-3 In Rooney Company, direct labor is $17 per hour. The company

Brief Exercise 22-3 In Rooney Company, direct labor is $17 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2017, direct labor totaling…

Brief Exercise 22-3 In Rooney Company, direct labor is $17 per hour. The company

Brief Exercise 22-3 In Rooney Company, direct labor is $17 per hour. The company expects to operate at 12,000 direct labor hours each month. In January 2017, direct labor totaling…

Brief Exercise 22-3 In Rooney Company, direct labor is $25 per hour. The company

Brief Exercise 22-3 In Rooney Company, direct labor is $25 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2017, direct labor totaling…