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On May 1, 2013, James Dear and Joan Clay formed The Leisure Room. The two partne
On May 1, 2013, James Dear and Joan Clay formed The Leisure Room. The two partners invested cash and other assets and liabilities with the following agreed upon values. James: Cas…
On May 1, 2014, Herron Corp. issued $314,400, 11%, 5-year bonds at face value. T
On May 1, 2014, Herron Corp. issued $314,400, 11%, 5-year bonds at face value. The bonds were dated May 1, 2014, and pay interest semiannually on May 1 and November 1. Financial s…
On May 1, 2014, Kirmer Corp. purchased $900,000 of 12% bonds—with interest payab
On May 1, 2014, Kirmer Corp. purchased $900,000 of 12% bonds—with interest payable on January 1 and July 1—for $843,900 plus accrued interest. The bonds mature on January 1, 2020.…
On May 1, 2014, Kymier Corp. purchased $1,500,000 of 12% bonds—with interest pay
On May 1, 2014, Kymier Corp. purchased $1,500,000 of 12% bonds—with interest payable on January 1 and July 1—for $1,406,500 plus accrued interest. The bonds mature on January 1, 2…
On May 1, 2014, Marly Co. issued $1,500,000 of 7% bonds at 103, which are due on
On May 1, 2014, Marly Co. issued $1,500,000 of 7% bonds at 103, which are due on April 30, 2024. Twenty detachable stock warrants entitling the holder to purchase for $40 one shar…
On May 1, 2014, Payne Co. issued $900,000 of 7% bonds at 103, which are due on A
On May 1, 2014, Payne Co. issued $900,000 of 7% bonds at 103, which are due on April 30, 2024. Twenty detachable stock warrants entitling the holder to purchase for $40 one share …
On May 1, 2014, Payne Co. issued $900,000 of 7% bonds at 103, which are due on A
On May 1, 2014, Payne Co. issued $900,000 of 7% bonds at 103, which are due on April 30, 2024. Twenty detachable stock warrants entitling the holder to purchase for $40 one share …
On May 1, 2014, a $300,000, ten-year, 14% bond was sold to yield 12% plus accrue
On May 1, 2014, a $300,000, ten-year, 14% bond was sold to yield 12% plus accrued interest. The bond was dated January 1, 2014, and interest is paid each January 1 and July 1. Pre…
On May 1, 2014, the Sanderson Electrical Company purchased equipment to be used
On May 1, 2014, the Sanderson Electrical Company purchased equipment to be used in its manufacturing process. The equipment cost $60,000, has a six-year useful life and no residua…
On May 1, 2015, Bradley Corporation decided to sell one of its components that q
On May 1, 2015, Bradley Corporation decided to sell one of its components that qualified as a discontinued operation. This component had an operating loss of $75,000 during 2015. …
On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Compan
On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $52,900. Additional data concerning these two companies for the years 2015 and 2016 are: 2015…
On May 1, 2016, Hecala Mining entered into an agreement with the state of New Me
On May 1, 2016, Hecala Mining entered into an agreement with the state of New Mexico to obtain the rights to operate a mineral mine in New Mexico for $10.3 million. Additional cos…
On May 1, 2016, Love Corporation declared a $97,900 cash dividend to be paid on
On May 1, 2016, Love Corporation declared a $97,900 cash dividend to be paid on May 31 to shareholders of record on May 15 Required a. Record the events occurring on May 1, May 15…
On May 1, 2016, Meta Computer, Inc., enters into a contract to sell 5,500 units
On May 1, 2016, Meta Computer, Inc., enters into a contract to sell 5,500 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $94,600, to be…
On May 1, 2016, Varga Tech Services signed a $120,000 consulting contract with S
On May 1, 2016, Varga Tech Services signed a $120,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenev…
On May 1, 2016, the Phil Company paid $1,200,000 for 80% of the outstanding comm
On May 1, 2016, the Phil Company paid $1,200,000 for 80% of the outstanding common stock of Sage Corporation in a transaction properly accounted for as an acquisition. The recorde…
On May 1, 2017 Mooney Leasing Company entered into a non-cancellable lease agree
On May 1, 2017 Mooney Leasing Company entered into a non-cancellable lease agreement with Rode Company. The agreement requires Rode Company to make annual lease payments of $20,47…
On May 1, 2017, Sheffield Company issued 1,900 $1,000 bonds at 102. Each bond wa
On May 1, 2017, Sheffield Company issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, b…
On May 1, 2018, ABC Company purchased a three-year insurance policy for $5,400.
On May 1, 2018, ABC Company purchased a three-year insurance policy for $5,400. Indicate if each of the tollowing statements is true or false by clicking in the drop down box to t…
On May 1, 2018, Hecala Mining entered into an agreement with the state of New Me
On May 1, 2018, Hecala Mining entered into an agreement with the state of New Mexico to obtain the rights to operate a mineral mine in New Mexico for $10.4 million. Additional cos…
On May 1, 2018, Kirmer Corp. purchased $1,500,000 of 12% bonds—with interest pay
On May 1, 2018, Kirmer Corp. purchased $1,500,000 of 12% bonds—with interest payable on January 1 and July 1—for $1,406,500 plus accrued interest. The bonds mature on January 1, 2…
On May 1, 2018, Marly Co. issued $2,500,000 of 7% bonds at 103, which are due on
On May 1, 2018, Marly Co. issued $2,500,000 of 7% bonds at 103, which are due on April 30, 2028. Twenty detachable stock warrants entitling the holder to purchase for …
On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 4,000 units
On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 4,000 units of Comfort Office Keyboard to one of its clients, Bionics Inc., at a fixed price of $68,000, to be …
On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 5,600 units
On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 5,600 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $95,200, to be…
On May 1, 2018, Stokes Company paid Eastport Rentals $31,000 for a 12-month leas
On May 1, 2018, Stokes Company paid Eastport Rentals $31,000 for a 12-month lease on warehouse space Required a. Record the deferral and the related December 31, 2018, adjustment …
On May 1, 20x9, Hammon Company received a charter that authorized it to issue: •
On May 1, 20x9, Hammon Company received a charter that authorized it to issue: • 4,000 shares of no-par preferred stock to which a stated value of $12 per share is assigned. The s…
On May 1, Burns Corporation acquired 100 percent of the outstanding ownership sh
On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $710,000 cash. At the acquisition date, Quigley’s book …
On May 1, Cray has $555,800 of accounts receivable. Cray uses the allowance meth
On May 1, Cray has $555,800 of accounts receivable. Cray uses the allowance method of accounting for bad debts and has an existing credit balance in the allowance for doubtful acc…
On May 1, Fine and Max formed a partnership. Fine contributed cash of $90,000 an
On May 1, Fine and Max formed a partnership. Fine contributed cash of $90,000 and equipment valued at $152,000. Max contributed land valued at $120,000 and a building valued at $2…
On May 1, Larkin Hydraulics, a wholly owned subsidiary of Caterpillar (U.S.), so
On May 1, Larkin Hydraulics, a wholly owned subsidiary of Caterpillar (U.S.), sold a 12-megawatt compression turbine to Rebecke-Terwilleger Company of the Netherlands for €4,000,0…
On May 1, Melforth Realty Company offered to sell Green acre to Dallas, Inc., fo
On May 1, Melforth Realty Company offered to sell Green acre to Dallas, Inc., for $1 Million. The offer was made by a letter sent overnight delivery and stated that the offer woul…
On May 1, Sam Company sold $5,000 of inventory to Bob Company. The sale was made
On May 1, Sam Company sold $5,000 of inventory to Bob Company. The sale was made on account and Sam granted Bob credit terms of 2/10, n/30. The inventory cost Sam Company $3,000. …
On May 1, Sam Company sold S5,000 of inventory to Bob Company. The sale was made
On May 1, Sam Company sold S5,000 of inventory to Bob Company. The sale was made on account and Sam granted Bob credit tems of 2/10, n/30. The inventory cost Sam Company S3.000. O…
On May 1, Soriano Co. reported the following account balances along with their e
On May 1, Soriano Co. reported the following account balances along with their estimated fair values Carrying Amount Fair Value Receivables Inventory Copyrights Patented technolog…
On May 1, by telephone, Yu offers to hire Benson to perform personal services. O
On May 1, by telephone, Yu offers to hire Benson to perform personal services. On May 5, Benson returns Yu's call and accepts the offer. Discuss fully whether this contract falls …
On May 1, the company borrowed $44,000 from Bank of Collins. The loan is for fiv
On May 1, the company borrowed $44,000 from Bank of Collins. The loan is for five years and bears an annual interest rate of 9%. Interest on the loan is to be paid in cash each ye…
On May 1, year 1, Anna received 5,100 shares of restricted stock from her employ
On May 1, year 1, Anna received 5,100 shares of restricted stock from her employer, Jarbal Corporation. On that date, the stock price was $5 per share. On receiving the restricted…
On May 1,2011 Newby Corp. issued $600,000 , 9%, 5-year bonds at face value. The
On May 1,2011 Newby Corp. issued $600,000 , 9%, 5-year bonds at face value. The bonds were dated May1,2011 and pay interest semiannually on May 1 and November 1. Financial stateme…
On May 1,Epo Corporation decides to start a petty cash fund. The company writes
On May 1,Epo Corporation decides to start a petty cash fund. The company writes a $370 check for cash to start the fund. What entry should be made at 5/1 to record this transactio…
On May 1. Cray has $$55,800 of accounts receivable. Cray uses the allowance meth
On May 1. Cray has $$55,800 of accounts receivable. Cray uses the allowance method of accounting for bu debts and has an existing credit balance in the allowance for doubtful acco…
On May 10 Ritz Company sold merchandise for $6,000 and accepted the customer\'s
On May 10 Ritz Company sold merchandise for $6,000 and accepted the customer's First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts w…
On May 10, 2017, Marigold Co, enters into a contract to deliver a product to Gre
On May 10, 2017, Marigold Co, enters into a contract to deliver a product to Greig Inc. on June 15, 2017, Greig agrees to pay the full contract price of $1,860 on July 15, 2017. T…
On May 10, Hudson Computing sold 89 Millennium laptop computers to Apex Publishe
On May 10, Hudson Computing sold 89 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost laye…
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishe
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost laye…
On May 10, Mr. Evans has 100 shares of Kimpo Corporation. Kimpo Corporation has
On May 10, Mr. Evans has 100 shares of Kimpo Corporation. Kimpo Corporation has 10,000 shares outstanding. The total equity of the company is 1,670,000. The market price of the st…
On May 10, Renn Company sold merchandise for $3,700 and accepted the customer\'s
On May 10, Renn Company sold merchandise for $3,700 and accepted the customer's First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts …
On May 10, a company issued for cash 1,700 shares of no-par common stock (with a
On May 10, a company issued for cash 1,700 shares of no-par common stock (with a stated value of $3) at $18, and on May 15, it issued for cash 5,000 shares of $16 par preferred st…
On May 10,2010 the Horan Company purchased equipment for $25,000. The equipment
On May 10,2010 the Horan Company purchased equipment for $25,000. The equipment has an estimated service life of five years and zero residual value. Assume that straight-line depr…
On May 10th, 2012, the gold spot price was $1,580/oz and the 9-month risk-free i
On May 10th, 2012, the gold spot price was $1,580/oz and the 9-month risk-free interest rate was 2% (annualized), Assume the cost of storage and insurance of gold is $100/oz payab…
On May 11, 2014, Wilson Purchasing purchased $23,500 of merchandise from Hostel
On May 11, 2014, Wilson Purchasing purchased $23,500 of merchandise from Hostel Sales; terms 1/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $18,500. Wilson paid…