Current Attempt in Progress Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: 1 Purchased a copyright for $117,480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Jan Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033. Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73.190 cash. As the purchase was being finalized, spent $33,150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000, furniture $180,000, and leasehold improvements $336,000. Carla Vista is not assuming any liabilities pertaining to the agency.

Current Attempt in Progress Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: 1 Purchased a copyright for $117,480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Jan Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033. Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73.190 cash. As the purchase was being finalized, spent $33,150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000, furniture $180,000, and leasehold improvements $336,000. Carla Vista is not assuming any liabilities pertaining to the agency.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 1MC

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index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware %252Fmhepre xercises Cash Accounts receivable. Inventory Machinery (net) Franchise (net) Total assets Exercise 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the stateme you notice several errors. Notes payable Bonds payable Check my work mode: This shows what is correct or incorrect for the work you have comp LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Shareholders' equity Total liabilities and shareholders' equity 72,000 128,000 71,000 136,000 46,000 $ 453,000 LOS GATOS CORPORATION $ Additional Information: 1. Cash includes a $36,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is…
Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.
Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Online teachin X + m/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator-&... M : Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. s S Merchandise $8,350 3,900 Check My Work Freight Paid by Seller $600 400 SAMSUNG Freight Terms FOB shipping point, 2/10, n/30 FOB destination, 1/10, 1/30 Previous Next 440 5:15 AM 4/10/2023 (?)
Question 3 What is the correct posting of the journalized transaction shown in Figure 3.03 E to the accounts payable subsidiary ledger? PURCHASES JOURNAL POST REF PURCHASES DR. ACCTS. PAY.CR. PURCH DATE ACCOUNT CREDITED NO Nov. 7 Hi Frequency 321 455.00 Figure 3.03 E O Debit Accounts Payable/ Hi Frequency, $455 O Debit Purchases, $455 O Credit Purchases, $455 Credit Accounts Payable/ Hi Frequency, $455
9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods sold
Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
the remittances received in the mailrrom should be forwarded directly to who? 1cashier 2billing 3finished goods 4accounts receivable
Match the following items with correct accounting treatment (A through C):