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[DOC File]Chapter 9
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The easiest way to solve problems 9 and 10 is to prepare journal entries for the option cash flow hedge of a forecasted transaction. The journal entries are as follows: 11/1/Y1. Foreign Currency Option $1,200. Cash $1,200. 12/31/Y1. Option Expense $300. Foreign Currency Option $300
journal entries questions and answers

[DOC File]Chapter 16
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SOLUTIONS TO PROBLEMS. Solution P16-1. 1 Journal entry to distribute available cash on January 1. Barney capital $25,000 Cash $25,000 To distribute available cash to Barney computed as follows: Safe Payments Schedule January 1, 2006
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[DOC File]Solutions to Chapter 5 Problems
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b. Prepare the journal entry to record the federal tax expense and federal tax liability for Arnold Corporation. Solution: a. The $2,100 ($3,000 - $900) excess of the addition to the allowance for bad debts over the direct write-off results in a deferred tax asset of $714 ($2,100 x 34%).
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[DOC File]Chapter 14
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16. (15 Minutes) (Prepare journal entries to record admission of new partner under both the goodwill and the bonus methods) Part a. Total capital is $300,000 ($85,000 + $60,000 + $55,000 + $100,000) after the new investment. As Sergio's portion is 25 percent, this partner's capital balance would be $75,000.
journal entries questions

[DOC File]CHAPTER 18
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Journal entry to record scrap generated by a specific job and accounted for at the time scrap is sold is: Cash or Accounts Receivable 520. Work-in-Process Control 520. To recognize asset from sale of scrap. A memo posting is also made to the specific job record. 2. Scrap common to various jobs and accounted for at the time of its sale can be ...
journal entries questions pdf

[DOCX File]CHAPTER 15
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The solutions to these potential threats primarily involve monitoring and the use of security controls discussed in chapter 8. For example, software exists to enable companies to monitor employees, including what they do on the Internet. ... SUGGESTED ANSWERS TO THE PROBLEMS. 15.1. ... and prepares the payroll journal entry. There is no ...
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[DOC File]CHAPTER 2
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Since no investment account appears on Lincoln’s balance sheet, no journal entry has been made for the issuance of the 7,000 shares of stock. The entry requires a total paid in capital of $80,000, the amount reported by Swathmore. Lincoln's Financial Records. Investment in Swathmore (book value on 1/1/00) 190,000. Common Stock (par value) 70,000
practicing journal entries

[DOC File]ANSWERS TO QUESTIONS
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The journal entry to record this transaction is as follows: ... SOLUTIONS TO PROBLEMS. PROBLEM 12-1 Franchises 42,000 Prepaid Rent 28,000 Retained Earnings (Organization Costs of $6,000 in 2006) Note—No amortization of goodwill; goodwill should be tested for impair-ment on at least an annual basis in future periods. ...
journal entry practice problems

[DOC File]Chapter 2
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Journal entry on Martin’s books: ... SOLUTIONS TO PROBLEMS. Solution P2-1. 1 Goodwill Cost of investment in Telly on April 1 $ 343,000 Book value acquired: Net assets at December 31 $1,000,000 Add: Income for 1/4 year ($120,000 25%) 30,000 Less: Dividends paid March 15 (20,000) Book value at April 1 1,010,000 Interest acquired 30% 303,000 ...
journal entries questions and answers

[DOC File]ANSWERS TO QUESTIONS
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Thus, all “Balance per Books” adjustments in the reconciliation require a journal entry. SOLUTIONS TO EXERCISES. EXERCISE 7-1 (10–15 minutes) (a) Cash includes the following: 1. Commercial savings account— First National Bank of Yojimbo $ 600,000 1. Commercial checking account— First National Bank of Yojimbo 900,000 2.
accounting journal entry questions

Journal entry problems and solutions