Price Company had the following assets on January 1, 2022.

Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $73,000 Jan. 1, 2012 10 $0
Forklift 32,000 Jan. 1, 2019 5 0
Truck 38,400 Jan. 1, 2017 8 3,000

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,200. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, no disposed assets.

Answer:

Machinery

Journal 1 - Recognizing disposal

Debit : Accumulated Depreciation $73,000

Credit : Cost $73,000

Forklift

Journal 1 - Updating Depreciation

Debit : Depreciation expense  $3,200

Credit : Accumulated depreciation $3,200

Journal 2 - Recognizing disposal

Debit : Cash $12,200

Debit : Accumulated Depreciation $22,400

Credit : Cost $32,000

Credit : Profit and Loss (profit on sale) $2,600

Truck

Journal 1 - Updating Depreciation

Debit : Depreciation expense  $4,425

Credit : Accumulated Depreciation  $4,425

Journal 2 - Recognizing disposal

Debit : Accumulated Depreciation $26,550

Debit : Profit and Loss (Loss on disposal) $46,450

Credit : Cost $73,000

Explanation:

Note : I will assume the straight line method for all the assets above for depreciation purposes.

therefore,

Depreciation = Cost - Salvage Value ÷ Useful Life

Machinery

Annual Depreciation = $7,300

Accumulated Depreciation to date of disposal = $73,000

Forklift

Annual Depreciation = $6,400 ($3,200 for 2022)

Accumulated Depreciation to date of disposal = $22,400

Truck

Annual Depreciation = $4,425

Accumulated Depreciation to date of disposal = $26,550

Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $15,000,000, payable on February 12, 2022, to holders of record as of January 8, 2022.
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The issuance of common stock and preferred stock on January 1, 2019.
The declaration of dividends on December 22, 2021.
The payment of dividends on February 12, 2022.
b. Of the total amount of dividends declared during 2021, how much will be received by preferred shareholders?
c. Calculate the common stock dividends per share declared during 2021. (Round your answer to 2 decimal places.)

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If you agree to these terms and sign their contract, what is the actual APR (annual percentage rate) that you are paying?

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Jane's Juice Bar has the following cost schedules:
Quantity
Variable Cost
Total Cost
O vats of juice
1
2.
3
4
5
$ 0
10
25
45
70
100
135
$ 30
40
55
75
100
130
165
6
a. Calculate average variable cost, average total
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b. Graph all three curves. What is the
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For July:
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2. The June 30 bank reconciliation also reported outstanding checks of $940. During the month of July, Downs Company books show that $17,500 of checks were issued, yet the bank statement showed that $16,400 of checks cleared the bank in July.
For September:
3. In September, deposits per bank statement totaled $25,900, deposits per books were $26,400, and deposits in transit at September 30 were $2,200.
4. In September, cash disbursements per books were $23,500, checks clearing the bank were $24,000, and outstanding checks at September 30 were $2,100.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Downs Company.
Answer the following questions.
(a) In situation 1, what were the deposits in transit at July 31?
The deposits in transit at July 31 $Image for Exercise 7-10 The cash records of Downs Company show the following. For July: 1. The June 30 bank reconcilia
(b) In situation 2, what were the outstanding checks at July 31?
The outstanding checks at July 31 $Image for Exercise 7-10 The cash records of Downs Company show the following. For July: 1. The June 30 bank reconcilia
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The deposits in transit at August 31 $Image for Exercise 7-10 The cash records of Downs Company show the following. For July: 1. The June 30 bank reconcilia
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No Date Account Titles and Explanation Debit Credit
a
b
c
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Sales $1,230,000
Selling and administrative expenses 210,000
Direct materials used 264,000
Direct labor 300,000
Factory overhead * 405,000
*variable overhead is $205,000, fixed overhead is $200,000
Inventories
July 1, 2018 July 31, 2018
Direct materials $36,000 $42,000
Work in process 75,000 84,000
Finished goods 69,000 57,000
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a. $969,000
b. $1,179,000
c. $764,000
d. $615,000

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The margin is computed as product gross profit divided by reported product cost.
Manufacturing overhead for year 1 totaled $800,000. Overhead is allocated to products based on direct labor cost.
Data for year 1 show the following:
Chairs Desks
Sales revenue $1,150,000 $2,105,000
Direct materials 584,000 800,000
Direct labor 160,000 340,000
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Profit Margin (%)
Chairs
Desks
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