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Federal Income Tax

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E10-15B (Purchase of Computer with Zero-Interest-Bearing Debt) Dawson Corporation purchased a computer on December 31, 2013, for $75,000, paying $25,000 down and agreeing to pay the balance in five equal installments of $10,000 payable each December 31 be

E10-15B (Purchase of Computer with Zero-Interest-Bearing Debt) Dawson Corporation purchased a computer on December 31, 2013, for $75,000, paying $25,000 down and agreeing to pay the balance in five equal installments of $10,000 payable each December 31 beginning in 2014. An assumed interest rate of 8% is implicit in the purchase price.

Instructions

(a) Prepare the journal entry (entries) at the date of purchase. (Round to two decimal places.)

E10-14B (Purchase of Equipment with Zero-Interest-Bearing Debt) Vaughn Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2014, to expand its production capacity to meet customers’ demand for its product.

E10-14B (Purchase of Equipment with Zero-Interest-Bearing Debt) Vaughn Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2014, to expand its production capacity to meet customers’ demand for its product. Vaughn issues an $500,000, 5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 8%. The company will pay off the note in five $100,000 installments due at the end of each year over the life of the note.

Instructions

E10-13B (Entries for Acquisition of Assets) Presented below is information related to Monday Company.

E10-13B (Entries for Acquisition of Assets) Presented below is information related to Monday Company.

1. On July 6 Monday Company acquired the plant assets of Weld Company, which had discontinued operations. The appraised value of the property is:

Land                                     $ 200,000

Building                                   600,000

E10-12B (Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to White Company.

E10-12B (Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to White Company.

(a) The City of Grand Junction gives the company 5 acres of land as a plant site. The market value of this land is determined to be $173,000.

E10-11B (Entries for Equipment Acquisitions) Mays Engineering Corporation purchased conveyor equipment with a list price of $12,000. The vendor’s credit terms were 2/10, n/30.

E10-11B (Entries for Equipment Acquisitions) Mays Engineering Corporation purchased conveyor equipment with a list price of $12,000. The vendor’s credit terms were 2/10, n/30. Presented below are three independent cases related to the equipment. Assume that the purchases of equipment are recorded gross. (Round to nearest dollar.)

(a) Mays paid cash for the equipment 8 days after the purchase.

E10-10B (Capitalization of Interest) The following three situations involve the capitalization of interest.

E10-10B (Capitalization of Interest) The following three situations involve the capitalization of interest.

Situation I

E10-9B (Capitalization of Interest) On July 31, 2014, Robinson Company engaged Parrish Tooling Company to construct a special-purpose piece of factory machinery.

E10-9B (Capitalization of Interest) On July 31, 2014, Robinson Company engaged Parrish Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2014. To help finance construction, on July 31 Robinson issued a $450,000, 3-year, 10% note payable at Randazzo National Bank, on which interest is payable each July 31. Robinson paid $300,000 of the proceeds of the note to Parrish on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities at 8% until November 1.

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