General and adjusting journal enries-t-accounts

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Reference no: EM13150469

Prepare the following using any required worksheets, general and or adjusting journal enries, T-accounts, and trial balance per pg 212 style.

-A group of investors have formed a corporation. The various contributions of each of three stockholders is given as; 1.) $30,000 in cash, 2.) land valued at $20,000, building situated on the land, valued at $88,000. Of this $88,000 cost a portion of the building was demolished to make way for more parking space. The value of this component of the building was $10,000. Properly reflect this transaction in your work, 3.) Accounts receivable valued at $25,000 and Beginning Inventory valued at $50,000 [consisting of 5,000 ea. units valued at $10.00 ea.]

-The inventory is pre-manufactured by one of the stockholder's own firm and shipped to the new corporation FOB Shipping Point as follows; on day 5, 1000 units are shipped at a cost of $12.00 ea. and the corporation is billed by the other firm, day 6 the corporation sells [on account] 1,500 units at a selling price of $200.00 ea., day 7 the corporation receives a shipment of 1,500 units at a cost of $12.50 each and is billed, day 8 the corporation sells 1,500 units at a selling price of $200 ea. the corporation pays cash for the following items; $1,500 utilities, $1,250 phone, $1,250 office supplies, direct wages of $12,000 and clerical wages of $1,750.

- The officers [stockholders] of the corporation pay themselves salaries of $100,000 each, annually. Pay one month's worth of salaries to the officers.

- The corporation purchases a new computer system for $100,000 and pays $25,000 cash down payment and takes out a note payable for the balance. Use 5 years as the useful life of the asset. Use DDB on this as that is the experience rate of the firm.

- Compute straight line depreciation for the following asset. Historical cost $25,000. Estimated Useful Life 5 years. A note payable was taken out to purchase the asset.

- Use FIFO to calculate the operational inventory cost/flow. LIFO is used to calculate only Tax AJE's. Useful life of the building is predetermined by the IRS at 39 years straight line.

Reference no: EM13150469

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