On january 1 2011 morrison inc bought some equipment by

Assignment Help Accounting Basics
Reference no: EM13599554

On January 1, 2011, Morrison, Inc. bought some equipment by signing a non-interest-bearing note for $160,000. The note is to be paid in four equal annual $40,000 payments, beginning on December 31,2011. Current interest rates were 8%. Actuarial information for 8%, 4 periods follows:

[Amount of 1] 1.360
[Present value of 1] 0.735
[Amount of annuity of 1] 4.506
[Present value of annuity of 1] 3.312

Required:Prepare the journal entries necessary on January 1, 2011, and December 31, 2011.

Reference no: EM13599554

Questions Cloud

Kilarny company is considering investing in an annuity : kilarny company is considering investing in an annuity contract that will return 20000 annually at the end of each year
Abis corporation uses the weighted-average method in its : abis corporation uses the weighted-average method in its process costing system. this month the beginning inventory in
Marshall co employs a staff of 30 at a total monthly gross : marshall co. employs a staff of 30 at a total monthly gross pay of 60000. the company withholds federal income tax at
Mizzou mining company mines an iron ore called alpha during : mizzou mining company mines an iron ore called alpha. during the month of december 400000 tons of alpha were mined and
On january 1 2011 morrison inc bought some equipment by : on january 1 2011 morrison inc. bought some equipment by signing a non-interest-bearing note for 160000. the note is to
A shavon company has total fixed costs of 6000000 and : a shavon company has total fixed costs of 6000000 and total variable cost of 3000000 at a volume level of 300000 units.
As an accounting manager for a growing graphic design : as an accounting manager for a growing graphic design company you are responsible for preparing the monthly financial
The rogers leasing company signed an agreement to lease an : the rogers leasing company signed an agreement to lease an asset that has a fair value of 800000 on december 312010.
The tobias company has 12 obsolete computers that are : the tobias company has 12 obsolete computers that are carried in inventory at a cost of 13200. if these computers are

Reviews

Write a Review

Accounting Basics Questions & Answers

  Centro

You are required to choose one of the companies below and do some research into its background and activities. If you wish to choose your own company this should be approved by your lecturer. The report can be completed individually or in groups of t..

  A dairy allocates the cost of unprocessed milk to the

a dairy allocates the cost of unprocessed milk to the production of milk cream butter and cheese. for the current

  Jonathan macintosh is a highly successful pennsylvania

jonathan macintosh is a highly successful pennsylvania orchardman who has formed his own company to produce and package

  Compute net cash flow provided by operating activities

From the following selected data, compute: Net cash flow provided (used) by operating activities. Net cash flow provided (used) by investingactivities.

  Pepare the following journal entries and answer the

prepare the following journal entries and answer the questions.descriptionsexplanations are not required for the

  On december 1 martin company signed a 90-day 8 note payable

on december 1 martin company signed a 90-day 8 note payable with a face value of 13800. what amount of interest expense

  Calculate the cost of one unit of product under absorption

in the coming year imre company expects to sell 56900 units at 26 each. imres controllerprovided the following

  If a firm has the highest priceearnings ratio of any firm

if a firm has the highest priceearnings ratio of any firm in its industry then other things held constant this suggests

  A restaurant purchased 7500 of food inventory on credit

1.a restaurant purchased 7500 of food inventory on credit with terms of 35 net 30. calculate the cash discount and

  Moran owns a building he bought during year 0 for 230000 he

a. moran owns a building he bought during year 0 for 230000. he sold the building in year 6. during the time he held

  On april 8 2006 bizwax corp acquired equipment at a cost of

on april 8 2006 bizwax corp. acquired equipment at a cost of 120000. the equipment is to be depreciated by the

  Provide the journal entry for the asset revaluation

The capital accounts of Hope and Indiana have balances of $115,000 and $95,000, respectively. Clint and Casey are to be admitted to the partnership.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd