User Account

All Pages

Prepare entries on the books of oriole company

Assignment Help Accounting Basics
Reference no: EM131587668

Question - Presented below is information related to Oriole Company.

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

Land $389,000

Buildings 1,167,000

Equipment 778,000  

Total $2,334,000

Oriole Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $225 per share on the date of the purchase of the property.

2. Oriole Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.)

Repairs to building $95,850

Construction of bases for equipment to be installed later 137,160

Driveways and parking lots 123,590

Remodeling of office space in building, including new partitions and walls 173,080

Special assessment by city on land 18,650

3. On December 20, the company paid cash for equipment, $278,200, subject to a 2% cash discount, and freight on equipment of $11,110.

Prepare entries on the books of Oriole Company for these transactions.

Reference no: EM131587668

Questions Cloud

Write an app that creates objects : Write an app that creates objects of each of the three classes, places references to those objects in List, then iterates through the List
Discuss cultures have integrated their cultural traditions : Discuss ways that these cultures have integrated their cultural traditions into the dominant cultures. What has been maintained. What has been lost
Identify five scholarly articles on financing health care : Identify at least 5 scholarly articles from peer-reviewed journals addressing your topic. All references must be less than 10 years old.
Find the equilibrium level of income in the economy : Application exercise. Suppose that the national income in a three-sector economy is given by Y = C + I0 + G0, where C = C0 + bYd, Yd = Y - T, T = T0 + tY.
Prepare entries on the books of oriole company : On July 6, Oriole Company acquired the plant assets of Doonesbury Company, Prepare entries on the books of Oriole Company for these transactions
Describe an example of sterotyping in the media : Consider all the media sources you view everyday. Describe an example of sterotyping in the media that you have recently witnessed.
What do you think of the given statements : The environmental controversy for this week revolved around the use of paper. What do you think of these statements? With whom do you agree or disagree and why?
How do the experiences and struggles of women of color : What in the thesis needs to be focused, or more specific. Often theses are often too broad or vague in the beginning stages
Finish off the powerball application : Finish off the Powerball application - Enter the number into array - For each value of number

Reviews

Write a Review

Accounting Basics Questions & Answers

  Susan makes a gift of assets with a fair market value of

susan makes a gift of assets with a fair market value of 750000 to her daughter in 2011. she has made annual gifts of

  Profit generating mechanism on prices

In practice, arbitrage refers to the profit generating mechanism on prices that temporarily deviate from the theoretical or perceived equilibrium relationship

  Prepare and unclassified balance sheet

Prepare and unclassified balance sheet as it would appearat Dec 31,2007 c) how might the statement of cash flows help the user of thefinancial statements? Compute tow cash flow ratios.

  Why would fairness in financial reporting be difficult

The True blood Committee Report advocated the use of financial forecasts. Why do you think that adoption of this suggestion has been very unenthusiastically.

  What is the amount of amortization expense

Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 year at that date. In January of 2011, Day successfully defends the patent at a cost of $162,000, extending the patent's life to 12/31/22...

  What is the amount that the shareholder may deduct

What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?

  Prepare the journal entry to record the budget

A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800.

  Reconcile the recorded cash receipts on the prelisting with

the following are commonly performed tests of controls and substantive tests of transactions audit procedures in the

  Many companies must file financial reports

Many companies must file financial reports with the SEC. Many of these reports are available electronically through the EDGAR database.

  Risk-free holding period return

The risk-free holding period return for the next six month is 4 percent, which corresponds to an 8 percent annual rate.

  Berne inc uses a flexible budget for manufacturing overhead

berne inc. uses a flexible budget for manufacturing overhead based on machine hours. variable manufacturing overhead

  Problem regarding the leased asset

Hopper Corporation signed a ten-year capital lease on January 1, 2014. The lease requires annual payments of $8,000 every December 31.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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