Prepare the journal entries for Cheyenne on December

Assignment Help Accounting Basics
Reference no: EM132497189

Question - On March 1, 2017, Cheyenne Company sold goods to Goosen Inc. for $648,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $952,125 (an inputed rate of 8%). The goods have an inventory cost on Cheyenne's books of $386,000.

Required -

1. Prepare the journal entries for Cheyenne on March 1, 2017.

2. Prepare the journal entries for Cheyenne on December 31, 2017.

Reference no: EM132497189

Questions Cloud

Compute December cash : In 2017, Cullumber Corporation had net cash provided by operating activities of $486,000, Compute December 31, 2017, cash
Is ethical for a company to have a secret system explain : Is it ethical for a company to have a secret system like the one described? Explain. Hannah Company maintains two separate accounts payable computer systems.
Can the payment be more than the invoice to recognize a sale : Exchange price principle of accounting. ABC Company sells car seats to third party overseas. Can the payment be more than the invoice to recognize a sale
Construct a reconciliation from pretax financial income : Micah has an enacted tax rate of 30% for all years. Construct a reconciliation from pretax financial income to taxable income for the year ended December
Prepare the journal entries for Cheyenne on December : On March 1, 2017, Cheyenne Company sold goods to Goosen Inc. for $648,000. Prepare the journal entries for Cheyenne on December
Compute the claim against the insurance company : Compute the claim against the insurance company. calculate a claim for insurance as a result of a theft that took place the night before
Prepare journal entry on july record first month of revenue : Assuming total sales do not reach the target, prepare the journal entry, if any, on October 31 to record failure to receive the $20,000 bonus
What is different about the environments : What is different about the environments where sickle cell disease was prevalent and where it was scarce?
Prepare the journal entries necessary to account for the mjr : CMC, Inc, Prepare the journal entries necessary to account for the MJR investment, assuming that CMC lacks significant influence

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why is the blackberry controversy prominent

Why is the BlackBerry controversy prominent in Asia, particularly in the Middle East, and not anywhere else in the world? Analyze the measures that RIM.

  What is potomocs depreciation expense

Potomac LLC purchased an automobile for $30,000 on August 5th of 2010. What is Potomoc's depreciation expense for 2010

  Prepare the journal entry to record the completion

Prepare the journal entry to record the completion of any job(s) during the month.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

  Accounting for income taxes

In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?

  What types of fixed assets are acquired

What types of fixed assets are acquired, and what methods are preferred for debt financing? How do those affect how financial information is communicated?

  Analyze the factors that influence investment decisions

Analyze the factors that influence investment decisions at different stages in an investor's life cycle, and make a recommendation at which stage the average.

  What is the initial cost of the project

A project produces cash inflows of $8,300 a year for 4 years. The PI is 1.08 at a discount rate of 12.5 percent. What is the initial cost of the project

  What the tax consequences to a and b from the first year

What the tax consequences to A and B from the first year of operation? What is A and B's basis in their shares at the end of 2015?

  What is the rate per hour for each order entry employee

Staley company has 30 order operators with associated costs of $1,000,000 per year. Staley calculated that each operator worked about 2,000 hours per year. Allowing for time off, each operator provided about 1,600 or productive work per year. What..

  Profitable long-term contracts

The percentage-of-completion method of accounting for long-term contracts to the completed-contract method, which is the method used for tax purposes. The entry to record this change on very profitable long-term contracts should include which of t..

  Costs-fixed and variable costs

Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units ..

  A friend has 4800 that has been saved from her part-time

a friend has 4800 that has been saved from her part-time job. she will need her money plus any interest earned on it in

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