User Account

All Pages

Prepare the journal entries for headland on december

Assignment Help Accounting Basics
Reference no: EM131871947

Question - On March 1, 2017, Headland Company sold goods to Goosen Inc. for $642,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory cost on Headland's books of $405,000.

(a) Prepare the journal entries for Headland on March 1, 2017.

(b) Prepare the journal entries for Headland on December 31, 2017.

Reference no: EM131871947

Questions Cloud

Analyze it in terms of its current business model : analyze it in terms of its current business model activities and the decision processes that drive it It is important to use the terminology
What will be the budget for your salary next year : You will also receive a 4% merit increase on your anniversary date which is March. What will be the budget for your salary next year
Prepare carla journal entries to record the sale on july : Prepare Carla's journal entries to record (a) the sale on July 10, 2017, and (b) $78,300 of returns on October 11, 2017, and on October 31, 2017
Develop an increased understanding of the dynamic : Reflect on two to three (2-3) TV shows in which characters demonstrate aggression or violence. Consider the context in which this aggression or violence.
Prepare the journal entries for headland on december : On March 1, 2017, Headland Company sold goods to Goosen Inc. for $642,000 in exchange for a 5-year, Prepare the journal entries for Headland on December 31
What is the specific action of compound : What is the specific action of this compound within the cells?
What factors would you use to decide about health insurance : What factors would you use to decide what health insurance you would purchase for your employees.
How therapeutic relationship aligns with interpersonal style : You should conduct a computerized literature search on the particular theoretical approach that feels like the best fit. Remember to select a theory.
Prepare the journal entries to record the investments : Thomas and Aggy decide to form a partnership on August 1. Prepare the journal entries to record the two partners' original investments in the new partnership

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why you would want the financial statements to be audited

Jason is a very insistent (some would say pushy) man. When you told him that you would need additional information before making your decision.

  How do you deal with money provided by relatives

How do you deal with money provided by relatives to get the business started

  Prepare the adjusting journal entry to correctly report

Prepare the adjusting journal entry to correctly report the balance of the Supplies account

  Determine the present value of the cash flows

Use the total-cost approach to determine the present value of the cash flows associated with each alternative. (Any cash outflows should be indicated by a minus

  Describe how to record an asset that is acquired by company

Can you describe how to record an asset that is acquired by a company from another company in exchange of its own asset

  Why would you select the percentage of sales method

How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?

  How does a pension plan differ from a 401(k) plan

How does a pension plan differ from a 401(k) plan? As an employee, would you rather have a pension plan or a 401(k) plan?

  Total value of the unexpected cash windfall

An unexpected cash windfall has prompted management to consider either a special dividend of $6.00 per share or a stock repurchase for cash. What is the total value of the unexpected cash windfall?

  Value added-nonvalue added-total lead time

Compute the value added, nonvalue added, and the total lead time of the wreath process.

  How much will annual profits be increased or decreased

If the order is accepted, by how much will annual profits be increased or decreased? (The order will not change the company's total fixed costs.)

  Comparative statement of financial position at december

Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December

  Discuss process were complete as to conversion cost

ending work in process were 50% complete as to conversion cost and 100% complete as to materials

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