Use Word or Excel to complete journal entries for Problem 1 and Problem 2.
The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15. The phone system’s actual cost upon review of the invoice when received on September 30 is $100,250. The invoice was paid on October 4.
Using the information above, prepare all the required journal entries for the general fund and the government-wide financial statements.
Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (government-wide financial statements only) for each transaction:
ABCD Partnership has decided to dissolve the partnership. As part of dissolution, all the assets will be sold and existing liabilities paid in full.
Liabilities and Capital
Liabilities55,000Partner A, Capital81,500Partner B, Capital40,000Partner C, Capital62,000Partner D, Capital91,500Total liabilities and capital330,000
Using the information provided above, use Word or Excel to create journal entries that show how each of the following independent scenarios should be handled.
Scenario 1: The $10,000 cash that exceeds the partnership’s liabilities is to be disbursed immediately. If profits and losses are allocated to Partner A, Partner B, Partner C, and Partner D on a 2:3:3:2 basis, respectively, how will the $10,000 be divided?
Scenario 2: The $10,000 cash that exceeds the partnership’s liabilities is to be disbursed immediately. If profits and losses are allocated to Partner A, Partner B, Partner C, and Partner D on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?
Scenario 3: The building is immediately sold for $80,000 to give total cash of $142,000. Following the sales, the liabilities are paid, leaving a cash balance of $90,000. This cash is to be distributed to the partners. How will the cash be divided if profits and losses are allocated to Partner A, Partner B, Partner C, and Partner D on a 1:3:3:3 basis, respectively?
Complete the following problem sets using Microsoft Word or Excel.
Tryant, Inc., a USA-based company has the following transactions:
Tryant, Inc. Transactions
DateTransactionApril 1Bought inventory valued at 25,000 pesos on account.June 1Sold 50% of the inventory for 20,000 pesos on account.September 1Collected 15,000 pesos from customers (previously sold on June 1).October 1Paid 12,500 peso for inventory purchased on account on April 1.
The exchange rate for 1 peso is:
DateRateApril 10.18June 10.20September 10.23October 10.26December 310.29
Using the information in the tables above, what amounts in the following accounts should be reported as of December 31?
Branch Company, a USA-based company, sells widgets to a foreign customer, Tiko, on June 1, 2014, on account. Tiko will pay 30,000 liras for the widgets on September 1, 2014.
Branch enters into a forward contract on June 1, 2014, to sell 25,000 liras on September 1, 2014.
Branch’s incremental borrowing rate is 12%. The present value factor for two months at an annual interest rate of 12% is 0.9803.
Branch must close the books and prepare financial statements at the end of every quarter.
Branch Company Data
DateSpot RateForward Rate (to September 1, 2014)June 1, 2014$3.10$3.155June 30, 2014$3.20$3.20August 1, 2014$3.45N/A
Using the data provided, prepare the necessary journal entries for the following:
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