1) On February 2, 2011 MBH, Inc acquired 30% of the of Construction Corporation as a long term investment. Data from Construction Corporation financial statements for the year ended December 31, 2011 include the following:
Net Income $150,000
Don't use plagiarized sources. Get Your Custom Essay on
Prepare any necessary journal entries for MBH
Just from $9/Page
Dividends $75,000
Require; prepare any necessary journal entries for MBH at December 31, 2011, under the equity method of accounting for investment.
2) The following selected transaction relate to liabilities of Chicago Glass Corporation for 2011. Chicago fiscal year ends on December 31.
On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6.
On February 3, Chicago received $ 6,700 of refundable deposit relating to containers used to transport glass components.
On February 6, Chicago delivered the plate glass to Henry construction and received the balance of the purchase.
First quarter credit sales totaled $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%
Required; prepare journal entries for the above transactions.
3) On January 1, 2011, Mania Enterprises issued 12% bonds dated January 1, 2011, with a face amount of $20 million. The bonds mature in 2020 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31.
Required
Determine the price of the bond at January 1, 2011
Prepare the journal entry to record the bond issuance by Mania on January 1, 2011.
Prepare the journal entry to record interest on June 30, 2011, using the effective interest method.
Prepare the journal entry to record interest on December 31, 2011, using the effective interest method.
4) Diablo Company leased a machine from Juniper Corporation on January 1, 2011; the machine has a fair value of $20,000,000. The lease agreement call for four equal payments at the end of each year the useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for this lease is 10%.
Additional Information
PV of an ordinary annuity @10% for 4 periods 3.16987
PV of an annuity @ 10% for 4 periods 3.4869
Required
Determine the amount of each lease payment
Prepare the journal entry for Diablo Company at the inception of the lease.
Prepare the journal entry for the first lease payment.
Prepare the journal entry for the second lease payment.
5) Typical Corp. reported a of $6,000,000 for the year ended December 31, 2010, when the tax rate was 40%. The deferred tax liability was related to a temporary difference of $15,000,000 caused by an installment sale on 2010. The temporary difference is expected to reverse in 2012. When the income deferred from taxation will become taxable. There are not other temporary differences. Assume a in 2011 and the tax rate, which remain a 40% through December 31, 2011, will become 48% for the tax year beginning after December 31, 2011. Pretax accounting income for the year 2011 is %30,000,000
Required
Prepare a compound journal entry to record Typicals income tax expense for the year 2011. Show well labeled computations.
6) Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year.
Projected Benefit Obligation
Balance January 1 $90,000,000
Service Cost $25,000,000
Interest cost $15,000,000
Benefits paid (12,000,000)
Balance December 31 $178,000,000
Plan Assets
Balance January 1 $90,000,000
Actual return on plan assets $11,000,000
Contribution $23,000,000
Benefits paid (12,000,000)
Balance December 31 $112,000,000
The expected long term return on plan assets is 10% there were no other relevant data for the year.
Required
Determine Burritos pension expense for the year
Prepare the journal entries to record the pension expense and funding for the year
7) the of Tru Corporation includes $600,000of $1 par common stock and $1,200,000 of . The board of directors of Tru declared cash dividends of $150,000 in 2011 after paying $60,000 cash dividends on in each of 2010 and 2009.
What is the amount of dividends common shareholders will receive on 2011?
8) On December 31, 2010, Jackson company had 100,00 shares of common stocks outstanding and 30,000 shares of 7% $50 par, cumulative preferred stock outstanding. On February 28,2011 Jackson purchased 24,000 shares of common stock on the open market as treasury stock $35 per share. Jackson sold 6,000 treasury shares on September 30,201, for $37 per share. Net income for 20 11 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 50.000 common shares at $40. The market price of the common shares averaged $39 during 2011.
Compute Jackson Basic and diluted earnings per share for 2011.
9) Lindy Companys auditor discovered two errors. No errors were corrected during 2010. The errors are described as follow.
Merchandise costing $4,000 was sold to a costumer for $9,000 on December 31, 2010, but it was recorded as a sale on January 2, 2011. The merchandise was properly excluded from the 2010 ending inventory. Assume the periodic inventory system is used.
A machine with a five year life was purchased on January 1, 2010. The machine cost $20,000 and has no expected salvage value. No depreciation was taken in 2010 0r 2011. Assume the straight line method for depreciation.
10 Partial balance sheet for Yarborough Company and additional information are found below
Yarborough Company
Partial Balance Sheet
As December 31
Assets 2011 2010
Equipment $100,000 $75,000
Accumulated Depreciation (25,000) (20,000)
Inventory 40,000 35,000
Share holders equity
Common stock $5 par $150,000 $100,000
Paid-in capitalexcess of par 20,000 0
Retained earnings 40,000 30,000
Additional information
July 1 issued shares of common stock for cash
July1 purchased new equipment for cash
December 31 paid cash dividends of $30,000
Required
Prepare the investment activities section of the statement of cash flows for 2011.
Algebra
1) 8/9-3/5=
2) Simplify the following expression
XY-3
2X-2Y-2 All elevated to the second power
3) Graph the following equation Y=2/3x+2
4) giving f(x) = 2x -8, find f(3)
5) simplify the following product.
-2T3U(T0U4-4T2U3)
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
