Posts by Bobbi Loffredo

Total # Posts: 14

accounting
Shott Farm Supplies Corporation purchased 800 shares of General Motors stock at $50 per share and paid a brokerage fee of $1,200. Two months later, the shares were sold for $53 per share. The brokerage fee on the sale was $1,300. perpare entries for the purchase and the sale.

Accounting
Janes Company provided the following information on intangible assets: a. A patent was purchased from the lou Company for $700,000 on January 1, 2007. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records...

Accounting
Alteran Corporation purchased a machine for 1.5 million in 2006. The machine is being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $300,000. At the beginning of 2009, Alteran decided to change to the ...

Math
On March 31, 2009, Wolfson Corporation acquired all of the outstanding common stock of barney Corporation for $17,000,000 in cash. The book values and fair values of barney's assets and liabilities were as follows: Book value Fair value current assets $6,000,000 7,500,000 ...

math
Freitas Corporation was organized early in 2009. The following expenditures were made during the first few months of the year: Attorneys' fees in connection with the organization of the corporation $12,000 State filing fees and other incorporation costs 3,000 Purchase of ...

Math
Oaktree Company purchased a new machine and made the following expenditures: Purchase price $45,000 Sales tax 2,200 Freight charges for shipment of machine 700 Insurance on the machine for the first year 900 Installation of machine 1,000 The machine, including sales tax, was ...

Math
Tatum Company has four products in its inventory. Information about the december 31, 2009, inventory is as follows: product total total total Net cost replacement realizable cost Value 101 $120,000 110,000 100,000 102 90,000 85,000 110,000 103 60,000 40,000 50,000 104 30,000 ...

Math
Herman Company has three products in its ending inventory. Specific per unit data for each of the products are as follows: Product1 product2 product3 cost $20 $90 $50 replacement cost 18 85 40 selling price 40 120 70 disposal costs 6 40 10 normal profit margin 5 30 12 What ...

Math
Herman Company has three products in its ending inventory. Specific per unit data for each of the products are as follows: Required: What unit values should Herman use for each of its products when applying the LCM rule to ending inventory?

Math
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 26. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system. 1. prepare ...

Math
On July 15,2009, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms for the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts. 1. prepare the journal entries to record ...

math
John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.John's returned some of the merchandise...

Math
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May, 2009.

Math
today Thomas deposited $100,000 in a three-year,12% CD that compounds quartly. What is the maturity value of the CD?