ACCT 503 Week 5 Homework (E7-21A, E7-25A, E9-24A, E9-28A, E9-34A)(Syllabus, 2019)

ACCT 503 Week 5 Homework (E7-21A, E7-25A, E9-24A, E9-28A, E9-34A)(Syllabus, 2019)

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E7-21A

 

Lavallee Self Storage purchased land, paying $180,000 cash as a down payment and signing a $155,000 note payable for the balance. Lavallee also had to pay delinquent property tax of $4,500,  title insurance costing $4,000, and $5,000 to level the land and remove an unwanted building. The company paid $60,000 to add soil for the foundation and then constructed an office building at a cost of $1,100,000. It also paid  $47,000 for a fence around the property, $12,000 for the company sign near the property entrance, and $8,000 for lighting of the grounds.

1.         What is the capitalized cost of each of Lavallee's land, land improvements, andbuilding?

 

E7-25A

 

Urban Pizza bought a used Toyota delivery van on January 2, 2016, for $19,000. The van was expected to remain in service for four years left (68,800 miles). At the end of its useful life, Urban officials estimated that the van's residual value would be $1,800. The van traveled 26,500 miles the first year, 23,000 miles the second year, 15,500 miles the third year, and 3,800 miles in the fourth year.

 

Requirements

1.         Prepare a schedule of depreciation expense per year for the van under the three depreciation methods.

2.         Which method best tracks the wear and tear on the van?

 

E9-24A

 

Assume that Cork Sales Company completed the following note payable transactions:

2016   

Jul 1     Purchased delivery truck costing $60,000

by issuing a one-year, 10% note payable.

 

Dec 31             Accrued interest on the note payable.

2017   

Jul 1     Paid the note payable at maturity.

 

 

1.         How much interest expense must be accrued at December 31, 2016? (Round your answer to the nearest whole dollar.)

2.         Determine the amount of Cork Sales' final payment on July 1,2017.

 

 

E9-28A

 

Assume that Five Mile Electronics completed these selected transactions during June 2016:

a.         Sales of $2,200,000 are subject to estimated warranty cost of 22%.

The estimated warranty payable at the beginning of the year was $33,000,

and warranty payments for the year totaled $59,000.

b.         On June 1, Five Mile Electronics signed a $60,000 note payable that requires annual payments of

$12,000 plus 44% interest on the unpaid balance each June 2.

 

c.         Harvey, Inc., a chain of discount stores, ordered $130,000 worth of wireless speakers and related products. With its order, Harvey, Inc., sent a check for $130,000 in advance, and Five Mile shipped $55,000 of the goods.  Five Mile will ship the remainder of the goods on July 3, 2016.

 

 

E9-34A

 

Companies that operate in different industries may have very different financial ratio values. These differences may grow even wider when we compare companies located in different countries.

 

Requirement

1.         Compare three leading companies (Company A, Company H, and Company R)

by calculating the following ratios: current ratio, debt ratio, leverageratio, and times-interest-earned ratio.

Use year-end figures in place of averages where needed for the purpose of calculating ratios in this exercise. Based on your computed ratio values, which company looks the least risky?

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