General Journal Entry 13 questions

General Journal Entry 13 questions
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JG – 1
Question 1 (26 points)
On August 2, 2016, Alpha Company made a lump sum purchase of land, building, and equipment.
The following were the appraised values of each element:
PP&E Element
Amount
Land
$15,000
Building
30,000
Equipment
35,000
Alpha signed a 3 years, 5%, note in the amount of $92,000 for the lump sum purchase. Use
this information to prepare the General Journal entry (without explanation) for August 2.
If no entry is required then write “No Entry Required.”
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JG – 2
Question 2 (12 points)
On January 2, 2016, Alpha Company purchased a patent for $90,000. The patent has a remaining
legal life of nine years and an expected service life of eight years. Use this information to prepare
the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting
entry. If no entry is required then write “No Entry Required.”
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FIB – 1
Question 3 (6 points)
Alpha Company made a lump sum purchase of land, building, and equipment. The following were
the appraised values of each element:
PP&E Element
Amount
Land
$15,000
Building
30,000
Equipment
35,000
Alpha signed a 3 years, 5%, note in the amount of $92,000 for the lump sum purchase.
What value should be allocated to the following? (Enter only whole dollar values.)
1. Land
2. Building
3. Equipment
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FIB – 2
Question 4 (6 points)
On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000.
The estimated service life is eight years and the total units of output to be 200,000. The estimated
residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar
values.)
1. the 2017 depreciation expense
2. the accumulate depreciation after the fiscal year 2017 adjusting entry
3. the book value of the truck after the fiscal year 2017 adjusting entry
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FIB – 3
Question 5 (6 points)
On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for
$62,000. The estimated service life is eight years and the total units of output to be 200,000. The
estimated residual value is $8,000. Production for the first four years was as follows:
Year
2016
2017
2018
2019
Units
25,000
30,000
35,000
20,000
Using the units-of-output method, how much is: (Enter only whole dollar values.)
1. the 2019 depreciation expense
2. the accumulate depreciation after the fiscal year 2019 adjusting entry
3. the book value of the truck after the fiscal year 2019 adjusting entry
Question 5 options:
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FIB – 4
Question 6 (6 points)
On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for
$62,000. The estimated service life is eight years and the total units of output to be 200,000. The
estimated residual value is $8,000. Production for the first four years was as follows:
Year
2016
2017
2018
2019
Units
25,000
30,000
35,000
20,000
Using the double declining balance method, how much is: (Enter only whole dollar values.)
1. the 2019 depreciation expense
2. the accumulate depreciation after the fiscal year 2019 adjusting entry
3. the book value of the truck after the fiscal year 2019 adjusting entry
Question 6 options:
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FIB – 5
Question 7 (6 points)
Bravo Company purchased a truck on October 1, 2016. Bravo paid $10,000 for the truck in
addition to $500 registration & sales taxes. The truck is expected to have a $2,000 residual value
and a 5-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance
method, how much is: (Enter only whole dollar values.)
1. the 2018 depreciation expense
2. the accumulate depreciation after the fiscal year 2018 adjusting entry
3. the book value of the truck after the fiscal year 2018 adjusting entry
Question 7 options:
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FIB – 6
Question 8 (6 points)
On January 1, 2016, Alpha Company purchased equipment for $17,000 with an estimated 10-year
life and no salvage value. It was determined that the straight-line method of depreciation would be
used. Alpha has a December 31 fiscal year end. During 2020, Alpha determined that the useful life
for this equipment should be only 7 years. Using this information, how much is: (Enter only whole
dollar values.)
1. the 2020 depreciation expense
2. the accumulate depreciation after the fiscal year 2020 adjusting entry
3. the book value of the truck after the fiscal year 2020 adjusting entry
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FIB – 7
Question 9 (4 points)
On July 1, 2016, Alpha Company negotiated the purchase of a new piece of equipment with the
seller Zulu Company. The equipment was list for $200,000. Smooth talking Alpha was able to
negotiate the purchase price and acquired the equipment at $175,000. Alpha Company completed
the purchase transaction on July 1. Additionally, Alpha was entitled to a 1% discount if it paid for
the equipment within 10 days. After completing the purchase, Bravo Company, third party,
offered Alpha, $185,000 for this equipment. What amount should Alpha Company record the
equipment purchase at if payment is made by July 11?
Question 9 options:
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FIB – 8
Question 10 (6 points)
On June 30, 2016, after adjusting entries were posted, Alpha Company sold a machine. The
historical cost was $9,000 and the book value was $2,000. It was sold for $1,100 cash. Using this
information, how much should be recorded on June 30 for the following accounts:
1. Accumulated Depreciation, Machine
2. Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets)
3. Machine
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FIB – 9
Question 11 (6 points)
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of
$1,500 that had accumulated depreciation of $800 after all June adjusting entries had been
processed. The exchange was for a new computer having a fair value of $900. The transaction has
commercial substance. Using this information, how much should be recorded on July 1 for the
following accounts:
1. Accumulated Depreciation, Equipment
2. Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets)
3. Equipment – New
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FIB – 10
Question 12 (6 points)
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 750,000
tons of ore were mined and 700,000 tons were sold. Using this information, how much should be
recorded for FY 2016 for the following accounts:
1. Accumulated Depletion
2. Inventory
3. Cost of Goods Sold
Question 12 options:
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FIB – 11
Question 13 (4 points)
Alpha Company was recently sold for $1,500,000. Alpha assets & liabilities consisted of the
following:
Item
Amount
Cash
$125,000
Inventory
$250,000
Property, Plant & Equipment (net)
$600,000
Accounts Payable
$210,000
Using this information, how much should be recorded as Goodwill for this transaction?
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