ACC 291 Week 2 Individual WileyPLUS Assignment

In this file ACC 291 Week 2 Individual WileyPLUS Assignment you can find right answers on the following questions:

1. Exercise E8-3. The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.

2. Exercise BE9-13. Correct. Information related to plant assets, natural resources, and intangibles at the end of 2011 for Spain Company is as follows: buildings $1,100,000; accumulated depreciation-buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depletion-coal mine $108,000. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first. Enter all amounts as positive amounts and subtract where necessary.)

3. Exercise Do It! 9. Match the statement with the term most directly associated with it.

4. Exercise E9-9. Presented below are selected transactions at Ingles Company for 2011. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

5. Exercise E9-10. Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

6. Problem P9-5A. At December 31, 2011, Jimenez Company reported the following as plant assets. During 2012, the following selected cash transactions occurred.

7. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) . Record adjusting entries for depreciation for 2012. Complete the plant assets section of Jimenez's balance sheet at December 31, 2012. (List in the same order as the partial balance sheet presented in the problem. Enter all amounts as positive amounts and subtract where necessary.)