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  1. #1
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    Need help with my Intermediate Accounting HW. ( Will rep 2.5k reps )

    Edit: Dont need help with this question anymore. I need help with another one. Its my last one. its on page 2 post 31



    In each of the following situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principals. For purposes of your discussion assume that the financial statements, particularly net income will be used by the court in a divorce settlement for the company presiden't wife.

    1) Lucky Bamboo Inc thinks it should dispose of its excess land. While the book value is $50,000, current market value prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made:

    Debit: Loss of Disposal of Land 25,000
    Credit: Land 25,000


    There are 5 more situations. I dont know how to do them. If you can help me with this I will post other please help.


    Other questions


    2)Merchandise inventory that cost $630,000 was reported on the balance sheet at $690,000, which is the expected selling proice less estimated selling costs. The following entry was made to record this increase in value:

    Merchandise Inventory 60,000
    revenue60,000

    3)The company is being sued for $500,000 by a customer who claims damages for personal unjury that was apparently caused by a defective product. Company lawyers feel extremely confident that the company will have no liability for damages resulting from the situation. Nevertheless, the company decidees to make the folowing entry:

    Loss from lawsuit450,000
    liability for lawsuit 450,000

    4)Because the general level of proces increased during the current year, lucky bamboo inc determined that there was a $16,000 understatement of depreciation expense on its equipment and decided to record it in its accounts. The following entry was made:

    Depreciation Expense 16,000
    Accumulated Depreciation 16,000


    5)Lucky Bamboo Inc has been concerned about whether intangible assets could generate cash in case of liquidation. As a result, goodwill arising from a business acquisition during the current year and recorded at $800,000 was written off as follows:

    Retained Earnings 800,000
    Goodwill 800,000

    6)Because of a "fire sale" equipment that was obviously worth $200,000 was acquired at a cost of $155,000. The following entry was made:

    Equipment 200,000
    Credit: Cash 155,000
    Credit: Revenue45,000
    Last edited by Dboss101; 09-16-2012 at 10:09 PM.
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  2. #2
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  3. #3
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    com on acct brahs
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  4. #4
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    hello?
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    hire someone who was dumb enough to major in accounting to do it


    thats the advice any top tier ceo will give you
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    Pretty sure the entry isn't allowed because no sale has been made?
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    Is your book Intermediate Accounting Kieso, Weygandt, and Warfield 14th edition?

    If so tell me what chapter and problem number.
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    Platinum Account DozerDane's Avatar
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    Not going to sit here and type out answers to these man. Read the book. By the sound of the one example you gave they should be easy answers.
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    Does it say if the company previously recorded depreciation on the land?
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  13. #13
    Platinum Account DozerDane's Avatar
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    Originally Posted by egomynegro View Post
    Is your book Intermediate Accounting Kieso, Weygandt, and Warfield 5th edition?

    If so tell me what chapter and problem number.
    They are probably using 14th.
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  14. #14
    Don't take the red pill vertucaj's Avatar
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    that entry shouldn't be made because they didn't actually sell the land.
    Never regret anything, because at one point it was exactly what you wanted.
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    Originally Posted by DozerDane View Post
    They are probably using 14th.
    yeah you're right don't know why I said 5th
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    brah, what school you at? cuz i swear i did that question a few nights ago..
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    Originally Posted by Comboking View Post
    brah, what school you at? cuz i swear i did that question a few nights ago..
    i go to kwantlen in surrey bc.
    do you know the answer?
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    Repistered User egomynegro's Avatar
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    Originally Posted by Dboss101 View Post
    i go to kwantlen in surrey bc.
    do you know the answer?
    what book are you using?
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    Originally Posted by egomynegro View Post
    Is your book Intermediate Accounting Kieso, Weygandt, and Warfield 14th edition?

    If so tell me what chapter and problem number.
    The textbook is Intermediate Accounting Ninth Canadian Edition Volume 1.
    The authors are Kieso, Weygandt, Warfield, Young, Wiecek
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    Originally Posted by Dboss101 View Post
    The textbook is Intermediate Accounting Ninth Canadian Edition Volume 1.
    The authors are Kieso, Weygandt, Warfield, Young, Wiecek
    Ok what chapter are you guys on and whats the problem number? I may be able to tell you the answer.
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    Assets = Liabilities + Owner's Equity

    Sorry OP that is all I know
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    No sale was made in your question, so how are you suppose to record it?

    The question kind of touches upon the "cost principle" .. look it up
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    Originally Posted by egomynegro View Post
    Ok what chapter are you guys on and whats the problem number? I may be able to tell you the answer.
    its chapter 2
    i need help with problen 2-3 and 2-5

    I will rep you for life if you can help me
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  24. #24
    Don't take the red pill vertucaj's Avatar
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    Originally Posted by egomynegro View Post
    Ok what chapter are you guys on and whats the problem number? I may be able to tell you the answer.
    holy hell I just told you the answer
    Never regret anything, because at one point it was exactly what you wanted.
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    Originally Posted by vertucaj View Post
    holy hell I just told you the answer
    there are other questions i need help with. If i post them can you help me?
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    Originally Posted by vertucaj View Post
    that entry shouldn't be made because they didn't actually sell the land.
    this^, also even if the land was sold the journal entry would be 50k not 25k because the NBV (net book value) of the land in the company's financial statements is 50k
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    Bump
    I posted the some of the other questions
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    Originally Posted by Dboss101 View Post
    In each of the following situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principals. For purposes of your discussion assume that the financial statements, particularly net income will be used by the court in a divorce settlement for the company presiden't wife.

    1) Lucky Bamboo Inc thinks it should dispose of its excess land. While the book value is $50,000, current market value prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made:

    Debit: Loss of Disposal of Land 25,000
    Credit: Land 25,000


    There are 5 more situations. I dont know how to do them. If you can help me with this I will post other please help.


    Other questions


    2)Merchandise inventory that cost $630,000 was reported on the balance sheet at $690,000, which is the expected selling proice less estimated selling costs. The following entry was made to record this increase in value:

    Merchandise Inventory 60,000
    revenue60,000

    3)The company is being sued for $500,000 by a customer who claims damages for personal unjury that was apparently caused by a defective product. Company lawyers feel extremely confident that the company will have no liability for damages resulting from the situation. Nevertheless, the company decidees to make the folowing entry:

    Loss from lawsuit450,000
    liability for lawsuit 450,000

    4)Because the general level of proces increased during the current year, lucky bamboo inc determined that there was a $16,000 understatement of depreciation expense on its equipment and decided to record it in its accounts. The following entry was made:

    Depreciation Expense 16,000
    Accumulated Depreciation 16,000c


    5)Lucky Bamboo Inc has been concerned about whether intangible assets could generate cash in case of liquidation. As a result, goodwill arising from a business acquisition during the current year and recorded at $800,000 was written off as follows:

    Retained Earnings 800,000
    Goodwill 800,000

    6)Because of a "fire sale" equipment that was obviously worth $200,000 was acquired at a cost of $155,000. The following entry was made:

    Equipment 200,000
    Credit: Cash 155,000
    Credit: Revenue45,000
    big 4 accounting intern here (lol).

    number one:
    entry should only be made when land is sold and it will look like this
    Debit - Cash 25,000
    --------Loss 25,000
    Credit - Land 50,000

    looking at others...

    number 2:
    can only record revenue when inventory is sold. also inventory is usually recorded at lower of cost or market. in this case cost is lower, so you shouldnt write it up.

    number 3:
    this needs to be disclosed in the footnotes and does not belong on the balance sheet if lawyers are very confident that the company will not be impacted.

    number 4:
    not really sure. looks ok

    number 5:
    can't do that. goodwill is in the asset acct for balancing purposes after acquiring a company. goodwill can be impaired but thats not how its done. goodwill cannot be written up either. really only important when selling/buying a company or if it is significantly impaired.

    number 6:
    no. should be recorded at cost, not what the "obvious" market value is.
    Debit Equip - 155k
    Credit Cash - 155k
    Last edited by Lt_Insano; 09-16-2012 at 10:00 PM.
    In the misc system,

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    the reds, who instigate trolling; and the greens, who neg the offenders.

    These are their stories
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    Originally Posted by Lt_Insano View Post
    big 4 accounting intern here (lol).

    number one:
    entry should only be made when land is sold and it will look like this
    Debit - Cash 25,000
    --------Loss 25,000
    Credit - Land 50,000

    looking at others...

    number 2:
    can only record revenue when inventory is sold. also inventory is usually recorded at lower of cost or market. in this case cost is lower, so you shouldnt write it up.

    number 3:
    this needs to be disclosed in the footnotes and does not belong on the balance sheet if lawyers are very confident that the company will not be impacted.

    number 4:
    not really sure. looks ok
    theres two more brah thanks repped will rep everyone that helped
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