Q: Montana Matt’s Golf Inc. was formed on July 1, 2011
Montana Matt’s Golf Inc. was formed on July 1, 2011, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to i...
See AnswerQ: At December 31, 2011, certain accounts included in the property
At December 31, 2011, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had the following balances. Land …………………………………………………. $230,000 Buildings...
See AnswerQ: Selected accounts included in the property, plant, and equipment section
Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s balance sheet at December 31, 2011, had the following balances. Land ……………………………………………. $ 300,000 Land im...
See AnswerQ: Information concerning Sandro Corporation’s intangible assets is as follows. 1
Information concerning Sandro Corporation’s intangible assets is as follows. 1. On January 1, 2012, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial fra...
See AnswerQ: A depreciation schedule for semi-trucks of Ichiro Manufacturing Company was
A depreciation schedule for semi-trucks of Ichiro Manufacturing Company was requested by your auditor soon after December 31, 2013, showing the additions, retirements, depreciation, and other data aff...
See AnswerQ: On January 1, 2012, Blair Corporation purchased for $500
On January 1, 2012, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker’s commission of $36,000, legal fees of $6,000, and title...
See AnswerQ: Conan O’Brien Logging and Lumber Company owns 3,000 acres of
Conan O’Brien Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount Leno, which was purchased in 2000 at a cost of $550 per acre. In 2012, O’Brien began selectively logg...
See AnswerQ: Laserwords Inc. is a book distributor that had been operating in
Laserwords Inc. is a book distributor that had been operating in its original facility since 1985. The increase in certification programs and continuing education requirements in several professions h...
See AnswerQ: Reichenbach Co., organized in 2011, has set up a single
Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and 2013. Instruction...
See AnswerQ: On August 1, Hyde, Inc. exchanged productive assets with
On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde’s asset is referred to below as “Asset A,†and Wigginsâ€...
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