Ac550 Week Six Assignment Essay

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E10-1 Land Item Land Improvements Building Other Accounts (a) ($275,000) Notes Payable (b) $275,000 (c) $10,000 (d) 7,000 (e) 6,000 (f) -1,000 (g) 25,000 (h) 250,000 (i) 9,000 (j) $4,000 (k) 11,000 (l) -5,000 (m) 13,000 (n) 19,000 (o) 14,000 (p) 3,000 E10-3 1 Truck #1 ----------------------------------- 13,900.00 Cash ----------------------------------- 13,900.00 2 Truck #2 ---------------------------------- 18,362.00 Discount on Notes Payable ---------- 1,636.20 Cash ----------------------------------- 2,000.00 Notes Payable ----------------------- 18,000.00 PV of $18,000 @ 10% for 1 year = $18,000 x .90900 = $16,362 $16,362 + $2,000.00 = $18,362 3 Truck #3 -------------------------------- 15,200.00 Cost of Goods Sold ------------------ 12,000.00 Inventory ------------------------ 12,000.00 Sales ------------------------------- 15,200.00 4 Truck #4 ---------------------------------- 13,000.00 Common Stock -------------------- 10,000.00 Paid-in Capital in excess of Par ---- 3,000.00 (1,000 shares x $13 = $13,000) E10-4 Purchase Cash paid for equipment, including sales tax of $5,000 $105,000 Freight and insurance while in transit 2,000 Cost of moving equipment into place at factory 3,100 Wage cost for technicians to test equipment 6,000 Special plumbing fixtures required for new equipment 8,000 Total cost

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