B. Given the following account information for Leong Corporation, all accounts have normal balances. Calculate the current ratio and the amounts of total equity for the company as of December 31, 2015. (5%)

 

(a) Calculate the amount of each rent.

(b) How much interest revenue will Pine earn in 2017?

(a) Prepare the journal entry required on Dexter’s books on May 1.

(b) Prepare the journal entry required on Quick Finance’s books on May 1.

(c) Assume Dexter factors the $400,000 of accounts receivable with Quick Finance on a with recourse basis instead. Prepare the journal entry required on Dexter’s books on May 1

E. When you undertook the preparation of the financial statements for Telfer Company at January 31, 2017, the following data were available:  Instructions(10%) Compute the ending inventory at cost as of January 31, 2017, using the retail method which approximates lower of cost or net realizable value.

F. On July 31, 2017, King Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2017. To help finance construction, on July 31 King issued a $400,000, 3-year, 11% note payable at Wellington National Bank, on which interest is payable each July 31. $300,000 of the proceeds of the note was paid to Duval on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 9% until November 1. On November l, King made a final $100,000 payment to Duval. Other than the note to Wellington, King only outstanding liability at December 31, 2017, is a $300,000, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each January 1. Instructions (5%) Calculate the total interest cost to be capitalized during 2017. (Round all computations to the nearest dollar.)

G. King, Inc. purchases equipment for $1,000,000 on January 2, 2016. The equipment has a useful life of five years, is depreciated using the straight-line method of depreciation, and its residual value is zero. King chooses to revalue its equipment to fair value over the life of equipment. King employs an independent appraiser, who determines that the fair value of equipment at December 31, 2016, is $950,000. Assuming no change in the useful life of the equipment, King determines through appraisal that the equipment now has a fair value of $550,000 at December 31, 2017. Instructions (12%) Prepare the entries relating the revaluation for 2017 except for depreciation expense.

H. On January 1, 2015, Beyer Co. leased a building to Heins Corp. for a ten-year term at an annual rental of $80,000. At inception of the lease, Beyer received $320,000 covering the first two years' rent of $160,000 and a security deposit of $160,000. This deposit will not be returned to Heins upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $320,000 should be shown as a current and non-current liability, respectively, in Beyer's December 31, 2015 statement of financial position? (4%)

I. On September 1, 2014, Herman Co. issued a note payable to National Bank in the amount of $1,200,000, bearing interest at 12%, and payable in three equal annual principal payments of $400,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2015. At December 31, 2015, what amount should Herman record accrued interest payable? (3%)

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