Question Details

(Solution Download) Conrad Playground Supply underwent a restructuring in 2013. The company conducted a thorough interna


 

 

 

 

 

 

 

Conrad Playground Supply underwent a restructuring in 2013. The

 

company conducted a thorough internal audit, during which the

 

following facts were discovered. The audit occurred during 2013

 

before any adjusting entries or closing entries are prepared.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

 

Additional computers were acquired at the beginning of 2011 and

 

added to the companyA????1s office network. The $47,000 cost of the

 

computers was inadvertently recorded as maintenance expense.

 

Computers have five-year useful lives and no material salvage

 

value. This class of equipment is depreciated by the straight-line

 

method.

 

b.

 

Two weeks prior to the audit, the company paid $19,000 for

 

assembly tools and recorded the expenditure as office supplies. The

 

error was discovered a week later.

 

c.

 

On December 31, 2012, merchandise inventory was understated by

 

$82,000 due to a mistake in the physical inventory count. The

 

company uses the periodic inventory system.

 

d.Two years earlier, the company

 

recorded a 3% stock dividend (2,400 common shares, $1 par) as

 

follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Retained

 

earnings

2,400

 

      Common stock

2,400

 

 

 

 

 

 

 

 

 

 

 

 

The shares had a market price at

 

the time of $13 per share.

e.

 

At the end of 2012, the company failed to accrue $112,000 of

 

interest expense that accrued during the last four months of 2012

 

on bonds payable. The bonds, which were issued at face value,

 

mature in 2017. The following entry was recorded on March 1, 2013,

 

when the semiannual interest was paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest

 

expense

168,000

 

      Cash

168,000

 

 

 

 

 

 

 

 

f.

 

A three-year liability insurance policy was purchased at the

 

beginning of 2012 for $73,200. The full premium was debited to

 

insurance expense at the time.

 

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

 

 

 

For each error, prepare any journal entry necessary to correct

 

the error as well as any year-end adjusting entry for 2013 related

 

to the situation described. (Ignore income taxes.) (If no

 

entry is required for a particular transaction, select "No journal

 

entry required" in the first account field.)

 

 


 


 

rev: 03_07_2013

 

check my workreferencesebook & resources

 


 

A????12015 McGraw-Hill Education. All rights

 

reserved.

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147654137.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now