Problem 10.05 – Edison Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare journal entries to record each of the six transactions.
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Prepare journal entries to record each of the six transactions.
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Record the exchange for both of the companies.
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Prepare journal entries to reflect the appropriate treatment of the expenditures for research and development.
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Prepare schedule analyzing changes. Do not analyze change in depreciation.
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Compute the book value equipment and the patent. Determine the amount of any impairment loss on equipment, patent, goodwill, the three assets.
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Create the necessary December 31, adjusting journal entries.
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Summary, adjusting, closing entries, post to t-accounts, unadjusted trial balance, adjusted trial balance, income statement, balance sheet, post-closing trial balance.
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Calculate ratios: inventory turn, avg days inventory, rec turnover, avg collection, asset turn, profit margin sales, return on assets, return on equity, equity multiplier.
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Indicate whether each item is a separate performance obligation and allocate the transaction price. Create a journal entry to record sales Protab Packages.
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Prepare a summary journal entry to record the monthly bad debt accrual and write-offs, prepare year-end adj entry for bad debt exp, prepare total bad debt, and accounts rec in the balance sheet.
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