ORIE_350_Homework__2_Graded_Solutions

ORIE_350_Homework__2_Graded_Solutions - ORIE 350 Spring...

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Spring 2007 Homework #2 Due February 6, 2007 1. Please write your homework on American 8.5 inch by 11 inch (216 mm by 279 mm) paper. 2. Please use a metal staple in upper left hand corner for multiple sheets. 3. Please use one inch margins. 4. Please work the problems in the same order they appear in the assignment. Do all of the graded problems first, in the order in which they appear on this page. Then (if you so choose) work the ungraded problems. 5. Please use clean pages, not torn from spiral workbook or the back of recycled paper. 6. Any printouts should have managed page breaks. 7. Any graphs or tables should be formatted to print on single page. 8. Please write your name, ORIE 350 Homework #2, and your section number in the upper right hand corner of the first sheet. No cover sheet is needed. Graded Problems 1. Show the combination T-account. a. Common Stock has a credit balance of $350,000, and Preferred Stock has a credit balance of $280,000. The combination of the two accounts is called Total Contributed Capital. Answer: Credit balance of $630,000. Credit balance of $3,150,000 is also acceptable due to the typo. b. Investment – Treasury Securities has a debit balance of $400,000. Allowance – Treasury Securities has a credit balance of $62,600. The combination of the two accounts is called Investment - Trading Securities (Net). Answer: Debit balance of $337,400. c. Machinery has a debit balance of $145,800. Accumulated Depreciation has a credit balance of $52,800. Find the book value. Answer: Debit balance of $93,000 d. Bond Payable has a credit balance of $2,000,000. Unamortized Bond Discount has a debit balance of $134,600. Find the carrying value. Answer:
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ORIE_350_Homework__2_Graded_Solutions - ORIE 350 Spring...

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