Intermediate2Midterm_JohnVermeer

Intermediate2Midterm_JohnVermeer - (9 Marks Question#1...

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Question #1 (9 Marks) ErersonEquipmentcompanv::1ii""fr,J:'i;"|;i13'|.:iXlJ['.li:l't.*"f t"n*ru includes u r-y"u. wurrun y *o"tn'{ iliuTffit:H,n|."ir^i"r'."Jt, g1'^*;; ;ast expert:l:'' tn' defective parts. rn zoio, ti, ,o.puni sold 500 comnul com'anY t'u' t't'*-uita iht 3-v"u' -l#; t""' " bdil;t.L"; siiglli:::n::;ftt"t: :::lff :"TTr"rf; :'jfu :ffit;:n*11m";::'sil$::';i:'Tilil;"1;sa"ccura'l p"t.*Utt 31' 2010') ., ^n 1n n^mmrter sales of $5,000 for parts h20ll,Ellefsonincurredactualwarrantyco.stsrelativeto2010compute and $13,000 fo' iuiloui (ignore payroll deductions)' Requiredi-^ "tt iournal entries for 2010 rerated to the sare with warranty and the wananty claims 1. PrePare z ,nui rotto*ta in zot l ' (6) in 20r l, show how the amounts related to the z *'Jilll'*X,TH'r?':;":J.Xffi:l]':'?i"iT#"* i"'t at Dec ri' zorr (3) C*-/" tA .\0 Ln
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Question #2 (10 Marks) On March 1,2010, Rapid River Realty bought some land for resale from three doctors who held it as an investment. The doctors had purchased the land l0 years ago for $150,000 and were offgring it for sale at $240.Q00. Rapid River gave them a non-interest-bearing note for $275,000, due March l, 2015. The doctors can usually bonow money at
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This note was uploaded on 01/01/2012 for the course ACCT 531 taught by Professor Janicecharko during the Winter '11 term at Humber.

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Intermediate2Midterm_JohnVermeer - (9 Marks Question#1...

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