HW 1 - Jonathan Franco E 13-3 Jan 13 ACCT 312 No entry Cash...

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Jonathan Franco ACCT 312 HW #1 E 13-3 Jan 13 No entry 2/01/11 Cash 5,000,000 Notes Payable 5,000,000 05/1/11 Notes payable 5,000,000 Interest expense (10% x 3/12 x 5,000,000) 125,000 Cash 5,125,000 12/1/11 Discount on Notes Payable (9% x 9/12 x 10,000,000) 675,000 Commercial Paper 9,325,000 Notes Payable 10,000,000 12/31/11 Interest expense (9% x 1/12 x 10,000,000) 75,000 Discount on Notes Payable 75,000 09/1/12 Notes Payable 10,000,000 Interest expense (675,000 – 75,000) 600,000 Cash 10,000,000 Discount on Notes Payable 600,000 E 13-5 1. 12/31/11 Salaries and wages expense (700 wks. X $900) 630,000 Liability - Compensated future absences 630,000 2. 12/31/12 Compensated future absences 630,000 Salaries and wages expense [$31,000,000 + (5% x 630,000)] 31,031,500 Wages Payable 31,661,500 E 13-7 1. 12/31/11 Cash 850,000 Refundable deposit 850,000 Refundable deposit 790,000 Cash 790,000 Refundable deposit 35,000 Sale of containers 35,000 COGS 35,000 Inventory of containers 35,000 2. Refundable deposit liability = 555,000 Initial balance (530,000) + 850,000 – 790,000 – 35,000 = 555,000
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Jonathan Franco ACCT 312 HW #1 E 13-12 1. Current liability = $10,000,000 No portion of this debt can be excluded from classification as a noncurrent liability. Even if there is only a slight chance that the bonds will be called back, it is required to record the liability as current.
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