ACC291 Week 3 E9-7 E10-5 E10-10 E10-11 E10-15 E10-18 P10-5A P10-9A
E9-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011.The truck
has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated
useful life of 8 years.Actual miles driven were 15,000 in 2011 and 12,000 in 2012.
so on ...
E10-5 Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding
was $301.63, and his FICA total was $135.73.
E10-10 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is
payable semiannually on July 1 and January 1.
so on ...
E10-11 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value.
Interest is payable semiannually on July 1 and January 1
E10-15 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to
finance the construction of a building at December 31, 2011. The terms provide for semiannual
installment payments of $20,000 on June 30 and December 31
*E10-18 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
P10-5A Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31,
2010. The proceeds from the note are to be used in financing a new research laboratory. The
terms of the note provide for semiannual installment payments, exclusive of real estate taxes and
insurance, of $29,433. Payments are due June 30 and December 31.
so on ...
*P10-9A Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011.The bonds were
dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line
method to amortize bond premium or discount. Assume no interest is accrued on June 30.
so on ...
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