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scZoUnD [109]
3 years ago
8

Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38

,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000. __
Business
1 answer:
gulaghasi [49]3 years ago
4 0

Missing information:

Amount paid to Locust (interest + principal)

Amount paid to NBR bank (interest + principal)

Answer:

Amount paid to Locust

  • interest = $604.11
  • principal = $35,000
  • total = $35,604.11

Amount paid to NBR bank

  • interest = $2,169.86
  • principal = $60,000
  • total = $62,169.86

Explanation:

Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017.

April 20, 2016 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.

Dr Merchandise inventory 38,000

    Cr Accounts payable 38,000

May 19, 2016, replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $3,000 in cash.

Dr Accounts payable 38,000

    Cr Cash 3,000

    Cr Notes payable 35,000

August 17, 2016, paid the note to Locust with interest ($35,000 x 7% x 90/365)

Dr Notes payable 35,000

Dr Interest expense 604.11

    Cr Cash 35,604.11

July 8. 2016, borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000.

Dr Cash 60,000

    Cr Notes payable 60,000

November 5, 2016, paid the note to NBR Bank with interest ($60,000 x 11% x 120/365)

Dr Notes payable 60,000

Dr Interest expense 2,169.86

    Cr Cash 62,169.86

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On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 77,000 shares authori
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Answer:

See the explanation below:

Explanation:

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<u>Details                                                            Dr ($)               Cr ($)   </u>

Treasury Stock (5,500 × 30)                         165,000

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<u><em>To record the repurchase of own common stock                            </em></u>

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<u>Details                                                            Dr ($)               Cr ($)     </u>

Cash (1,125 × 36)                                            40,500

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<em><u>To record the sale of treasury stock.                                                      </u></em>

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

<u>Details                                                                Dr ($)               Cr ($)     </u>

Cash (4,375 × 25)                                                109,375

Paid-in Capital from Sale of Treasury Stock       6,750

Retained Earnings                                                15,125

Treasury Stock 99,000 (4,375 × 30)                                       131,250

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2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

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Total stockholders’ equity                                                      <u>1,750,000</u>

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Processing orders       $102,500                       2,000 orders

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