hw for wed 3/24 and test info

test next friday will cover
*chapters 7 (portion dealing with marketable securities)
*chapter 9
*appendix C


HW for 3/24:

partners:
f,b, and n
fixed ratio 5:44:1
Salary allowances: 60000/0/0
Interest allowance factor: 6% of openning capital balances
openning capital balances 1/1/08: 600,000/100,000/100,000
profit for y/e 12/31/2008: $90,0000
profit for y/e 12/31/2009: $30,0000
drawings for y/e 12/31/08 30,000/6000/15000
drawings for y/e 12/31/09 0/6000/1000
no capital contributions made in 2008 or 2009

Do:
income allocation schedules for 2008 and 2009
Statement of partner's capital for 2008 and 2009
3rd and 4th closing entries for 2008 and 2009

residual division of profits h/w for 3/19

$150000 5 partners 3:13:7:5:2
how much does each get?

hw for wed 3/17

airplain was purchased for 200million
depreciation take to date has been 140million
airplain is sold for 75 million
give the j/e for the sale

slides for chapters 7, 9, and appendix now available on gmail account

you may now download the powerpoint slides for chapters 7, 9 and the appendix from the 102in2010@gmai.com account

grades for bond test

grade..rank..letter
10.25.. 1.. A

10.. 2.. A

10.. 3.. A

10.. 4.. A

10.. 5.. A

10.. 6.. A

10.. 7.. A

10.. 8.. A

10.. 9.. A

9.5.. 10.. A-

9.. 11.. B+

9.. 12.. B+

9.. 13.. B+

9.. 14.. B+

8.. 15.. B

8.. 16.. B

8.. 17.. B

8.. 18.. B

7.. 19.. B-

7.. 20.. B-

7.. 21.. B-

7.. 22.. B-

7.. 23.. B-

5.. 24.. C+

5.. 25.. C+

4.. 26.. C

4.. 27.. C

4.. 28.. C

4.. 29.. C

4.. 30.. C

3.5.. 31.. F

3.. 32.. F

3.. 33.. F

3.. 34.. F

3.. 35.. F

3.. 36.. F

2.. 37.. F

1.. 38.. F

h/w for 3/12

Please give Journal / Adjusting Journal entries for the following transactions / year-end “valuation adjustments: (adjustments to market value are done only for our calendar year financial statements)



a. 1/13/01 we bought 4000 shares of Amstel Inc. @$40/share
b. 12/31/01 Amstel is selling for $25/share
c. 1/12/02 we sell 1000 shares of Amstel @ 10/share
d. 12/31/02 Amstel is now worth $50/share
e. 9/9/03 we sell the rest of our Amstel @ 190 share
f)12/31/03 Amstel is now worth $20/share

answers to bond exam

Name____________________________________time__________________
1-4: 30million of 4% 20 year bonds dated 8/1/2009 are issued 10/1/2009 at100. Give the first 4 J/E's

date accts dr cr
1
2
3
4

5-8: 50million of 3% 10 year bonds are dated and issued 9/1/2009 at 98. Give the first 4 J/E's
date accts dr cr
5
6
7
8

9 give the carrying value for the bond in 5-8 @ 12/31/12


10 Give the carry value at 12/31/2015 for 70million of 12% 10 year bonds are dated and issued 3/1/2009 at 102.





01-Oct dr cash 30200000
cr int pay 200000
cr bp 30000000
--------------------------------------
123109 dr int exp 300000
cr int pay 300000
-----------------------------------------
01/31/10 dr int exp 100000
dr int pay 500000
cr cash 600000
--------------------------------------------
07/31/10 dr int 600000
cr cash 600000
=================================================
=============================================================



09/01/09 cash dr 49000000
dr discount 1000000
cr bp 50000000
---------------------------------------
1231/09 dr int exp 533333.3333
cr discount 33333.33333
cr int payable 500000
--------------------------------------------
01-Mar dr int exp 266666.6667
cr int payable 500000
cr discount 16666.66667
cash 750000
----------------------------------------------
01-Sep dr int exp 800000
cr discount 50000
cr cash 750000

=========================================
------------------------------------------------------
per mo 8333.333333
mo 40 36+4
333333.3333

face 50000000
initial disc 1000000
amortized 333333.3333
49,333,333.33
-----------------------------------------------------
per mo 11666.66667
mo 82 72+10
956666.6667

face 70000000
initial premium 1400000
amortized 956666.6667
70,443,333.33

hw for friday 3/5 bond problems

give first 7 entries for each of the following cases:

*30million 10% 20year bonds dated 10/1/2006 are issued 12/1/2006 (price = 100).

*20million 12% 15year bonds are dated and issued 12/1/2008 for price of 97.

*give carrying value of the second bond @12/31/08 and 5/31/2010

Note: On friday in both classes two people may put up their answers to all of the above before the start of class, and if the answer(s) is fully correct you will be exempted from the exam next wed and given credit for having gotten a 100. Going to the board for this is on a first come basis.