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- Larkspur Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $770,000 cash for Old Master. At the time, Old Master’s balance sheet reported assets of $670,000 and liabilities of $210,000 (thus owners’ equity was $460,000). The fair value of Old Master’s assets is estimated to be $800,000. Included in the assets is the Old Master trade name with a fair value of $12,000 and a copyright on some instructional books with a fair value of $43,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Larkspur Golf Inc. at December 31, 2020. (No impairments are required to be…Skysong Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $810,000 cash for Old Master. At the time, Old Master’s balance sheet reported assets of $650,000 and liabilities of $220,000 (thus owners’ equity was $430,000). The fair value of Old Master’s assets is estimated to be $840,000. Included in the assets is the Old Master trade name with a fair value of $6,000 and a copyright on some instructional books with a fair value of $52,800. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years.Skysong Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $830,000 cash for Old Master. At the time, Old Master’s balance sheet reported assets of $670,000 and liabilities of $180,000 (thus owners’ equity was $490,000). The fair value of Old Master’s assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a fair value of $11,000 and a copyright on some instructional books with a fair value of $19,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. Prepare the intangible assets section of Skysong Golf Inc. at December 31, 2019. Prepare the amoritzation expense for 2020.
- On November 1, 2020, Aleli Gomuna purchased a pest – control company from its previous owner. Aleli paid ₱220,000 from her personal checking account for assets consisting of pesticides supplies, ₱75,000 and spraying equipment, ₱145,000. The company is to operate under the name of Lily Gomuna Pest Control. The following transactions occurred during the month of November: a. Aleli invested additional ₱230,000 in the business. b. Pest control service for customers was done on account, ₱42,000. c. Pesticide supplies were acquired on account, ₱39,500. d. Spraying equipment costing ₱67,000 was acquired on account. e. Pest control service was rendered for cash, ₱87,000. f. Repairs were made to the equipment; ₱28,500 was paid in cash. g. Paid ₱17,000 for pesticide supplies recently acquired h. Rendered pest control service for customers on account, ₱63,000. i. Purchase pesticide supplies on account, ₱54,500 j. Paid for utilities, ₱20,500. k. Paid ₱56,500 for the salaries of personnel. l.…Montana Matt's Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $770,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $650,000 and liabilities of $200,000 (thus owners' equity was $450,000). The fair value of Old Master's assets is estimated to be $800,000. Included in the assets is the Old Master trade name with a fair value of $10,000 and a copyright on some instructional books with a fair value of $24,000. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. Instructions a. Prepare the intangible assets section of Montana Matt's Golf Inc. at December 31, 2019. How much amortization expense is included in Montana Matt's income for…On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $54,000 cash, a $28,000 computer system, and $9,500 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,510 of computer supplies on credit. October 6 The company billed Easy Leasing $5,700 for services performed in installing a new web server. October 8 The company paid $1,510 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. October 12 The company billed Easy Leasing another $1,800 for services performed. October 15 The company received $5,700 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $735 cash to repair its computer equipment. October 20 The company paid…
- On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,316 cash. The new company, Sheffield Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $1,664 each, 8 graphics computers at a cost of 5 2,664 each, and 27 printers at a cost of $464 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,916 in salaries and wages during January, of which $4, 316 was still payable at the end of January. 4. Sells 32 personal computers at $2,714 each, 6 graphics computers for $3, 764 each, and 17 printers for $664 each; 576,316 is received in cash in January, and $44, 404 is sold on a deferred payment basis. 5. Other operating expenses of $9, 716 are incurred and paid for during January: $3,316 of incurred expenses are payable at January 31. (a) Using.…Sydney Stables Inc. was established on April 1, 2020. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new accountant. The below transactions for April 2020 are provided: a )Received contributions from five investors of $60,000 in cash ($12,000 each), a barn valued at $ 100,000, and land valued at $90,000. Each investor received 3,000 shares. B)Built a small barn for $62,000 The company paid half the amount in cash on April 1 2020, and sianed a three-year note payable for the balance. C)Provided animal care services to customers, ail on credit, for $35,260. D)Rented stables to customers who cared for their.own animals. and received cash payment of $ 13,200. E)Received from a customer $2,400 te board her horse in April May, and June (record as deferred revenue), F)Purchased hay and feed supplies on account for $3,180 to be used in the summer. G) Paid $1,240 in cash for water milities expense incured in…sydney Stables Inc. was established on April 1, 2020. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new accountant. The below transactions for April 2020 are provided: a )Received contributions from five investors of $60,000 in cash ($12,000 each), a barn valued at $ 100,000, and land valued at $90,000. Each investor received 3,000 shares. B)Built a small barn for $62,000 The company paid half the amount in cash on April 1 2020, and sianed a three-year note payable for the balance. C)Provided animal care services to customers, ail on credit, for $35,260. D)Rented stables to customers who cared for their.own animals. and received cash payment of $ 13,200. E)Received from a customer $2,400 te board her horse in April May, and June (record as deferred revenue), F)Purchased hay and feed supplies on account for $3,180 to be used in the summer. G) Paid $1,240 in cash for water milities expense incured in…
- On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date, she paid P45,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She also bought P60,000 worth of office supplies on account with the intention to sell them at a higher price. However, the next day, the business received a P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P5,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought…In June 2020, Shalimar organized a corporation to provide aerial photography services. The company, called Aerial Views, began operations immediately. Transactions during the month of June were as follows: June 1 The corporation issued 70,000 shares of capital stock to Wendy Winger in exchange for $140,000 cash. June 2 Purchased a plane from Utility Aircraft for $240,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport $2,200 to rent office and hangar space for the month. June 15 Billed customers $8,520 for aerial photographs taken during the first half of June. June 15 Paid $6,880 in salaries earned by employees during the first half of June. June 18 Paid Hannigan’s Hangar $1,990 for maintenance and repair services on the company plane. June 25 Collected $4,900 of the amounts billed to customers on June 15. June 30 Billed customers $17,450 for aerial photographs taken during the second half of the month. June 30 Paid…Nunez Ludeiro Partners started a new business on July 1, 2021. That same day, Nunez Ludeiro Partners also received $320,000 of cash from issuing common stock and borrowed $160,000 from a friend. On July 1, 2021 Nunez Ludeiro Partners also purchased equipment for $194,400. The equipment has a useful life of 108 months. On July 1, 2021, Nunez Ludeiro also paid $88,800 of cash to rent office space for a 24 month period. During 2021, the Company provided services valued at $86,400 and had collected $34,560 of that amount at year-end. The company will collect the remaining portion in the following year.The company's payroll for 2021 was $54,800, which was paid in full during 2021. Use this information to find the company's balance of total assets as of 12/31/2021?