Class Exercise 8 Class Exercise 9 d. What journal entry should the lessor record at the initiation of the lease, if the residual value of $50,000 had not been guaranteed at all? Q2. CLASS EXERCISE...

There are a total of 4 homework assignments. ALL WORK must be shown please. Please try to answer on the same word doc as the homework if needed excel spreadsheet can be used.


Class Exercise 8 Class Exercise 9 d. What journal entry should the lessor record at the initiation of the lease, if the residual value of $50,000 had not been guaranteed at all? Q2. CLASS EXERCISE NAME___________ Q1. Listed below are various types of accounting changes and errors. Q2. CT Manufacturing Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2014. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. Q3: Via Rio Co. purchased equipment for $1,000,000 which was estimated to have a useful life of 15 years with a salvage value of $25,000 at the end of that time. Depreciation has been entered for 5 years on a straight-line basis. In 2015, it is determined that the total estimated life should be 10 years with no salvage value at the end of that time. Instructions (a) Prepare the entry (if any) to correct the prior years’ depreciation. (b) Prepare the entry to record depreciation for 2015. Class Exercise 11 NAME___________ Requirement: for each transaction, check the items that will be affected. 2. During 2018, Stout Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Stout, converted into common shares of Stout$ 540,000 Payment in 2018 of cash dividend declared in 2017 to preferred shareholders279,000 Payment for the early retirement of long-term bonds payable (carrying amount $3,930,000)3,975,000 Proceeds from the sale of treasury stock (on books at cost of $387,000)450,000 The amount of net cash used in financing activities to appear in Stout's statement of cash flows for 2018 should be a.$2,985,000. b.$3,246,000. c.$3,804,000. d.$3,822,000. 3. Krayon Company’s income statement for the year ended December 31, 2012, contained the following condensed information a. How much is cash flow received from customers? b. How much is cash paid as operating expenses? c. How much is cash paid as taxes?