The accounting at maccloud winery
Read the following case study Accounting at MacCloud Winery and answer the Following questions?
- Should the leased building be accounted for as an asset? Should the agreement to pay lease rentals be recorded as a liability? Justify your answers.
- Record the journal entries to account for the bank loan. for all three years. Assume the loan was made at the beginning of year one and repaid at the end of year three. Assume all interest payments are made on an annual basis. The $10,000 per year payment is to reduce the loan’s principal.
- Applying the principles of accrual accounting, how should Mike treat the expenditures for the land, vine planting, fertilizing, and water? Be specific regarding the treatment over time, including amounts, and the rationale for the treatments.
- Without changing your answers to the above questions, consider the following facts:
5. How should Mike account for the oak barrels?
How it Works
It only takes a couple of minutes to fill in your details, select the type of paper you need (essay, term paper, etc.), give us all necessary information regarding your assignment.
Once we receive your request, one of our customer support representatives will contact you within 24 hours with more specific information about how much it'll cost for this particular project.
After receiving payment confirmation via PayPal or credit card – we begin working on your detailed outline, which is based on the requirements given by yourself upon ordering.
Once approved, your order is complete and will be emailed directly to the email address provided before payment was made!