Entries by mary WAMBUGU

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building.

August 30, 2019 in /by

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,500 at the end of each month. The interest rate is 7.0% per year.  How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest […]

 

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The following information is related to Towson Company’s fiscal year 2018. Income Statement: Net Income $3,000,000

August 30, 2019 in /by

The following information is related to Towson Company’s fiscal year 2018.             Income Statement:                         Net Income                             $3,000,000                         Depreciation Expense        350,000                         Loss on Sale of Plant Assets    45,000                         Interest Expense                            5,000             Balance Sheet – 12/31/17: Increase (Decrease)                         Accounts Payable decrease    50,000                         Plant Assets – Purchased       250,000                         Plant Assets – Disposals         (100,000)             Additional Information:                         Common Stock exchanged for outstanding Long Term Notes Payable of $125,000                         Dividends paid were […]

 

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At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $4,400,000. On FY 2018 year end,

August 30, 2019 in /by

At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $4,400,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,050,000 of $10 par value common stock and Preferred Stock account of $100,000 of $100 par value.  There was no treasury stock. The preferred stock was noncumulative and had […]

 

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On January 1, 2018, Baltimore Company issued $150,000 face value, 7%, 5-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization.

August 30, 2019 in /by

On January 1, 2018, Baltimore Company issued $150,000 face value, 7%, 5-year bonds at 102.  Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.   Looking for a […]

 

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