Entries by mary WAMBUGU

Baltimore Company’s complete a assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,800,

August 30, 2019 in /by

Baltimore Company’s complete a assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,800, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,350, and Tools $300. Baltimore’s total liabilities are: (All account balances are normal.)   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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During 2018, Towson Company had credit sales of $40,000 and cash sales of $19,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.

August 30, 2019 in /by

During 2018, Towson Company had credit sales of $40,000 and cash sales of $19,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $49,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also […]

 

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Baltimore Company reports total assets and total liabilities of $236,000 and $85,000, respectively, at the conclusion, of its first year of business.

August 30, 2019 in /by

1) Baltimore Company reports total assets and total liabilities of $236,000 and $85,000, respectively, at the conclusion, of its first year of business. The company earned $81,500 during the first year, and distributed $25,000 to shareholders as dividends. How much did shareholders initially invest in the business? 2) During June, Bravo Magazine sold for cash six […]

 

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Trading securities were purchased for $100,000. Initially the investment climbed in value to $125,000. By year’s end, it had decreased in value to $90,000.

August 30, 2019 in /by

Trading securities were purchased for $100,000. Initially the investment climbed in value to $125,000. By year’s end, it had decreased in value to $90,000. At what amount should the trading securities be reported on the year-end balance sheet? Question 4 options: $90,000 $100,000 $125,000 None of these.   Looking for a Similar Assignment? Order now and Get 10% […]

 

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