Entries by mary WAMBUGU

Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 80,000 shares of $2 par value common stock at a price of $40 cash per share.

August 30, 2019 in /by

1.) Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 80,000 shares of $2 par value common stock at a price of $40 cash per share.  On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that […]

 

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Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company

August 30, 2019 in /by

5.) Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $42 9/25 Y Company 1,250 30 9/30 Z Company 1,000 28 6.)On November 10th, Easton Company sold the Y Company […]

 

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Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $730,000 in credit sales

August 30, 2019 in /by

7.) Arundel Company uses percentage of sales to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $730,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,000. What dollar […]

 

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The following is the Easton Company’s adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018

August 30, 2019 in /by

12.)The following is the Easton Company’s adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665  Accounts Receivable 232,000  Supplies 17,000  Equipment 395,000  Accumulated Depreciation $224,260  Accounts Payable 72,555  Capital Stock 220,000  Retained Earnings 127,145  Service Revenue 877,105  Interest Income 5,500  Dividends 7,000  Rent Expense 59,900  Wages Expense 529,000  […]

 

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