Entries by mary WAMBUGU

The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account

August 27, 2019 in /by

The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Cash $26,000 $16,000 Accounts Receivable 40,000 50,000 Inventory 30,000 22,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 390,000 360,000 Cost of Goods Sold 260,000 250,000 Use this information to determine […]

 

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Alpha’s Company’s Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000.

August 27, 2019 in /by

Alpha’s Company’s Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The Fiscal Year 12/31/17 Balance Sheet showed the value of Retained Earnings to be $625,000. The following additional information was provided: Depreciation Expense $380,000 Common Stock Dividends 200,000 Accounts Receivable decrease 110,000 Accounts Payable increase 60,000 […]

 

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The following information is related to Alpha Company’s fiscal year 2017. Income Statement: Net Income $3,000,000

August 27, 2019 in /by

The following information is related to Alpha Company’s fiscal year 2017.            Income Statement:                        Net Income                            $3,000,000                        Depreciation Expense              500,000                        Gain on Sale of Plant Assets                 50,000                        Interest Expense                           5,000            Balance Sheet – 12/31/17: Increase (Decrease)                        Accounts Payable                 ($40,000)                        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 […]

 

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Alpha Company purchased $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid annually on June 30.

August 27, 2019 in /by

Alpha Company purchased $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid annually on June 30. The straight line method of amortization is used for both premiums & discounts. Use this information to record Alpha Company’s General Journal Entry (without explanation) for June 30, 2016. If no entry is required […]

 

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