Entries by mary WAMBUGU

On August 1, 2018, Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000.

August 24, 2019 in /by

On August 1, 2018, Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000. The annual interest rate implicit in the lease was 9%, and the first lease payment of $1,600 is due at the end of each month of the lease. Use this information to prepare the General Journal […]

 

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On January 1, 2019, Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share.

August 24, 2019 in /by

On January 1, 2019, Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March 31, Corporation authorized a 10% stock dividend when the market value was $18 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is […]

 

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The following are selected accounts for the Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal.

August 24, 2019 in /by

The following are selected accounts for the Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal. Prepare only the Stockholder’s Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were […]

 

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Alpha Company had the following information for FY 2017: Work in Process – 1/1/17 100,000 units

August 24, 2019 in /by

Alpha Company had the following information for FY 2017: Work in Process – 1/1/17 100,000 units Units Started into Production 575,000 units Work in Process – 12/31/17 75,000 units Direct Material put into Production $575,000 Conversions Costs put into Production $843,750 The beginning work in process was 100% complete to direct materials and 75% complete […]

 

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