Entries by mary WAMBUGU

Annapolis Company was recently sold for $460,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item

August 23, 2019 in /by

Question Annapolis Company was recently sold for $460,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount Accounts Receivable assumed by buyer $99,000 Inventory $255,000 Property, Plant & Equipment (net) $535,000 Notes Payable assumed by buyer $615,000 what is the formula and how would i calculate how […]

 

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Fleek Dress Company previously purchased 8,000 shares of treasury stock on the open market for $8 per share. Later, the company resells 5,000 shares for $10 per share.

August 23, 2019 in /by

Question Fleek Dress Company previously purchased 8,000 shares of treasury stock on the open market for $8 per share. Later, the company resells 5,000 shares for $10 per share. What is the journal entry for the sale? Question 2 options: debit cash, $50,000; credit treasury stock, $50,000 debit cash, $50,000; credit treasury stock, $40,000; credit […]

 

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Jones Ventures Inc. purchased 10% of the outstanding stock of Bowie Company. Jones paid $10 per share to acquire 10,000 shares and will treat this purchase as available-for-sale securities. Par value of the stock is $1.

August 23, 2019 in /by

Question Jones Ventures Inc. purchased 10% of the outstanding stock of Bowie Company. Jones paid $10 per share to acquire 10,000 shares and will treat this purchase as available-for-sale securities. Par value of the stock is $1. Jones uses a calendar year, and on December 31, the market value of Bowie stock is $12 per […]

 

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March 1, 2019, Green Day Company’s beginning work in process inventory had 9,000 units. This is its only production department.

August 23, 2019 in /by

Question March 1, 2019, Green Day Company’s beginning work in process inventory had 9,000 units. This is its only production department. Beginning WIP units were 50% completed to conversion costs. Green Day introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 17,500 units were started […]

 

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