Entries by mary WAMBUGU

On January 1, 2018, Montgomery Inc. issued $200,000, 20-year, 5% bonds at 102. Interest is payable semiannually on January 1 and July 1

August 23, 2019 in /by

Question On January 1, 2018, Montgomery Inc. issued $200,000, 20-year, 5% bonds at 102. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2018, is: Question 5 options: debit cash, $200,000; credit bonds payable, $200,000. debit cash, $250,000; debit premium on bonds payable, $5,000; […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

A manufacturing company allocates overhead at a fixed rate of $20 per hour based on direct labor hours. During the month, total overhead incurred was $150,000, and the total direct labor hours worked was 4,000.

August 23, 2019 in /by

Question A manufacturing company allocates overhead at a fixed rate of $20 per hour based on direct labor hours. During the month, total overhead incurred was $150,000, and the total direct labor hours worked was 4,000. Job number 5-50 had 600 hours of direct labor. What is the amount of overhead allocated to job 5-50? […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

On January 2, 2017, Kesha Company purchased 10,000 shares of the stock of Petty Corp., and did not obtain significant influence.

August 23, 2019 in /by

Question Prepare the journal EntriesPart A On January 2, 2017, Kesha Company purchased 10,000 shares of the stock of Petty Corp., and did not obtain significant influence.  The investment is intended as a long-term investment. The stock was purchased for $5 per share, and represents a 10% ownership stake. Petty Corp made $20,000 of net income in 2017, and […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

The following information is related to Mitchell Company’s fiscal year 2018. Income Statement: Net Income $300,000

August 23, 2019 in /by

Question Problem 2The following information is related to Mitchell Company’s fiscal year 2018.             Income Statement:                         Net Income                             $300,000                         Depreciation Expense               30,000                         Loss on Sale of Plant Assets     10,000                         Interest Expense                            500             Balance Sheet – 12/31/18:                          Accounts Payable Increase       4,000                 Accounts Receivable Increase   5,000                         Plant Assets – Purchased        200,000                         Plant Assets – Proceeds  from sale         100,000             Additional Information:                         Cash Balance – 12/31/2017:  $50,000 Common Stock exchanged for outstanding Long-Term […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"