Entries by mary WAMBUGU

Eight years ago, bravo comaony purchased land for $170,000. The current fair market value of the land is $421,000.

August 22, 2019 in /by

Eight years ago, bravo comaony purchased land for $170,000. The current fair market value of the land is $421,000. Eight years ago, bravo comaony purchased land for $170,000. The current fair market value of the land is $421,000. The rate of general inflation experienced during the 8 year period has averaged 10% per year. At […]

 

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On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000.

August 22, 2019 in /by

1.On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value […]

 

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Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 70,000 shares of $9 par value common stock at a price of $45 cash per share.

August 22, 2019 in /by

1-Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 70,000 shares of $9 par value common stock at a price of $45 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 Towson […]

 

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During March, the following transactions were completed by Bree Inc., a new business started on March 1, 2015.

August 22, 2019 in /by

Question 1: During March, the following transactions were completed by Bree Inc., a new business started on March 1, 2015. March 1   Sold 10,000 shares of $10 par value stock for $200,000 cash. 1 Purchased equipment for $36,000, paying $6,000 cash, charging the balance on account. 3 Purchased office supplies for $5,000 on account. 5 […]

 

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