Entries by Munene david

On August 1,2018, Alpha Corp. declared 5% share dividends on its common

May 6, 2020 in /by

On August 1,2018, Alpha Corp. declared 5% share dividends on its common stock when the market value for the common stock was $15 per share. Shareholders’ equity before the stock dividend was declared consisted of $1,000,000 for common stock ($10 par value, authorized 200,000 shares; issued and outstanding 100,000), $150,000 for the paid-in-capital in excess […]

 

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Alpha Company uses the perpetual inventory system and had the following

May 6, 2020 in /by

Alpha Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2016: Date: Activity: Quantity: Unit Price: 5/1 Beginning inventory 175 $10 5/5 Purchase 200 $12 5/10 Sales 300 $25 5/15 Purchase 200 $15 5/20 Sales 250 $30 5/25 Purchase 150 $16 Using the LIFO method, […]

 

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Alpha Company purchased a machine on January 1, 2017 for $60,000.

May 6, 2020 in /by

Alpha Company purchased a machine on January 1, 2017 for $60,000. The machine was estimated to have a service life of 10 years with an estimated residual value of $5,000. Alpha sold the machine on January 1,2021 for $10,000. A,pha uses the double declining method for depreciation. Using this information, how much is: (Enter whole […]

 

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Alpha Company prepares quarterly adjusting entries and has a fiscal year end of December 31.

May 6, 2020 in /by

Alpha Company prepares quarterly adjusting entries and has a fiscal year end of December 31. Oct 1: Accepted from Bravo a $9,000, four month 9% note in lieu of an existing $9,000 account receivable Nov1: purchased from Zulu company, equipment for $42,000 and signed a note payable due in nine months for $43,035. Use this […]

 

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