Entries by Munene david

Triple Tango Track leases exercise equipment to its customers under

May 6, 2020 in /by

Triple Tango Track leases exercise equipment to its customers under direct-financing leases. Typically the equipment has no residual value at the end of the leases and the contracts call for payments at the beginning of each year. Triple Tango Track’s target rate of return is 10%. On a five year-lease of equipment with a fair value of $485,100, […]

 

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Alpha Company began its first year of operation in January 1, 2017

May 6, 2020 in /by

Alpha Company began its first year of operation in January 1, 2017. The general manager wants to consider which method to use when accounting for uncollectible accounts. You have been tasked to prepare n analysis based on the following information: Total Credit Sales: $800,000 Total Cash Sales: $150,000 Credit Sales Discounts: $15,000 Credit Sales Returns: […]

 

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Alpha Company established a petty cash fund on July 1, 2017 by writing

May 6, 2020 in /by

Alpha Company established a petty cash fund on July 1, 2017 by writing a cheque in the amount of $500 and placing the proceeds into a strong box. The custodian, Mr. Faithfully Honest, accepted the responsibility for the petty cash fund on that date. THe following petty cash events occurred based on the recipts that […]

 

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Alpha Company prepares quarterly adjusting entries and has a fiscal

May 6, 2020 in /by

Alpha Company prepares quarterly adjusting entries and has a fiscal year end of December 31. The following events occurred in FY 2017: Oct. 1: accepted from Bravo a $9,000, four months, 9% note in lieu of an existing $9,000 account receivable Nov. 1: purchased from zulu company, equipment for $42,000 and signed a Note payable […]

 

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