Entries by Munene david

On January 2, 2018, All Good Company purchased 7,000 shares

May 6, 2020 in /by

On January 2, 2018, All Good Company purchased 7,000 shares of the stock of Big Bad Company, and DID obtain significant influence.  The investment is intended as a long-term investment.  The stock was purchased for $13 per share, and represents a 30% ownership stake. Big Bad Company made $350,000 of net income in 2018, and paid dividends to All […]

 

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Allstar Company signed a $300,000 mortgage on July 1, 2018

May 6, 2020 in /by

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,500 at the end of each month. The interest rate is 7.0% per year.  How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest […]

 

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The following information is related to Towson Company’s fiscal year 2018

May 6, 2020 in /by

The following information is related to Towson Company’s fiscal year 2018.             Income Statement:                         Net Income                             $3,000,000                         Depreciation Expense        350,000                         Loss on Sale of Plant Assets    45,000                         Interest Expense                            5,000             Balance Sheet – 12/31/17: Increase (Decrease)                         Accounts Payable decrease    50,000                         Plant Assets – Purchased       250,000                         Plant Assets – Disposals         (100,000)                                     Additional Information:                         Common Stock exchanged for outstanding Long Term Notes Payable of $125,000                         Dividends paid […]

 

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Allstar Company signed a $300,000 mortgage on July 1, 2018

May 6, 2020 in /by

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,500 at the end of each month. The interest rate is 7.0% per year.  How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest […]

 

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