Entries by Munene david

The following financial information is for Chesapeake Corporation

May 6, 2020 in /by

The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory 48,000 40,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 340,000 265,000 Use this information to determine the number of […]

 

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The following financial information is for Chesapeake Corporation

May 6, 2020 in /by

The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash 37,000 $24,000 Accounts Receivable 55,000 52,000 Inventory 55,000 48,000 Current Liabilities 64,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 288,000 265,000 Use this information to determine the number of […]

 

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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                             $3,600,000                         Depreciation Expense        300,000                         Loss on Sale of Plant Assets    65,000                         Interest Expense                            5,000             Balance Sheet – 12/31/17: Increase (Decrease)                         Accounts Payable decrease    40,000                         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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1.        On January 1, 2018, Fortunato Co. leased a building to Chestnut

May 6, 2020 in /by

1.        On January 1, 2018, Fortunato Co. leased a building to Chestnut Corp. for a ten-year term at an annual rental of $90,000. At inception of the lease, Fortunato received $320,000 covering the first two years’ rent of $160,000 and a security deposit of $160,000. This deposit will not be returned to Chestnut upon expiration of […]

 

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