Entries by Munene david

Alpha Company uses the periodic inventory system for purchase &am

May 6, 2020 in /by

pAlpha Company uses the periodic inventory system for purchase &am; sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning […]

 

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On January 2, 2018, All Good Company purchased 14,000 shares

May 6, 2020 in /by

On January 2, 2018, All Good Company purchased 14,000 shares of the stock of Big Bad Company, and DID NOT obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $12 per share, and represents a 10% ownership stake. Big Bad Company made $375,000 of net income in 2018, and paid dividends to […]

 

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Allstar Company signed a $100,000 mortgage on July 1, 2018

May 6, 2020 in /by

Allstar Company signed a $100,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,600 at the end of each month. The interest rate is 6.0% per year. How much interest expense will be paid on August 31, 2018   Looking for a Similar Assignment? […]

 

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During 2018, Towson Company had credit sales of $48,000

May 6, 2020 in /by

<br/> -During 2018, Towson Company had credit sales of $48,000 and cash sales of $14,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $55,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson […]

 

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