Entries by Munene david

A partial list shows that Charles Corporation’s adjusted trial balance

May 6, 2020 in /by

A partial list shows that Charles Corporation’s adjusted trial balance included the following items (all account balances are normal): Accounts payable $39,500, Accounts receivable $48,000, Capital stock $100,000, Cash $58,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,600, Inventory $32,000, Note payable $24,000, Prepaid expenses $4,200, Property, plant & equipment $123,000, Retained earnings $46,000, […]

 

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During 2018, Towson Company had credit sales of $40,000

May 6, 2020 in /by

During 2018, Towson Company had credit sales of $40,000 and cash sales of $19,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $49,000; 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 also […]

 

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1) Baltimore Company reports total assets and total liabilities

May 6, 2020 in /by

1) Baltimore Company reports total assets and total liabilities of $236,000 and $85,000, respectively, at the conclusion, of its first year of business. The company earned $81,500 during the first year, and distributed $25,000 to shareholders as dividends. How much did shareholders initially invest in the business? 2) During June, Bravo Magazine sold for cash […]

 

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The following is the Frederick Company’s adjusted Trial Balance.

May 6, 2020 in /by

The following is the Frederick Company’s adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense […]

 

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