1) Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $110,000 < 30 days old 99% 75,000 30 to 60 days old 92% 30,000 61 to 120 days old 77% 10,000 > 120 days […]
Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 20,000 Equipment 30,000 Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.) 1. Land 2. […]
On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.) -the 2017 depreciation expense […]
Baltimore Manufacturing had a Work in Process balance of $73,000 on January 1, 2018. The year end balance of Work in Process was $72,000 and the Cost of Goods Manufactured was $630,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars […]
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