Entries by Munene david

Question 8 (8 points) Baltimore Company uses aging to estimate uncollectibles

May 6, 2020 in /by

Question 8 (8 points) <br/>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 $125,000 &lt; 30 days old 99% 70,000 30 to 60 days old 88% 30,000 61 to 120 days old 72% 8,000 &gt; […]

 

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Question 10 (9 points) Easton Company uses the periodic inventory

May 6, 2020 in /by

Question 10 (9 points) <br/>Easton Company uses the periodic inventory system and had the following inventory &amp; sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $10 5/5 Purchase 210 $12 5/15 Purchase 270 $14 5/25 Purchase 280 $16 Sales were 450 units at $20.  Using the FIFO method, […]

 

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Given below are account balances for Charlie Company: Gross sales, $108,000

May 6, 2020 in /by

Given below are account balances for Charlie Company: Gross sales, $108,000 Sales returns and allowances, $4,000 Selling expenses, $12,000 Cost of goods sold, $40,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example – enter 46% as .46   Looking for a Similar […]

 

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Alpha Company replenished a $500 petty cash fund. 

May 6, 2020 in /by

Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a: Question 6 options: credit to Petty Cash for $2 debit to Cash Short for $2 credit to Cash […]

 

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