Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $10.00 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.00 5/20 Sales 250 $28 5/25 Purchase 150 $13.00 Using the LIFO method, […]
Adelphi Company purchased a machine on January 1, 2017, for $80,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $24,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for […]
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.1% and the state unemployment tax […]
The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,400 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 881,105 Interest Income 5,500 Dividends 9,000 Rent Expense 59,500 Wages Expense […]
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