Entries by Munene david

Arundel Company uses percentage of sales to estimate uncollectibles

May 6, 2020 in /by

Arundel Company uses percentage of sales to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $885,000 in credit sales. Arundel assumes that 1.5% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,000. What dollar amount […]

 

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Towson Corp., was organized on January 2, 2018

May 6, 2020 in /by

Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of $7 par value common stock at a price of $50 cash per share.  On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson […]

 

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Towson Corp., had 5,000 shares of $100 par, 3% cumulative preferred

May 6, 2020 in /by

Towson Corp., had 5,000 shares of $100 par, 3% cumulative preferred stock as of January 1, 2018. No additional shares of preferred stock were issued during fiscal years 2018 & 2019.  Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018.  A total of $75,000 of dividends was paid in 2019. Use this information […]

 

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On January 2, 2018, the first year of operations, Brunswick Corp.,

May 6, 2020 in /by

On January 2, 2018, the first year of operations, Brunswick Corp., issued 15,000 shares of $10 par value common stock for $15 per share.  On July 1, 2018, Alpha Corp., 2,000 of these shares were reacquired for $18 each. On September 1, 2018 Brunswick Corp. reissued 900 shares of its treasury stock for $23 per share. […]

 

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