On August 1, 2018, Towson Corp., declared a 10% stock dividend on its common stock when the market value of the common stock was $20 per share. The balance in the common stock account, before the stock dividend was declared, was $900,000. The par value of all common stock is $10. What is the total dollar amount credited […]
Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $42 9/25 Y Company 1,250 30 9/30 Z Company 1,000 26 On November 10th, Easton Company sold the Y Company stock […]
Arundel 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 $300,000 < 30 days old 98.5% 75,000 30 to 60 days old 90.0% 35,000 61 to 120 days old 72.0% 12,000 > 120 days old 12.0% […]
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 $755,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 4,000. What dollar amount […]
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