Entries by Munene david

Salisbury Company uses the perpetual inventory system and had the following inventory &amp

May 6, 2020 in /by

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 $11.50 5/5 Purchase 200 $11.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.50 5/20 Sales 250 $28 5/25 Purchase 150 $13.00 Using the LIFO method, […]

 

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Adelphi Company purchased a machine on January 1, 2017, for $90,000

May 6, 2020 in /by

Adelphi Company purchased a machine on January 1, 2017, for $90,000.  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 $28,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for […]

 

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Barbara is an employee of Baltimore Company. Baltimore Company pays

May 6, 2020 in /by

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 1.2% and the state unemployment tax […]

 

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Easton Company Adjusted Trial Balance December 31, 2018

May 6, 2020 in /by

Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665   Accounts Receivable 232,000   Supplies 17,000   Equipment 395,000   Accumulated Depreciation   $224,260 Accounts Payable   72,555 Capital Stock   220,000 Retained Earnings   127,145 Service Revenue   877,105 Interest Income   5,500 Dividends 7,000   Rent Expense 59,900 […]

 

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