Reynolds Corporation’s comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017 Cash $ 10,000 $ 9,000 Accounts receivable 35,000 30,000 Inventory 25,500 20,000 Land 15,000 15,000 Building 90,000 90,000 Accumulated depreciation (27,000) […]
McCartney Corporation had the following bond transactions during the fiscal year 2018: On January 1: issued ten $20,000 bonds at 101. The 5-year bonds are dated January 1, 2018. The contract interest rate is 5%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1. On July 1: McCartney […]
On January 1, 2018, Cardi Company purchased 20,000 shares of the stock of Perry Co, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $100,000, and represents a 40% ownership stake. Perry made $50,000 of net income in 2018, and paid dividends of $20,000. The price […]
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: 220,00 <30 days old 99.5% 65,000 30 to 60 days old 91.5% 30,000 61 to 120 days old 75.0% 12,000 >120 days old 17.0% The current unadjusted Allowance for Uncollectible Accounts balance is a […]
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