Entries by Munene david

Arundel Company uses percentage of sales to estimate uncollectibles

May 5, 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 $725,000 in credit sales. Arundel assumes that 2.0% 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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Salisbury Company uses the perpetual inventory system

May 5, 2020 in /by

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: 5/1 Beginning Inventory 175 $10.50 5/5 Purchase 200 $12.00 5/10 Sales 300 $25 5/15 Purchase 200 $13.50 5/20 Sales 250 $28 5/25 Purchase 150 13.50 Using the LIFO method, determine the dollar value for […]

 

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

May 5, 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 $26,000. 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

May 5, 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 1.3% and the state unemployment tax […]

 

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