Entries by Munene david

On January 1, 2018, Baltimore Company issued $150,000 face value,

May 5, 2020 in /by

On January 1, 2018, Baltimore Company issued $150,000 face value, 6%, 5-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.   Looking for a […]

 

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At fiscal year end, December 31, 2018, Somerset Corporation had total

May 5, 2020 in /by

At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $2,500,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,900,000 of $10 par value common stock and Preferred Stock account of $150,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had […]

 

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The following information is related to Towson Company’s fiscal year 2018.

May 5, 2020 in /by

The following information is related to Towson Company’s fiscal year 2018.            Income Statement:                        Net Income                            $3,400,000                        Depreciation Expense        550,000                        Loss on Sale of Plant Assets    30,000                        Interest Expense                           5,000            Balance Sheet – 12/31/17: Increase (Decrease)                        Accounts Payable decrease    50,000                        Plant Assets – Purchased      250,000                        Plant Assets – Disposals         (100,000)                                    Additional Information:                        Common Stock exchanged for outstanding Long Term Notes Payable of […]

 

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1.    An entity declared a cash dividend on its common stock in December

May 5, 2020 in /by

1.    An entity declared a cash dividend on its common stock in December Year 1, payable in January Year 2. Retained earnings will a.     Increase on the date of declaration. b.    Not be affected on the date of declaration. c.     Not be affected on the date of payment. d.    Decrease on the date of payment.   Looking for a Similar Assignment? […]

 

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