Entries by Munene david

A partial list shows that Charles Corporation’s adjusted trial balance

May 5, 2020 in /by

A partial list shows that Charles Corporation’s adjusted trial balance included the following items (all account balances are normal): Accounts payable $42,500, Accounts receivable $58,500, Capital stock $100,000, Cash $42,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,300, Inventory $32,000, Note payable $21,000, Prepaid expenses $7,000, Property, plant & equipment $123,000, Retained earnings $46,000, […]

 

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During 2018, Towson Company had credit sales of $48,000 and cash sales

May 5, 2020 in /by

During 2018, Towson Company had credit sales of $48,000 and cash sales of $16,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $53,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also […]

 

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Allstar Company signed a $250,000 mortgage on July 1, 2018

May 5, 2020 in /by

Allstar Company signed a $250,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,700 at the end of each month. The interest rate is 6.0% per year.  How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest […]

 

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