Entries by Munene david

Adelphi Company purchased a machine on January 1, 2017, for $60,000

May 5, 2020 in /by

Adelphi Company purchased a machine on January 1, 2017, for $60,000.  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 $22,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for […]

 

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Arundel Company uses aging to estimate uncollectibles

May 5, 2020 in /by

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: Dollar Value Age of Account Estimated Collectible $240,000 < 30 days old 98.5% 60,000 30 to 60 days old 93.5% 40,000 61 to 120 days old 74.5% 5,000 > 120 days old 18.0% […]

 

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Easton Company prepares annual adjusting entries only

May 5, 2020 in /by

Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $50 9/25 Y Company 1,250 30 9/30 Z Company 1,000 28 On November 10th, Easton Company sold the Y Company stock […]

 

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On August 1, 2018, Towson Corp., declared a 10% stock dividend

May 5, 2020 in /by

On August 1, 2018, Towson Corp., declared a 10% stock dividend on its common stock when the market value of the common stock was $17 per share. The balance in the common stock account, before the stock dividend was declared, was $900,000. The par value of all common stock is $10. What is the total dollar amount credited […]

 

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