Entries by Munene david

Arundel Company uses percentage of sales to estimate uncollectibles. 

May 4, 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 $820,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,500. What dollar amount […]

 

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On January 2, 2018, the first year of operations, Brunswick Corp.,

May 4, 2020 in /by

On January 2, 2018, the first year of operations, Brunswick Corp., issued 15,000 shares of $10 par value common stock for $15 per share.  On July 1, 2018, Brunswick Corp., 2,000 of these shares were reacquired for $16 each. On September 1, 2018 Brunswick Corp. reissued 500 shares of its treasury stock for $21 per share. […]

 

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On January 2, 2018, the first year of operations, Brunswick Corp.,

May 4, 2020 in /by

On January 2, 2018, the first year of operations, Brunswick Corp., issued 15,000 shares of $10 par value common stock for $15 per share.  On July 1, 2018, Brunswick Corp., 2,000 of these shares were reacquired for $16 each. On September 1, 2018 Brunswick Corp. reissued 500 shares of its treasury stock for $21 per share. […]

 

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Towson Corp., had 6,000 shares of $100 par

May 4, 2020 in /by

Towson Corp., had 6,000 shares of $100 par, 4% cumulative preferred stock as of January 1, 2018. No additional shares of preferred stock were issued during fiscal years 2018 & 2019.  Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018.  A total of $80,000 of dividends was paid in 2019. Use this information […]

 

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