Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 90,000 shares of $7 par value common stock at a price of $50 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson […]
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 $46 9/25 Y Company 1,250 30 9/30 Z Company 1,000 22 Looking for a Similar Assignment? Order now and Get […]
v 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 $200,000 < 30 days old 98.5% 70,000 30 to 60 days old 90.0% 25,000 61 to 120 days old 70.0% 5,000 > 120 days old […]
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.00 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.00 5/20 Sales 250 $28 5/25 Purchase 150 $12.50 Using the LIFO method, […]
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