Entries by Munene david

The following is the Easton Company adjusted Trial Balance.  Easton Company Adjusted Trial Balance

May 4, 2020 in /by

The following is the Easton Company adjusted Trial Balance.  Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665    Accounts Receivable 232,400    Supplies 17,000    Equipment 395,000    Accumulated Depreciation   $224,260  Accounts Payable   72,555  Capital Stock   220,000  Retained Earnings   127,145  Service Revenue   881,105  Interest […]

 

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Adelphi Company purchased a machine on January 1, 2017

May 4, 2020 in /by

Adelphi Company purchased a machine on January 1, 2017, for $100,000.  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 $21,000. Adelphi uses the double declining method for depreciation. how much is the gain or (loss) for the equipment sale […]

 

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Legend Company uses the straight-line method for amortization

May 4, 2020 in /by

Legend Company uses the straight-line method for amortization of all bond premium & discounts. During fiscal year 2018 Legend had the following bond payable transactions: January 2, issued ten, $1,000 bonds at 101. These 5-year bonds are dated January 1, 2017. The contract interest rate is 6%. Interest is payable semi-annual on January 1 and […]

 

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Part AOn January 2, 2017, Kesha Company purchased 10,000

May 4, 2020 in /by

Part A<br/><br/><br/>On January 2, 2017, Kesha Company purchased 10,000 shares of the stock of Petty Corp., and did not obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $5 per share, and represents a 10% ownership stake. Petty Corp made $20,000 of net income in 2017, and paid […]

 

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