On January 2, 2016, Alpha Corporation procured new equipment with an issue of 5,000 shares of $4.00 par value common stock. The equipment had an MSRP of $65,000. Alpha’s stock was trading on the open market for $9.75 per share on January 2nd. Use this information to make an example of the General Journal entry […]
Flaherty Company had the following two transactions related to its delivery truck. 1.Paid $170 for an oil change. 2.Paid $400 to install a special gear unit, which increases the operating efficiency of the truck. Prepare Flaherty’s journal entries to record these two transactions. Looking for a Similar Assignment? Order now and Get 10% Discount! […]
Gunkelson Company sells equipment on September 30, 2017, for $18,400 cash. The equipment originally cost $73,700 and as of January 1, 2017, had accumulated depreciation of $42,500. Depreciation for the first 9 months of 2017 is $4,950. Prepare the journal entries to (a) update depreciation to September 30, 2017, and (b) record the sale of the equipment. (Credit […]
Bramble Company reported net sales of $543000, net income of $72200, beginning total assets of $233000, and ending total assets of $367000. What was the company’s asset turnover? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
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