Entries by Munene david

Part A)The following financial information is for Chesapeake

May 4, 2020 in /by

Part A)<br/>The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 &amp; 2017 (all balances are normal): Item/Account 2018 2017 Cash 24,000 $24,000 Accounts Receivable 54,000 52,000 Inventory 49,000 48,000 Current Liabilities 77,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 288,000 265,000 Use this information to determine the number […]

 

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Part A)The following are selected accounts for the Wicomico Company

May 4, 2020 in /by

Part A)<br/>The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries &amp; closing entries have been posted. All balances are normal. Account Amount Common Stock, $10 par $260,000 Treasury Stock, at cost $16 per share 32,000 Dividends Payable 13,000 Paid in Capital in excess of par, Common […]

 

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Part A) The following information is related to Somerset Company’s fiscal year 2018.

May 4, 2020 in /by

Part A) The following information is related to Somerset Company’s fiscal year 2018.             Income Statement:                         Net Income                             $4,000,000                         Depreciation Expense        650,000                         Gain on Sale of Plant Assets      50,000                         Interest Expense                            5,000             Balance Sheet – 12/31/17: Increase (Decrease)                         Accounts Receivable        ($45,000)                         Plant Assets – Purchased       250,000                         Plant Assets – Disposals         (100,000)                                     Additional Information:                         Common Stock exchanged for outstanding Long Term Notes Payable of $150,000 […]

 

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Part A)On January 1, 2019, Frederick Corporation had 200,000

May 4, 2020 in /by

Part A)<br/>On January 1, 2019, Frederick Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March 31, Frederick Corporation authorized a 10% stock dividend when the market value was $18 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If […]

 

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