Entries by Munene david

6) October 1, 2017, Alpha Company started a new production operation

May 4, 2020 in /by

6) October 1, 2017, Alpha Company started a new production operation using the weighted average method of process costing.  During October, 9,000 units were started and 7,000 were transferred to finished goods. The October 31, work in process inventory was 100% complete as to material costs and 40% complete as to conversion costs.  Material costs for the […]

 

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Towson Corp., was organized on January 2, 2018.

May 4, 2020 in /by

Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 90,000 shares of $2 par value common stock at a price of $30 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 […]

 

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On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.

May 4, 2020 in /by

On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. Please answer the below three questions. a. What is the total amount of interest to be paid on this note? b. Show the ABC Company’s general journal entry to record the issuance of the note […]

 

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Baltimore Manufacturing Company just completed its year ended December

May 4, 2020 in /by

Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $230,000: 25% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 85% were sold in 2018 and the rest remained in finished good inventory. Use this […]

 

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