Entries by Munene david

1) On March 1, 2019, Annapolis Company has a beginning Work in Process

May 4, 2020 in /by

1) On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 28,000 units were started. At the end of the month all started units were 55% complete with respect to conversion. Direct […]

 

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1) On January 2, 2018, Baltimore Company purchased 18,000 shares

May 4, 2020 in /by

1) On January 2, 2018, Baltimore Company purchased 18,000 shares of the stock of Towson Company at $15 per share. Baltimore obtained significant influence as the purchase represents a 30% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $21,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, […]

 

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1) Frederick Company has two service departments

May 4, 2020 in /by

1) Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has two production departments (Assembly Department & Packaging Department.) Frederick uses a step allocation method where Cafeteria Services is allocated to all departments and Maintenance Services is allocated to the production departments. All allocations are based on total employees. Cafeteria Services has costs of $155,000 and Maintenance has costs […]

 

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On January 1, Easton Company had cash on hand of $80,000.

May 4, 2020 in /by

On January 1, Easton Company had cash on hand of $80,000. All of January’s $236,000 sales were on account. December sales of $202,000 were also all on account. *Easton typically collects 30% of receivables in the month of the sale and the balance the following month. *All materials and supplies are purchased on account *Easton has […]

 

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