Entries by Munene david

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

May 4, 2020 in /by

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 24,000 units were started. At the end of the month all started units were 70% complete with respect to conversion. Direct Materials […]

 

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On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero

May 4, 2020 in /by

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 33,000 units were started. At the end of the month all started units were 65% complete with respect to conversion. Direct Materials […]

 

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On January 1, Easton Company had cash on hand of $105,000.

May 4, 2020 in /by

On January 1, Easton Company had cash on hand of $105,000. All of January’s $240,000 sales were on account. December sales of $218,000 were also all on account. Experience has shown that Easton typically collects 35% of receivables in the month of the sale and the balance the following month. All materials and supplies are purchased on account […]

 

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January 2, 2018, Baltimore Company purchased 14,000 shares

May 4, 2020 in /by

January 2, 2018, Baltimore Company purchased 14,000 shares of the stock of Towson Company at $13 per share. Baltimore obtained significant influence as the purchase represents a 35% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $27,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, […]

 

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