Entries by Munene david

5 For the FY 2018, Dorchester Company’s balance sheet

May 4, 2020 in /by

5 For the FY 2018, Dorchester Company’s balance sheet included the following current items: cash $49,000, accounts receivable $147,000, inventories $102,000, prepaid expenses $24,000, accounts payable $87,000, and accrued expenses $71,000.  Use this information to determine the Current Ratio. 6 For the FY 2018, Frederick Company had net sales of $1,100,000 and net income of $65,000, […]

 

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9 During FY 2018, Towson Manufacturing had a beginning finished goods

May 4, 2020 in /by

9 During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $20,000 & ending finished goods inventory of $19,500. Beginning work-in-process was $18,000 and ending work-in-process was 13,500. Factory overhead was $22,500. The total manufacturing costs amounted to $232,000. Use this information to determine the FY 2018 Cost of Goods Sold. 10 During FY 2019, Dorchester Company plans […]

 

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

May 4, 2020 in /by

17 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 23,000 units were started. At the end of the month all started units were 55% complete with respect to conversion. Direct […]

 

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21 On January 2, 2018, Baltimore Company purchased 10,000 shares

May 4, 2020 in /by

21 On January 2, 2018, Baltimore Company purchased 10,000 shares of the stock of Towson Company at $13 per share. Baltimore did NOT obtain significant influence as the purchase represents a 5% 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 […]

 

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