Entries by Munene david

The following information regarding cash for Alpha Company is provided

May 7, 2020 in /by

The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount Ending Cash per Bank Statement $1,700  Ending Cash per Company Books $1,905  Bank Service Charges $25  Deposits in Transit $425  Outstanding Cheques $350  Customer Cheque returned NSF $105  What is the adjusted cash balance based on the completed bank […]

 

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One January 2, 2016, Alpha Company purchased 10,000 shares

May 7, 2020 in /by

One January 2, 2016, Alpha Company purchased 10,000 shares of Bravo Company stock, as trading securities, for $10 per share. On July 3, 2016 the securities were trading on the open market for $12.50 per share. On December 31, 2016, the closing market price for these securities was $9.00 per share. What value should the trading […]

 

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Alpha Company sells goods to customers who use Worldwide Express

May 7, 2020 in /by

Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $20,000 and were subject to a 4.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection? […]

 

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Alpha Company uses aging to estimate uncollectibles.

May 7, 2020 in /by

Alpha Company uses aging to estimate uncollectibles.  At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $125,000 < 30 days old 98% 85,000 30 to 60 days old 85% 50,000 61 to 120 days old 50% 10,000 > 120 days old […]

 

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