Entries by Munene david

On July 1, 2016, Alpha Company, a world famous international monthly

May 7, 2020 in /by

On July 1, 2016, Alpha Company, a world famous international monthly food publication, sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription sold for $15 each. Monthly magazines are mailed at the end of each month. Use this information to determine what amount should be reported on Alpha Company’s December 31, 2016 balance sheet […]

 

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Alpha Company records all sales at the register with amounts

May 7, 2020 in /by

Alpha Company records all sales at the register with amounts that include 8% sales tax. During November 2016, total sales at the register were recorded as $706,320. Use this information to determine what amount of sales tax liability that Alpha Company should record for an end of the month adjusting entry.   Looking for a Similar […]

 

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On December 31, 2015, Alpha Corporation has outstanding 1,000 shares

May 7, 2020 in /by

On December 31, 2015, Alpha Corporation has outstanding 1,000 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 20,000 shares of $10 par value common stock. No dividends were paid in 2015. During 2016, Alpha distributed $40,000 in dividends. Use this information to determine for the 2016 the amount of dividends that […]

 

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On July 1, 2016, Alpha Company, a world famous international monthly

May 7, 2020 in /by

On July 1, 2016, Alpha Company, a world famous international monthly food publication, sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription sold for $18 each. Monthly magazines are mailed at the end of each month. Use this information to submit the July 1 subscription sale and the year end adjusting General Journal […]

 

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