The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $730,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,000. What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?
Your Answer:
Question 7 options:
Answer
Question 8 (7 points)
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
175
$11.50
5/5
Purchase
200
$10.50
5/10
Sales
300
$25
5/15
Purchase
200
$13.00
5/20
Sales
250
$28
5/25
Purchase
150
$13.50
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Your Answer:
Question 8 options:
Answer
Question 9 (7 points)
Adelphi Company purchased a machine on January 1, 2017, for $50,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $21,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number.
Your Answer:
Question 9 options:
Answer
Question 10 (7 points)
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.3% and the state unemployment tax rate is 4.5%. Barbara’s wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $18 per hour and worked 49 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara’s earnings. (Round to the closest cent)
Your Answer:
Question 10 options:
Answer
Question 11 (15 points)
The following is the Easton Company adjusted Trial Balance.
Easton Company
Adjusted Trial Balance
December 31, 2018
Account Title
Debit
Credit
Cash
$88,665
Accounts Receivable
232,400
Supplies
17,000
Equipment
395,000
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
127,145
Service Revenue
881,105
Interest Income
5,500
Dividends
9,000
Rent Expense
59,500
Wages Expense
529,000
Supplies Expense
42,000
Utilities Expense
8,000
Depreciation Expense
150,000
________
Totals
$1,530,565
$1,530,565
Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.
Question 11 options:
Question 12 (15 points)
The following is the Easton Company’s adjusted Trial Balance.
Easton Company
Adjusted Trial Balance
December 31, 2018
Account Title
Debit
Credit
Cash
$88,665
Accounts Receivable
232,000
Supplies
17,000
Equipment
395,000
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
127,145
Service Revenue
877,105
Interest Income
5,500
Dividends
7,000
Rent Expense
59,900
Wages Expense
529,000
Supplies Expense
40,000
Utilities Expense
8,000
Depreciation Expense
150,000
________
Totals
$1,526,565
$1,526,565
How do you Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more