1.Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of

1towson Corpwas Organized On January 2 2018 During The First Yea

1.Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of $2 par value common stock at a price of $30 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par. Your Answer: 2.Towson Corp., had 5,000 shares of $100 par, 5% cumulative preferred stock as of January 1, 2018.

No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of $100,000 of dividends was paid in 2019. Use this information to determine the total dollar amount of dividends that was paid to common shareholders during fiscal year 2019. Your Answer: 3.

On January 2, 2018, the first year of operations, Brunswick Corp. issued 15,000 shares of $10 par value common stock for $15 per share. On July 1, 2018, 2,000 of these shares were reacquired for $18 each. On September 1, 2018 Brunswick Corp. reissued 700 shares of its treasury stock for $22 per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock.

Your Answer: 4. On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $19 per share. The balance in the common stock account, before the stock dividend was declared, was $1,000,000. The par value of all common stock is $10. What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018?

Your Answer: 5. Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $/25 Y Company 1,/30 Z Company 1, On November 10th, Easton Company sold the Y Company stock for $31 per share. On December 15th, Z Company paid dividends of $0.12 per share. The following were the year-end market values: Company FMV per Share X Company $43 Y Company 15 Z Company 29 What the total dollar values that Easton Company should record for the Unrealized Gain or (Loss) on Trading Securities for 2018?

Enter a Loss as a negative number. Your Answer: 6. Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $280,000 < 30 days old 98.5% 65, to 60 days old 93.0% 30, to 120 days old 80.0% 6,000 > 120 days old 15.0% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts?

Round to nearest whole dollar. Answer: 7. 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 $850,000 in credit sales. Arundel assumes that 1.5% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 6,000.

What dollar amount should be credited to Allowance for Uncollectible Accounts at year end? Answer: 8.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 $12./5 Purchase 200 $10./10 Sales 300 $/15 Purchase 200 $12./20 Sales 250 $/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: 9. Adelphi Company purchased a machine on January 1, 2017, for $60,000.

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 $30,000. 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: 10. 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 1.1% 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 $14 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: 11.

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.

Easton Company Income Statement 12. 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 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.

Easton Company Balance Sheet Case Study Rubric Unacceptable 0 Points Approaching Competence 1 Point Competent 3 Points Exceptional 5 points Points Organization Below what is expected from a RN-BSN at WCU. The submission does not relay adequate information on the subject, is disorganized and difficult to follow. The submission relays information but is slightly disorganized. The submission is well-written in a logical, organized manner. APA Below what is expected from a RN-BSN at WCU.

The submission does not follow the current APA Manual of Style guidelines. The majority of the submission (80%) follows the current APA Manual of Style guidelines. All of the submission follows the current APA Manual of Style guidelines. Content Below what is expected from a RN-BSN at WCU. The submission is poorly written with incomplete data and communication of thought.

There are topics throughout the submission which should have been explained more thoroughly. The length of the submission is appropriate to communicate the ideas presented professionally. References No references One applicable reference. Provided two references with minor deviations from APA style. Provided two or more references with retrievable links and no readily deviations from APA style. Total

par value common stock at a price of cash per share. On December 31, 2018, Towson reported Net Income of 0,000 and paid ,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par. Your Answer: 2.Towson Corp., had 5,000 shares of 0 par, 5% cumulative preferred stock as of January 1, 2018.

No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of 0,000 of dividends was paid in 2019. Use this information to determine the total dollar amount of dividends that was paid to common shareholders during fiscal year 2019. Your Answer: 3.

On January 2, 2018, the first year of operations, Brunswick Corp. issued 15,000 shares of par value common stock for per share. On July 1, 2018, 2,000 of these shares were reacquired for each. On September 1, 2018 Brunswick Corp. reissued 700 shares of its treasury stock for per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock.

Your Answer: 4. On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was per share. The balance in the common stock account, before the stock dividend was declared, was ,000,000. The par value of all common stock is . What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018?

Your Answer: 5. Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $/25 Y Company 1,/30 Z Company 1, On November 10th, Easton Company sold the Y Company stock for per share. On December 15th, Z Company paid dividends of

1towson Corpwas Organized On January 2 2018 During The First Yea

1.Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of $2 par value common stock at a price of $30 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par. Your Answer: 2.Towson Corp., had 5,000 shares of $100 par, 5% cumulative preferred stock as of January 1, 2018.

No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of $100,000 of dividends was paid in 2019. Use this information to determine the total dollar amount of dividends that was paid to common shareholders during fiscal year 2019. Your Answer: 3.

On January 2, 2018, the first year of operations, Brunswick Corp. issued 15,000 shares of $10 par value common stock for $15 per share. On July 1, 2018, 2,000 of these shares were reacquired for $18 each. On September 1, 2018 Brunswick Corp. reissued 700 shares of its treasury stock for $22 per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock.

Your Answer: 4. On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $19 per share. The balance in the common stock account, before the stock dividend was declared, was $1,000,000. The par value of all common stock is $10. What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018?

Your Answer: 5. Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $/25 Y Company 1,/30 Z Company 1, On November 10th, Easton Company sold the Y Company stock for $31 per share. On December 15th, Z Company paid dividends of $0.12 per share. The following were the year-end market values: Company FMV per Share X Company $43 Y Company 15 Z Company 29 What the total dollar values that Easton Company should record for the Unrealized Gain or (Loss) on Trading Securities for 2018?

Enter a Loss as a negative number. Your Answer: 6. Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $280,000 < 30 days old 98.5% 65, to 60 days old 93.0% 30, to 120 days old 80.0% 6,000 > 120 days old 15.0% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts?

Round to nearest whole dollar. Answer: 7. 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 $850,000 in credit sales. Arundel assumes that 1.5% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 6,000.

What dollar amount should be credited to Allowance for Uncollectible Accounts at year end? Answer: 8.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 $12./5 Purchase 200 $10./10 Sales 300 $/15 Purchase 200 $12./20 Sales 250 $/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: 9. Adelphi Company purchased a machine on January 1, 2017, for $60,000.

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 $30,000. 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: 10. 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 1.1% 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 $14 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: 11.

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.

Easton Company Income Statement 12. 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 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.

Easton Company Balance Sheet Case Study Rubric Unacceptable 0 Points Approaching Competence 1 Point Competent 3 Points Exceptional 5 points Points Organization Below what is expected from a RN-BSN at WCU. The submission does not relay adequate information on the subject, is disorganized and difficult to follow. The submission relays information but is slightly disorganized. The submission is well-written in a logical, organized manner. APA Below what is expected from a RN-BSN at WCU.

The submission does not follow the current APA Manual of Style guidelines. The majority of the submission (80%) follows the current APA Manual of Style guidelines. All of the submission follows the current APA Manual of Style guidelines. Content Below what is expected from a RN-BSN at WCU. The submission is poorly written with incomplete data and communication of thought.

There are topics throughout the submission which should have been explained more thoroughly. The length of the submission is appropriate to communicate the ideas presented professionally. References No references One applicable reference. Provided two references with minor deviations from APA style. Provided two or more references with retrievable links and no readily deviations from APA style. Total