1) Tow son Corp.,was organized on January 2, 2018. During the first year of operation, Tow son issued 80,000 shares of $6 par value common stock at a price of $30 cash per share.On December 31, 2018, Tow son reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Tow son will report on its year end Balance Sheet forPaid in Capital Common Stock in Excess to par.

2) Tow son Corp., had 2,000 shares of $100 par, 5% cumulativepreferred 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 $90,000 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.

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, Alpha Corp., 2,000 of these shares were reacquired for $16 each. On September 1, 2018 Brunswick Corp. reissued 1,000 shares of its treasury stock for $21 per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Alpha will report on its fiscal year 2018 Balance Sheet forPaid in Capital Treasury Stock.

4) On August 1, 2018, Tow son Corp., declared a 10% 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 $800,000.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?

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

$46

9/25

Y Company

1,250

30

9/30

Z Company

1,000

24

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

$49

Y Company

15

Z Company

29

What the total dollar values that Tow son Company should record for theUnrealized Gain or (Loss) on Trading Securities for 2018?Enter a Loss as a negative number.

6) RoundelCompany uses aging to estimateun collectibles.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

$255,000

< 30 days old

98.5%

75,000

30 to 60 days old

93.0%

25,000

61 to 120 days old

77.0%

15,000

> 120 days old

15.0%

The current un adjusted Allowance for Un collectibleAccounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an un adjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in theAllowance for Doubtful Accounts?Round to nearest whole dollar.

7) RoundelCompany uses percentage of sales to estimateun collectibles.At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $790,000 in credit sales.Roundel assumes that 1.0% of sales will eventually be un collectible.before adjustment, the Allowance for Un collectible Accounts had a credit balance of 6,500.What dollar amount should be credited to Allowance for Un collectible Accounts at year end?

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

$12.00

5/5

Purchase

200

$11.50

5/10

Sales

300

$25

5/15

Purchase

200

$13.50

5/20

Sales

250

$28

5/25

Purchase

150

$13.00

Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May.Round to the nearest cent.

9) Delphi Company purchased a machine on January 1, 2017, for $90,000.The machine was estimated to have a service life of ten years with an estimated residual value of $5,000.Delphi sold the machine on January 1, 2021 for $28,000. Delphi uses the double declining method for depreciation. Using this information, how much isthegain or (loss) for the equipment sale entry made on January 1, 2021.Enter a loss as a negative number.

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 1.3% and the state unemployment tax rate is 3.0%. 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 48 hours for the week ended January 13 , 2019.Baltimore will withhold $220 federal income taxes. Use this information to determine the totalpayroll tax expense for Baltimore Company as related to Barbara's earnings.(Round to the closest cent)

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.

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.