Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities:

8/15

X Company

# of Shares: 1,500

Price per Share: $48

9/25

Y Company

# of Shares: 1,250

Price per Share: $30

9/30

Z Company

# of Shares :1,000

Price per Share: $26

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:

X Company

FMV per Share: $51

Y Company

FMV per Share: $15

Z Company

FMV per Share: $21

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

Question 6

ArundelCompany uses aging to estimateuncollectibles.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

$260,000

< 30 days old

98.0%

60,000

30 to 60 days old

94.0%

20,000

61 to 120 days old

77.5%

12,000

> 120 days old

16.0%

The current unadjusted Allowance for UncollectibleAccounts 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 theAllowance for Doubtful Accounts?Round to nearest whole dollar.

Question 7

ArundelCompany uses percentage of sales to estimateuncollectibles.At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $810,000 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?

Question 8

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:

Date: 5/1

Beginning Inventory

Quantity: 175

Unit Price: $11.50

Date: 5/5

Purchase

Quantity: 200

Unit Price: $10.50

Date: 5/10

Sales

Quantity: 300

Unit Price: $25

Date: 5/15

Purchase

Quantity: 200

Unit Price: $13.50

Date: 5/20

Sales

Quantity: 250

Unit Price: $28

5/25

Purchase

Quantity: 150

Unit Price: $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.

Question 9

Adelphi Company purchased a machine on January 1, 2017, for $80,000.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 isthegain or (loss) for the equipment sale entry made on January 1, 2021.Enter a loss as a negative number.

Question 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 1.0% 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 $20 per hour and worked 45 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)

Question 11

The following is the Easton Company adjusted Trial Balance.

Easton Company

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Cash

$88,665

Accounts Receivable

232,400

Supplies

17,000

Equipment

395,000

Credit

Accumulated Depreciation

$224,260

Accounts Payable

72,555

Capital Stock

220,000

Retained Earnings

127,145

Service Revenue

881,105

Interest Income

5,500

Debits

Dividends

9,000

Rent Expense

59,500

Wages Expense

529,000

Supplies Expense

42,000

Utilities Expense

8,000

Depreciation Expense

150,000

Totals

Debit: $1,530,565

Credit: $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 12

The following is the Easton Company's adjusted Trial Balance.

Easton Company

Adjusted Trial Balance

December 31, 2018

Debit

Cash

$88,665

Accounts Receivable

232,000

Supplies

17,000

Equipment

395,000

Credit

Accumulated Depreciation

$224,260

Accounts Payable

72,555

Capital Stock

220,000

Retained Earnings

127,145

Service Revenue

877,105

Interest Income

5,500

Debits

Dividends

7,000

Rent Expense

59,900

Wages Expense

529,000

Supplies Expense

40,000

Utilities Expense

8,000

Depreciation Expense

150,000

Totals

Debit: $1,526,565

Credit: $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.