Towson Corp.,was organized on January 2, 2018. During the first year of operation, Towson issued 90,000 shares of $6 par value common stock at a price of $35 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 forPaid in Capital Common Stock in Excess to par.

Towson Corp., had 6,000 shares of $100 par, 3% 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 $95,000 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.

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, Brunswick Corp., 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 forPaid in Capital Treasury Stock.

On August 1, 2018, Towson Corp., declared a 10% stock dividend on its common stock when the market value of the common stock was $18 per share.The balance in the common stock account, before the stock dividend was declared, was $1,200,000.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?

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 $720,000 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 6,500.What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?

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 $10.00

5/5 Purchase 200 $12.00

5/10 Sales 300 $25

5/15 Purchase 200 $12.50

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.

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 $25,000. 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.

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 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes.Barbara earns $17 per hour and worked 47 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)

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.

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.