Reference no: EM132258444

Questions -

Q1) 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 $47

Y Company 15

Z Company 25

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

Q2) 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

$270,000 < 30 days old 98.5%

65,000 30 to 60 days old 93.0%

20,000 61 to 120 days old 70.5%

14,000 > 120 days old 11.0%

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.

Q3) 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 $12.50

5/20 Sales 250 $28

5/25 Purchase 150 $12.50

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