Before year-end adjusting entries, PAAST Company’s account b…

Before year-end adjusting entries, PAAST Company’s account balances at December 31, 2025, for accounts receivable and the related allowance for uncollectible accounts were $1,500,000 and $90,000, respectively. An aging of accounts receivable indicated that $125,000 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is

The stockholders’ equity section of FIU as of December 31, 2…

The stockholders’ equity section of FIU as of December 31, 2025, was as follows: Common Stock, par value $2; authorized 20,000 shares:          issued and oustanding 10,000 shares  $  20,000  Paid-in capital in excess of par 30,000 Retained earnings 85,000 $135,000 On March 1, 2026, the board of directors declared a 15% stock dividend, and accordingly 1,500 additional shares were issued. On March 1, 2026, the fair value of the stock was $6 per share. For the two months ended February 28, 2026, FIU sustained a net loss of $15,000. What amount should FIU report as retained earnings as of March 1, 2026?

PAAST Corporation purchased a truck at the beginning of 2024…

PAAST Corporation purchased a truck at the beginning of 2024 for $109,200. The truck is estimated to have a salvage value of $4,200 and a useful life of 120,000 miles. It was driven 21,000 miles in 2024 and 29,000 miles in 2025. What is the depreciation expense for 2025?

The following information is available for Sueiro Company’s…

The following information is available for Sueiro Company’s patents: Cost                                                                      $3,440,000 Carrying amount                                                  1,920,000 Expected future net cash flows                           1,600,000 Fair value                                                                  1,300,000 Sueiro would record a loss on impairment of