Company Information

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Hampton Accounting Service Inc. is a public corporation that has been in
business for 1 year. The company is authorized to issue 100,000 shares of
common stock at $1 par value. The company provides accounting services and
sells accounting software.
To date the company has issued 20,000 shares of common stock, which are still
outstanding. The issued shares were sold at $10 per share. A building and
furnishings were purchased at the start of the year. The cost of the building was
$140,000 and the cost of the furnishings was $30,000. The depreciation will be
recorded annually. The estimated useful life of the building is 20 years with a
residual value of $10,000. The company uses the Straight line method to
depreciate the building. The estimated useful life of the furnishings is 5 years
with a residual value of $2,500. The company uses the Double Declining Balance
method to depreciate furnishings. The current inventory consists of 30 units of
software at a cost of $140.00 each. Inventory is costed using LIFO and the
perpetual inventory system. The company uses an allowance method to account
for uncollectible accounts. It is estimated that 1% of net credit revenue will be
uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a
month, on the 16 for the first half of the month and on the 2 of the following
month for the last half of the month. Ignore income tax calculations.

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