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Kraft Enterprises owns the following assets at December 31,
2014.
Brief Exercise 7-4
Brief Exercise 7-5
Wilton, Inc. had net sales in
2014 of $1,491,000. At December 31, 2014, before adjusting entries, the
balances in selected accounts were: Accounts Receivable $260,400 debit, and
Allowance for Doubtful Accounts $2,940 credit.
Brief Exercise 7-5
Brief Exercise 7-6
Your answer is correct.
Milner Family Importers sold goods
Brief Exercise 7-6
12/31/14 Interest
Revenue = ($35,600 × 6% × 2/12) = $356
Brief Exercise 7-7
Your answer is partially correct.
Dold Acrobats lent $19,835 to Donaldson, Inc., accepting
Donaldson’s 2-year, $24,881, zero-interest-bearing note. The implied interest
rate is 12%.
Brief Exercise 7-7
Brief Exercise 7-8
Your answer is correct.
On October 1, 2014, Chung, Inc. assigns $1,053,400 of its
accounts receivable to Seneca National Bank as collateral for a $743,700 note.
The bank assesses a finance charge of 3% of the receivables assigned and
interest on the note of 10%.
Brief Exercise 7-15
Your answer is correct.
Horton Corporation is preparing a bank reconciliation and
has identified the following potential reconciling items. Indicate how each
would be reported on a bank reconciliation.
*Brief Exercise 7-16
Horton Corporation is preparing a bank reconciliation and
has identified the following potential reconciling items.
(a
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