Homework Answers
21, Present Value of $ 15000 to be received after 6 years at the rate of 10 %
Future Value( FV) = Present value(PV)* (1+ rate)no. of years
15000 = PV* ( 1+.10)6
PV = 15000/( 1.10)6
PV = 15000/1.7716
PV = 8467
22. Calculation of Closing Cash balance
| Particular | Amount in $ |
| Cash flow from Operating Activity | 320000 |
| Cash flow from Investing Activity | 110000 |
| Cash flow from Financing Activity | 140000 |
| Net cash flow during the year (A) | 570000 |
| Opening Cash Balance (B) | 90000 |
| Closing Cash Balance (A + B) | 660000 |
23. Cash flow from Operating Activity
| Particular | Amount in $ | |
| Net Income | 530000 | |
| Add:- | Depreciation | 140000 |
| Add:- | Increase in Account receivable | 60000 |
| Cash flow from Operating Activity | 730000 |
24. Amount of Provision for Bad debt after year end - adjustment to be made
| Particular | Amount in $ |
| Closing Debtor | 6000000 |
| Required Bad Debt | 8% |
| Required Bad Debt - closing | 480000 |
| opening Bad debt | 24000 |
| Provision to be made | 456000 |
25. Calculation of Debtor Collection Period
| Particular | Amount in $ |
| Sale | 960000 |
| Closing debtor | 120000 |
| Average Collection Period | Closing Debtor/ Sale * 365 |
| 120000/960000*365 | |
| 45.7 days |
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21. What is the present value today of $15,000 to be received six years from today...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was r...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016:...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
I need help solving 6 and 7 Receivable for $25,000 and Sales 5. AG Inc. made...
I need help solving 6 and 7
Receivable for $25,000 and Sales 5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? CA Debit Accounts Receivable for $24,500. B) Debit Accounts Receivable for $24,500 and Sales Discounts for $500. 1 Debit Accounts Receivable for $25,000. ar net aAS C) D)...
QUESTION 5 Harding Corporation acquired real estate that contained land, building and equipment. The property cost...
QUESTION 5 Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,090,000. Harding paid $595,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $629,000 : Building, $1,870,000 and Equipment, $1,241,000 . (Round percentages to two decimal places: i.e., .054 = 5%). A. $1,870,000 B. $355,300 EC. $629,000 OD. $1,241,000 QUESTION 6 On January 1, Year 2, Grande Company had a $14,000...
11. Wellington Corp. has outstanding Accounts Receivable totaling $500,000 as of December 31 and Sales on...
11. Wellington Corp. has outstanding Accounts Receivable totaling $500,000 as of December 31 and Sales on credit during the year of 1,000,000. Before adjusting entries, there is also a credit balance of $3,000 in the Allowance for Doubtful Accounts. If the con of its outstanding receivables will be uncollectible, what will be the amount of Bad Debt Expense recognized for the year? a. 12,000 b. 15,000 c. 18,000 d. 27,000 12. In a period of rising prices, the inventory method...
What is the prosent value of $15,000 received: a. Twenty four years from today when the...
What is the prosent value of $15,000 received: a. Twenty four years from today when the interest rate is 10% per year? b. Twelve years from today when the interest rate is 10% per year? c. Six years from today when the interest rate is 10% per year? a. Twenty four years from today when the interest rate is 10% per year?
Please help with problems 6, 7 , and 8 6. On July 22, Peter sold $23,500...
Please help with problems 6, 7 , and 8
6. On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.................... 14,700 Sales Discount.................. 300 Accounts Receivable...
20. AG Inc, made a $25,000 sale on account with the following terms: 2/10, 1/30. If...
20. AG Inc, made a $25,000 sale on account with the following terms: 2/10, 1/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. c. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25.000 and Sales Discounts for $500. 21. Wellington Corp. has outstanding accounts...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember 31, 2000, before using the 1.000.000 debitandance for dow n orie nt a te will prove to be collectible. What is the set cted of the receivables reported on the financia m ento December 31. 2000 amount expected to be collected of the rece de Becky A) 512.000 TI) S972.000 C) SR.000 D) 70.000 18. Wellington Corp. has outstanding accounts receivable totaling so counts...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember 31, 2000, before using the 1.000.000 debitandance for dow n orie nt a te will prove to be collectible. What is the set cted of the receivables reported on the financia m ento December 31. 2000 amount expected to be collected of the rece de Becky A) 512.000 TI) S972.000 C) SR.000 D) 70.000 18. Wellington Corp. has outstanding accounts receivable totaling so counts...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
I need help solving 6 and 7
Receivable for $25,000 and Sales 5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? CA Debit Accounts Receivable for $24,500. B) Debit Accounts Receivable for $24,500 and Sales Discounts for $500. 1 Debit Accounts Receivable for $25,000. ar net aAS C) D)...
QUESTION 5 Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,090,000. Harding paid $595,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $629,000 : Building, $1,870,000 and Equipment, $1,241,000 . (Round percentages to two decimal places: i.e., .054 = 5%). A. $1,870,000 B. $355,300 EC. $629,000 OD. $1,241,000 QUESTION 6 On January 1, Year 2, Grande Company had a $14,000...
11. Wellington Corp. has outstanding Accounts Receivable totaling $500,000 as of December 31 and Sales on credit during the year of 1,000,000. Before adjusting entries, there is also a credit balance of $3,000 in the Allowance for Doubtful Accounts. If the con of its outstanding receivables will be uncollectible, what will be the amount of Bad Debt Expense recognized for the year? a. 12,000 b. 15,000 c. 18,000 d. 27,000 12. In a period of rising prices, the inventory method...
What is the prosent value of $15,000 received: a. Twenty four years from today when the interest rate is 10% per year? b. Twelve years from today when the interest rate is 10% per year? c. Six years from today when the interest rate is 10% per year? a. Twenty four years from today when the interest rate is 10% per year?
Please help with problems 6, 7 , and 8
6. On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.................... 14,700 Sales Discount.................. 300 Accounts Receivable...
20. AG Inc, made a $25,000 sale on account with the following terms: 2/10, 1/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. c. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25.000 and Sales Discounts for $500. 21. Wellington Corp. has outstanding accounts...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember 31, 2000, before using the 1.000.000 debitandance for dow n orie nt a te will prove to be collectible. What is the set cted of the receivables reported on the financia m ento December 31. 2000 amount expected to be collected of the rece de Becky A) 512.000 TI) S972.000 C) SR.000 D) 70.000 18. Wellington Corp. has outstanding accounts receivable totaling so counts...
. for $250 De A Sales c e for Review A khalsal 200 SOB.000 At Desember 31, 2000, before using the 1.000.000 debitandance for dow n orie nt a te will prove to be collectible. What is the set cted of the receivables reported on the financia m ento December 31. 2000 amount expected to be collected of the rece de Becky A) 512.000 TI) S972.000 C) SR.000 D) 70.000 18. Wellington Corp. has outstanding accounts receivable totaling so counts...
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