Homework Answers
1.
Accounts Receivable in the 2018 Balance Sheet will be $52,000
Explanation:
Accounts Receivable as on Dec 31, 2018 = $53,400
Uncollected Receivables year end = $1,400
Net Accounts Receivable in the 2018 balance sheet = Accounts
Receivable as on Dec 31, 2018 - Uncollected Receivables year
end
= $53,400 - $1,400 = $52,000
2.
The balance of interest payable for the loan as of December 31,
2018 is $432,000.
Explanation:
Notes payable amount = $28,800,000
Rate of interest = 9%
Date of borrowing = November 1, 2018
On December 31, 2018, 2 month's interest is due on notes payable
which is for the months November and December.
Therefore, the interest payable on December 31, 2018 is $28,800,000
× 9% × 2/12 = $432,000
3.
The adjusting entry the company record on December 31, 2018
would be,
Debit Interest Receivable.... $294
Credit Interest Revenue..................$294
The notes receivable received on September 15, 2018 for
$7,200.
Annual interest rate = 14%
The interest is due to be received on December 31, 2018 for 3.5 months (from September 15 to December 31). But the interest amount will be received only after nine months on maturity of the note. Therefore an adjusting entry to record the revenue on interest. For this, Interest revenue is credited which is an increase in revenue and Interest Receivable is debited which is an adjusting entry ( increase in asset).
Interest Receivable = $7,200 × 14% × 3.5/12 = $294
4.
Net cash flows from these activities were $82,400.
Explanation:
Cash collections = Sales + Beginning balance of Accounts
Receivable - Ending Balance of Accounts Receivable
= $155,000 + $19,400 - $15,300 = $159,100
Cash disbursements = Purchase + Beginning balance of Accounts
payable - Ending Balance of Accounts payable
= $80,000 + $11,600 - $14,900 = $76,700
Net cash flows = Cash collections - Cash disbursements
= $159,100 - $76,700 = $82,400
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