ACC211 Homework Chapter 7

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ACC211 Homework Chapter 7 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-7/ Contact Us: [email protected] 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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ACC211 Homework Chapter 7 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-7/ Contact Us: [email protected] 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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