1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. 2. On November 10, JumpStart Co. provides $2,030 in services to clients. At the time of service, the clients paid $570 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 fill in the blank 8863d605efe7f9a_2 fill in the blank 8863d605efe7f9a_3 fill in the blank 8863d605efe7f9a_5 fill in the blank 8863d605efe7f9a_6 fill in the blank 8863d605efe7f9a_8 fill in the blank 8863d605efe7f9a_9 b. On November 20, JumpStart Co. clients paid an additional $300 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 fill in the blank 845e0704004307d_2 fill in the blank 845e0704004307d_3 fill in the blank 845e0704004307d_5 fill in the blank 845e0704004307d_6 c. Calculate the accounts receivable balance on November 30. $fill in the blank 540004fe8029fbe_1
1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.
2.
On November 10, JumpStart Co. provides $2,030 in services to clients. At the time of service, the clients paid $570 in cash and put the balance on account.
a. Journalize this event. If an amount box does not require an entry, leave it blank.
| Nov. 10 | fill in the blank 8863d605efe7f9a_2 | fill in the blank 8863d605efe7f9a_3 | |
| fill in the blank 8863d605efe7f9a_5 | fill in the blank 8863d605efe7f9a_6 | ||
| fill in the blank 8863d605efe7f9a_8 | fill in the blank 8863d605efe7f9a_9 |
b. On November 20, JumpStart Co. clients paid an additional $300 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank.
| Nov. 20 | fill in the blank 845e0704004307d_2 | fill in the blank 845e0704004307d_3 | |
| fill in the blank 845e0704004307d_5 | fill in the blank 845e0704004307d_6 |
c. Calculate the
$fill in the blank 540004fe8029fbe_1
3. Which of the following best describes accounting?
Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow:
| 20Y5 | 20Y6 | |||
| Net income | $1,696,000 | $2,416,000 | ||
| Preferred dividends | $40,000 | $40,000 | ||
| Average number of common shares outstanding | 90,000 | shares | 110,000 | shares |
a. Determine the earnings per share for 20Y5 and 20Y6. Round to two decimal places.
| 20Y5 | 20Y6 | |||
| Earnings per Share | $fill in the blank 1 | $fill in the blank 2 |
b. Is the change in the earnings per share from 20Y5 to 20Y6 favorable or unfavorable?
Interest = Value of Note * Interest Rate * No. of Days
Interest = $70,894 * 9% * 120/360
Interest = $2,126,82
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