28.13 Mr Chai has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 20X7, the end of his most recent financial year. 83,887 259,870 19,840 13,407 Capital Sales Trade creditors Returns out Provision for doubtful debts 512 Discounts allowed 2,306 1,750 135,680 5,624 4,562 18,440 11,830 25,973 Discounts received Purchases Returns inwards Carriage outwards Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telephone Advertising Salaries and wages 11,010 2,410 5,980 38,521 2,008 Bad debts Cash in hand 534 4,440 15,654 24,500 120,740 63,020 12,074 Cash at bank Stock as at 1 May 20X6 Trade debtors Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30 April 20X7 Depreciation

28.13 Mr Chai has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 20X7, the end of his most recent financial year. 83,887 259,870 19,840 13,407 Capital Sales Trade creditors Returns out Provision for doubtful debts 512 Discounts allowed 2,306 1,750 135,680 5,624 4,562 18,440 11,830 25,973 Discounts received Purchases Returns inwards Carriage outwards Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telephone Advertising Salaries and wages 11,010 2,410 5,980 38,521 2,008 Bad debts Cash in hand 534 4,440 15,654 24,500 120,740 63,020 12,074 Cash at bank Stock as at 1 May 20X6 Trade debtors Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30 April 20X7 Depreciation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
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Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. note to Locust at the maturity date. Paid the amount due on the Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash fro Fargo Bank by signing a 60-day, 7%, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _____?_ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Locust NBR Bank Fargo Bank