Acme does not issue its quarterly financial statementsuntil nine months after the end of the quarter.

Acme issues its quarterly financial statements nine months after the end of each quarter, meaning…

Answered: Acme does not issue its quarterly…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Clean Enterprise Limited 2021 January S'000 5,000 12,000 18,000 5,000 2020 2021 2021 March S'000 10,000 26,000 10,000 7,000 400 1,000 100 December February S'000 6,000 10,000 000.S Cash sales 12,000 30,000 40,000 5,000 500 1,000 Credit sales Credit purchases Salaries 40,000 5,000 300 1,000 Utilities 300 Depreciation Property taxes Insurance 1,000 3,000 Advertising Statutory deductions Other expenses 500 100 300 1,500 1,800 1,500 100 2,100 200 300 100 Additional information: 1. Collection from credit customers are normally 60% in the month of sale, 30% in the month following sale and the balance of 10% in the second month following sale. 2. The credit sale for November 2020 was $14,000,000. 3. Including in the November 2020 credit sales is a credit sale to Hard Luck Limited. The company (Hard Luck Limited) purchased $100,000 goods on November 1, 2020. A notice in the newspaper on November 6, 2020 indicated that a loan creditor of the company had placed the company into receivership. 4.…
On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that have annual payments of $14,633. The first note payment consists of $4,200 of interest and $10,433 of principal repayment. Required: Journalize the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 20Y1 Jan. 1 Installment notes are issued 20Y2 Jan. 1 First annual note payment is made
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Accounts payable due in 11 months.
Pinnacle Co., prepares quarterly interim financial reports. The entity sells electric fans and normally 5% of their customers claim on their warranty. The provision in the first quarter was calculated at 5% of sales to date which amounted to 20,000,000. However, in the second quarter, a design fault was found and warranty claims were expected to be 10% for the whole year. Sales for the second quarter amounted to P30,000,000. What amount of provision should be charged in the interim income statement for the first quarter? A. 2,500,000B. 3,750,000C. 1,500,000D. 1,000,000
A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%. Determine the proceeds of the sale. Add 3 days grace period. Select one: a. $14184.71 b. $12193.87 c. none d. $13189.29 Check
On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?
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Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Portion of long-term note due in 10 months.
On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli Bank. The present value of the note is $102,000. Record all necessary entries in 2020 if you know the company prepare financial statement semiannually?
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Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note Terms Maturity Date Principal Annual Interest Rate 60 April 1 $810,000 6 % tA $ days 30 July 2 70,800 % days 6 March 7 128,000 10 % $ months Total Interest $590

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Acme does not issue its quarterly financial statements until nine months after the end of the quarter.