Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 7 the receint of the payment of the note at maturity.
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- Courses Mastering Chernie X 2MateryCheme X loud/modules/unproctoredTest.QuestionSheet McCraith-Sectic x Updte Help Caroline Achienge S01243611acadceduLogout all 2021 I Chapter 1 Consumer Finance / Section 1.5 Digital Exercises Gradebook. Extemat kercises Remaining Time Unimted Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a maximum of 15% of your pay. Assuming you max-out your retirement savings and you work for 25 years, how much will the 401(k) be worth when you retire (if you can get an APR of 8% during your work years)? If you are taxed at a rate of 27%, then how much will you have when you retire? Round all answers to 2 decimal places. Before taxes retirement amount $ Number After taxes retirement amount $ Number Submit Assignment Quit & Save Васк Question Menu 4 Next 38°F Partly sunny A 0) 411 PM 11/19/202 end home delete prt sc 144 4+ 4- 40 num lock backspace & 8. 6. 7. home |近Cengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…Accounting Question
- * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel G module 5 problem set x blem Set: Mod x now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. eBook Show Me How Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on merchandise. Previous Next Check My Work 1:36 PM 54°F A O E A 4 11/28/2021 %23Digital Learning * CengageNOwv2 | Online teachir * Cengage Learning + Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A eBook Show Me How Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 24 Allowance for Doubtful Accounts Bad Debt Expense %24 c. Determine the net realizable value of accounts receivable. Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the portion of credit sales to sales id relatively constant, the…este X * CengageNOww2 | Online teachin x : Cengage Learning genow.com.filrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=8inprogress=false еВook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $969,000 and sales for the year total $10,990,000. a. The allowance account before adjustment has a credit balance of $13,100. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,900. C. The allowance account before adjustment has a debit balance of $4,600. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $4,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $38,200. Determine the amount of the adjusting…
- Learning SE MINDTAP evo/index.html?deploymentid=60338517901669990751687760&elSBN=9780357517642&nbld=3626933&snap... ☆ lomework 6300. 1 mancial Lailuialvi vi a spicoubnicel. Hide Feedback Correct X f6 Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan to make your first deposit one year from today. a. What amount will be in your account at the end of 6 years? Do not round intermediate calculations. Round your answer to the nearest cent. 4 b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Do not round intermediate calculations. Round your answer to the nearest cent. 6 Hide Feedback Incorrect F Check My Work Feedback Review the FVAN definition and its equation. Q Search Understand the difference between an ordinary annuity and an annuity due. Be careful about the order of mathematical operations if using the equation. If using a financial calculator, be…I + %06 | + Business started off great the first year that the Golden Wolves Statues started production. Corey realized, however, that the business was seasonal and had peak sales in the fall, during the third quarter, when the students started college and continued through the beginning of the football season. The following information concerns operations for Year 2, the coming year, and for the first two quarters of Year 3. A. Golden Wolves Statue Company is now making only the forward-facing statue with the Alvernia University t-shirt and sells the product for $150/unit. Budgeted unit sales for the next six quarters are as follows (all sales are on credit). Year 2 Quarter Year 3 Quarter 3 4 2. Budgeted unit sales 680 000 009 B. Sales are collected in the following pattern: 75% in the quarter the sales are made, and the remaining 25% in the following quarter. On January 1, Year 2, the company's balance sheet shows $6,500 in accounts receivable, all of which will be collected in the…CengageNOWv2 | Online teachir x CengageNOWv2 |Online teach x v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator.. eBook Show Me How A Calculator Premium Anmortization On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 x 11% x V=), receiving cash of $8,308,869. Journalize the first interest payment and the amortization of the related bond premium. Round to the nyarest dollar. If an amount box does not require an entry, leave it blank. Interest Expense X Premium on Bonds Payable / Cash Feedbark Bonds Payable is always recorded at face value. Any diferencein issue price s reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the ife of the bond, 000
- lem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39e Digital Learning * CengageNoWv2 | Online teachin x * Cengage Learning eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A eBook A Show Me How Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 20Υ9 20Υ8 Cash (end of year) $25,500 $24,250 Short-term investments (end of year) 8,270 9,460 Operating expenses 60,135 63,780 Depreciation expense 13,225 11,400 Determine the days' cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Round all calculations to one decimal place. Days' Cash on Hand 20Υ8: days 20Υ9: days Check My Work All work saved. Emal Instructor Save and Exit Submit AssJocs, Sheets & Slides them ... uity.docx 5 ading 1 chrome Leading digital book extension://bpmcpldpdmojngpchkicfolgmkfalc/views/app.himi TOMIS 680, CMBA S... Times New Good luck! 16 Wiley Course Resou... R T U 1. [IRR1 CF] The firm invests $1,000 at 0, anticipates a single FCFF $1,200 at t-1. The project is financed with one-half debt, one-half equity. Assume debt demands a 7% return. What is the project IRR? A.. 2. [Interest due to thee Debt|1 CF] The firm invests $1,000 at =0, anticipates a single FCFF $1,200 at t-1. The project is financed with one-half debt, one-half equity. Assume debt demands How much interest is due to the debt at time 1? a 7% return. Σ וו D hp