Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, identifying each note by number. 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, identifying each note by number. 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Compute the missing amounts for each of the following notes. (Use 360 days for calculations.) Principal AnnualInterest Rate Time TotalInterest a. $enter a dollar amount 9% 120 days $540 b. $31,800 10% 3 years $enter a dollar amount c. $68,800 enter percentages % 5 months $1,720 d. $72,700 8% enter a number of months months 2908
For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60
9. 測 3. ABC Co. had the following purchases on account: September August 65% of the month's purchases are paid in the month of purchase. The remainder is paid in the month following purchase, How much will the cash payments for purchases be in August? July 000'008$ 43°F SU prt sc 144 114 fg *- V. 0. 5. 6.
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(FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows. PurchasesSalesApril 1 (balance on hand) 4813 21 29600 @ $6.00 1,500 @ 6.08 800 @ 6.40 1,200 @ 6.50 700 @ 6.60 500 @ 6.795,300 April 3 911 23 27500 @ $10.00 1,400 @ 10.00 600 @ 11.00 1,200 @ 11.00 900 @ 12.004,600nstructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the high-est net income?
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a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
Members of the board of directors of Security Check have received the following operating income data for the year ended May 31, 2024 2b. S441,000) SECURITY CHECK Income Statement For the Year Ended May 31, 2024 Froduct Line ndurtrial Hounehold Syrtema Syrtema Tetal Net Sales Revenue $ 200,000 Cont of Goods Solt Variable 27,000 47,000 Fied 200,000 2,000 222,000 Tetal Cont of Goods Sold 237,000 110,000 407,000 Gram Profit a,000 270,000 222,000 Seling and Admiristratie tpen Variable 64000 72,000 127,000 Fied 44,000 70,000 Tutal Seling and Administrative tpenn Operting nme m 1000 S 17L000 207,000 S124,000 Memben of the boand are wrprised tat the indatrial wysem prodact line is not profie- alle. They commisskon a ly o deermine wheher the company shoukd drop the line. Company accountams estimate that dropping indlnrial syotema will decrease fised cot of gah wl by SJK0 and decrease fised seling and administrative espenses by $12J0. Requirements 1. Prepare a differemial analysis to show…

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	Date	Face Amount	Interest Rate	Term
1.	Jan. 14	$33,000		4	%	30	days
2.	Mar. 9	60,000		7		45	days
3.	July 12	48,000		5		90	days
4.	Aug. 23	16,000		6		75	days
5.	Nov. 15	36,000		8		60	days
6.	Dec. 10	24,000		6		60	days