COLLEGE ACCOUNTING
COLLEGE ACCOUNTING
13th Edition
ISBN: 9780357531846
Author: Scott
Publisher: CENGAGE L
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Chapter D, Problem 2P

a.

To determine

Compute the maturity date of the note.

b.

To determine

Compute the interest to be paid on the given note.

c.

To determine

Journalize the issuance of note, and payment of note at maturity.

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Best Office Supplies Inc. reported the following financial data for 2022: • Net Income: $1,250.5 million • Sales Revenue: $22,500.8 million • Total Assets at Beginning of the Year: $10,200.4 million • Total Assets at End of the Year: $11,150.6 million Required: (a) Compute the asset turnover ratio (b) Compute the profit margin ratio
Everton Manufacturing reported the following liabilities on its trial balance at December 31, 2021: Accounts payable: $45,000 Unearned revenue: $12,000 Bonds payable, due 2031: $75,000 Salaries payable: $22,000 Note payable, due 2022: $30,000 Note payable, due 2027: $55,000 What amount should be reported as current liabilities on Everton's December 31, 2021 balance sheet? a) $109,000 b) $67,000 c) $77,000 d) $87,000
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