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accounting homework unit 7




E6-2;Determine due date and interest on notes;Obj|1;? Feb. 20, $450;Determine the due date and the amount of interest due at maturity on the following notes;Date of Note;Face Amount;Interest Rate Term Of Note;Term of Note;a.;January 6;$40,000;9% 45 Days;45 days;b.;March 23;9,000;10 60 Days;60 days;c.;May 30;12,000;12 90 Days;90 days;d.;August 30;18,000;10 120 Days;120 days;e.;October 1;10,500;8 60 Days;60 days;E6-7;Estimating doubtful accounts;Obj|4;Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows;Age interval Balance Percent Uncollectible;Not Past Due $677,000 ?%;1-30 Days Past Due $158,000 2%;31-60 Days Past Due $54,000 5%;61-90 Days Past Due $20,500 15%;91-180 Days Past Due $15,000 40%;Over 180 Days Past Due $10,500 75%;$925,000;Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.;E6-18;Lower-of-cost-or-market inventory;Obj|8;? LCM: $22,780;On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.;Commodity;Inventory Quantity;Unit Cost Price Unit Market Price;Unit Market Price;Buffal;35;$115 $120;$120;Dakota;67;90 75;75;Frontier;8;300 280;280;Midwest;83;40 30;30;Rainbow;100;90 94;94


Paper#81779 | Written in 18-Jul-2015

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