ACCT 550 Week 4 Homework Assignment

To Buy This material Click below link http://www.uoptutors.com/acct-550/acct-550-week-4-homework-assignment E6-5 (Computation of Present Value)

Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods.

(a) $30,000 receivable at the end of each period for 8 periods compounded at 12%.

(b) $30,000 payments to be made at the end of each period for 16 periods at 9%.

(c) $30,000 payable at the end of the seventh, eighth, ninth, and tenth periods at 12%.

E6-12 (Analysis of Alternatives)

The Black Knights Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its
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(b) Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29

E7-7 (Recording Bad Debts)

Duncan Company reports the following financial information before adjustments.

Instructions

D C

Accounts Receivable $100,000

Allowance for Doubtful Accounts $2,000

Sales Revenue (all on credit) 900,000

Sales Returns and Allowances 50,000

Prepare the journal entry to record Bad Debt Expense assuming Duncan Company estimates bad debts at (a) 1% of net sales and (b) 5% of accounts receivable.

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