Acct 550 Week 4 Homework Assignment

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ACCT 550 Week 4 Homework Assignment
To Buy This material Click below link 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 …show more content…

(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.
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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