Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at itsyear-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following.DateApril 21May 25June 30July 51420Maker24Coote Inc.Brady Co.BMG Corp.Face Value$4,0007,20010,800During July, the following transactions were completed.Term90 days60 days6 monthsMaturity DateJuly 20July 24December 31Interest RateMade sales of $4,140 on Blossom credit cards.Made sales of $400 on Visa credit cards. The credit card service charge is 3%.Received payment in full from Coote Inc. on the amount due.Received payment in full from Brady Co. on the amount due.8%9%6% Show the balance sheet presentation of the receivable accounts at July 31.ABlossom CompanyBalance Sheet (Partial)$$

Balance sheet stands for the statement and information that shows the assets and liabilities of the…

Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 Maker Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate 8% 9% 6%

Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 Maker Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate 8% 9% 6%

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 9SEB: SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of...

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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
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