SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date Face Amount Term Interest Rate 1. Jan. 13 $32,000 30 Days 4.5% 2. Mar. 8 60,000 45 Days 8 3. July 12 47,000 90 Days 6 4. Aug. 22 15,000 75 Days 5 5. Nov. 14 35,000 30 Days 7 6. Dec. 9 23,000 60 Days 6 Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February

SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date Face Amount Term Interest Rate 1. Jan. 13 $32,000 30 Days 4.5% 2. Mar. 8 60,000 45 Days 8 3. July 12 47,000 90 Days 6 4. Aug. 22 15,000 75 Days 5 5. Nov. 14 35,000 30 Days 7 6. Dec. 9 23,000 60 Days 6 Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4 % 60 days 2. June 24 18,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 144,000 4 30 days - Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January
On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the second year of the subscription assuming the company uses a calendar-year reporting period? Select one: $0. $516. $387. $129. $430.
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On April 1, a publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by the Publishing Company for the second year of the subscription assuming the company uses a calendar-year reporting period? Select one: $0 $516 $387 $129 $430
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Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and accounts receivable data for 20X1, 20X2, and 20X3 follow: Years Ending December 31, 20X1 20X2 20X3 Sales $ 1,785,980 $ 1,839,559 $ 1,986,724 Accounts receivable at year-end 220,189 227,896 267,094 Required: Calculate the rates of increase in sales and in receivables during 20X2 and 20X3. (Do not round intermediate calculations. Round "Sales grew" answers to the nearest whole percent and "Receivables grew" answers to 1 decimal place.) Do your calculations indicate any potential problems with Blue’s receivables?

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	Date	Face Amount	Term	Interest Rate
1.	Jan. 13	$32,000	30 Days	4.5%
2.	Mar. 8	60,000	45 Days	8
3.	July 12	47,000	90 Days	6
4.	Aug. 22	15,000	75 Days	5
5.	Nov. 14	35,000	30 Days	7
6.	Dec. 9	23,000	60 Days	6