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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 1/16 Home / Courses / Online / MSITM-PMBA / 2019 / March 09, 2020 / BA62070H519 / Module 7: June 1 - June 14 (2 Weeks) / Quiz 4 Started on Wednesday, May 13, 2020, 1:55 AM State Finished Completed on Wednesday, May 13, 2020, 2:06 AM Time taken 10 mins 30 secs Points 20.00/20.00 Grade 80.00 out of 80.00 ( 100 %) Question 1 Correct 1.00 points out of 1.00 Which of the following statements is most correct? Select one: a. The rate of depreciation will often affect operating cash flows, even though depreciation is not a cash expense. b. Corporations should fully account for sunk costs when making investment decisions. c. Corporations should fully account for opportunity costs when making investment decisions. d. All of the answers above are correct. e. Answers a and c are correct.  Statements a and c are correct; therefore, statement e is the correct answer. Net cash flow = Net income + depreciation; therefore, depreciation affects operating cash flows. Sunk costs should be disregarded when making investment decisions, while opportunity costs should be considered when making investment decisions, as they represent the best alternative use of an asset.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 2/16 Question 2 Correct 1.00 points out of 1.00 A company is considering an expansion project. The company’s CFO plans to calculate the project’s NPV by discounting the relevant cash flows (which include the initial up-front costs, the operating cash flows, and the terminal cash flows) at the company’s cost of capital (WACC). Which of the following factors should the CFO include when estimating the relevant cash flows? Select one: a. Any sunk costs associated with the project. b. Any interest expenses associated with the project. c. Any opportunity costs associated with the project.  d. Answers b and c are correct. e. All of the answers above are correct. The correct answer is c. Sunk costs should be excluded from the analysis, and interest expense is incorporated in the WACC and not the cash flows. Question 3 Correct 1.00 points out of 1.00 Other things held constant, which of the following would increase the NPV of a project being considered? Select one: a. A shift from MACRS to straight-line depreciation. b. Making the initial investment in the first year rather than spreading it over the first 3 years. c. A decrease in the discount rate associated with the project.  d. The sale of the old machine in a replacement decision at a capital loss rather than at book value. e. An increase in required working capital. When discount rate or interest rate used in the calculation of present value decreases, NPV of the project goes up. Review assigned reading materials for additional information

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 3/16 Question 4 Correct 1.00 points out of 1.00 Which of the following statements is correct? Select one: a. An asset that is sold for less than book value at the end of a project's life will generate a loss for the firm and will cause an actual cash outflow attributable to the project. b. Only incremental cash flows are relevant in project analysis and the proper incremental cash flows are the reported accounting profits because they form the true basis for investor and managerial decisions. c. It is unrealistic to expect that increases in net operating working capital that are required at the start of an expansion project are simply recovered at the project's completion. Thus, these cash flows are included only at the start of a project. d. Equipment sold for more than its book value at the end of a project's life will increase income and, despite increasing taxes, will generate a greater cash flow than if the same asset is sold at book value.  e. All of the statements above are false. At the end of capital budgeting project, equipment used may be sold. If it is sold for more than the book value, it will generate positive cash flow that will increase the cash flow at the end of capital budgeting project. Review assigned reading materials for additional information.

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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 4/16 Question 5 Correct 1.00 points out of 1.00 The Target Copy Company is contemplating the replacement of its old printing machine with a new model costing $60,000. The old machine, which originally cost $40,000, has 6 years of expected life remaining and a current book value of $30,000 versus a current market value of $24,000. Target's corporate tax rate is 40 percent. If Target sells the old machine at market value, what is the initial after-tax outlay for the new printing machine? Select one: a. -$22,180 b. -$30,000 c. -$33,600  d. -$36,000 e. -$40,000

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 5/16 Question 6 Correct 1.00 points out of 1.00 Foxglove Corp. is faced with an investment project. The following information is associated with this project: *Assume no interest expenses and a zero tax rate. The project involves an initial investment of $100,000 in equipment that falls in the 3-year MACRS class and has an estimated salvage value of $15,000. In addition, the company expects an initial increase in net operating working capital of $5,000 which will be recovered in year 4. The cost of capital for the project is 12 percent. What is the project’s net present value? (Round your final answer to the nearest whole dollar.) Select one: a. $153,840 b. $159,071 c. $162,409 d. $168,604  e. $182,344 Step 1 Calculate depreciation: Dep 1 = 100,000(0.33) = 33,000. Dep 2 = 100,000(0.45) = 45,000. Dep 3 = 100,000(0.15) = 15,000. Dep 4 = 100,000(0.07) = 7,000. Step 2 Calculate cash flows: CF 0 = -100,000 - 5,000 = -105,000. CF 1 = 50,000 + 33,000 = 83,000. CF 2 = 60,000 + 45,000 = 105,000. CF 3 = 70,000 + 15,000 = 85,000. CF 4 = 60,000 + 7,000 + 5,000 + 15,000 = 87,000. Step 3 Calculate NPV: Use CF key on calculator. Enter cash flows shown above. Enter I/YR = 12%. Solve for NPV = $168,604. If you use Excel or formula, your answer will be approximately the same.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 6/16 Question 7 Correct 1.00 points out of 1.00 Helena Furnishings wants to sharply reduce its cash conversion cycle. Which of the following steps would reduce its cash conversion cycle? Select one: a. The company increases its average inventory without increasing its sales. b. The company reduces its days sales outstanding (DSO).  c. The company starts paying its bills sooner, which reduces its average accounts payable without reducing its sales. d. Statements a and b are correct. e. All of the statements above are correct. Statement a is false. If inventory increases, and sales do not, more cash is being “tied up” in inventory so the cash conversion cycle is increased, not reduced. Statement b is true. If the company reduces its DSO, it is collecting its accounts receivables more efficiently, so it reduces the cash conversion cycle. Statement c is false. If the company pays its bills sooner, it uses its cash to pay off accounts payable, and this increases its cash conversion cycle. Question 8 Correct 1.00 points out of 1.00 Which of the following might be attributed to efficient inventory management? Select one: a. High inventory turnover ratio. b. Low incidence of production schedule disruptions. c. High total assets turnover. d. Statements a and c are correct. e. All of the statements above are correct.  Review assignment readings on working capital management

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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 7/16 Question 9 Correct 1.00 points out of 1.00 Firms generally choose to finance temporary net operating working capital with short-term debt because Select one: a. Matching the maturities of assets and liabilities reduces risk.  b. Short-term interest rates have traditionally been more stable than long-term interest rates. c. A firm that borrows heavily long-term is more apt to be unable to repay the debt than a firm that borrows heavily short-term. d. The yield curve has traditionally been downward sloping. e. Sales remain constant over the year, and financing requirements also remain constant. Review assignment readings on working capital management Question 10 Correct 1.00 points out of 1.00 Which of the following actions are likely to reduce the length of a company’s cash conversion cycle? Select one: a. Adopting a new inventory system that reduces the inventory conversion period. b. Reducing the average days sales outstanding (DSO) on its accounts receivable. c. Reducing the amount of time the company takes to pay its suppliers. d. Statements a and b are correct.  e. All of the statements above are correct. Statements a and b are true; therefore, statement d is the appropriate choice. Delaying payments to suppliers increases the length of the cash conversion cycle.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 8/16 Question 11 Correct 1.00 points out of 1.00 Spartan Sporting Goods has $5 million in inventory and $2 million in accounts receivable. Its average daily sales are $100,000. The company’s payables deferral period (accounts payable divided by daily purchases) is 30 days. What is the length of the company’s cash conversion cycle? Select one: a. 100 days b. 60 days c. 50 days d. 40 days  e. 33 days Facts given: Payables deferral period = 30 days; Inv = $5,000,000; Rec. = $2,000,000; ADS = $100,000.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 9/16 Question 12 Correct 1.00 points out of 1.00 For the Cook County Company, the average age of accounts receivable is 60 days, the average age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 365-day year, what is the length of the firm’s cash conversion cycle? Select one: a. 87 days  b. 90 days c. 65 days d. 48 days e. 66 days

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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 10/16 Question 13 Correct 1.00 points out of 1.00 Bowa Construction’s days sales outstanding is 50 days (on a 365-day basis). The company’s accounts receivable equal $100 million and its balance sheet shows inventory equal to $125 million. What is the company’s inventory turnover ratio? (Hint: start by finding total sales using DSO equation: DSO = Accounts Receivable/(sales/365) Select one: a. 5.84  b. 4.25 c. 3.33 d. 2.75 e. 7.25

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 11/16 Question 14 Correct 1.00 points out of 1.00 On average, a firm sells $2,000,000 in merchandise a month. It keeps inventory equal to one-half of its monthly sales on hand at all times. If the firm analyzes its accounts using a 365-day year, what is the firm’s inventory conversion period (ICP)? (Hint: ICP = 365/(sales/inventory) Select one: a. 365.0 days b. 182.5 days c. 30.3 days d. 15.2 days  e. 10.5 days

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 12/16 Question 15 Correct 1.00 points out of 1.00 You have recently been hired to improve the performance of Multiplex Corporation, which has been experiencing a severe cash shortage. As one part of your analysis, you want to determine the firm’s cash conversion cycle. Using the following information and a 365-day year, what is your estimate of the firm’s current cash conversion cycle? • Current inventory = $120,000. • Annual sales = $600,000. • Accounts receivable = $157,808. • Accounts payable = $25,000. • Total annual purchases = $365,000. • Purchases credit terms: net 30 days. • Receivables credit terms: net 50 days. Select one: a. 49 days b. 193 days c. 100 days d. 168 days e. 144 days 

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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 13/16 Question 16 Correct 1.00 points out of 1.00 A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account. A lockbox plan is therefore most beneficial to firms which Select one: a. Send payables over a wide geographic area. b. Have widely disbursed manufacturing facilities. c. Have a large marketable securities account to protect. d. Hold inventories at many different sites. e. Make collections over a wide geographic area.  A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account. A lockbox plan is therefore most beneficial when the company’s customers are in different geographic areas.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 14/16 Question 17 Correct 1.00 points out of 1.00 Which of the following statements is most correct? Select one: a. Accruals are an expensive way to finance working capital. b. A conservative financing policy is one in which the firm finances all of its fixed assets with long-term capital and part of its permanent net operating working capital with short-term, nonspontaneous credit. c. If a company receives trade credit under the terms 2/10 (2% discount if payment is made within 10 days), net 30 days (no discount if paid after 30 days), this implies the company has 10 days of free trade credit.  d. Statements a and b are correct. e. None of the answers above is correct. If a company receives trade credit under the terms 2/10 (2% discount if payment is made within 10 days), net 30 days (no discount if paid after 30 days), this implies the company has 10 days of free trade credit.

5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 15/16 Question 18 Correct 1.00 points out of 1.00 Which of the following statements is most correct? Select one: a. The cash balances of most firms consist of transactions, compensating, and precautionary balances. The total desired cash balance can be determined by calculating the amount needed for each purpose and then summing them together. b. The easier a firm’s access to borrowed funds, the higher its precautionary balances will be in order to protect against sudden increases in interest rates. c. For some firms holding highly liquid marketable securities is a substitute for holding cash, because the marketable securities accomplish the same objective as cash.  d. All companies hold the same amount of funds for a transaction balance. e. None of the statements above is correct. For some firms holding highly liquid marketable securities is a substitute for holding cash, because the marketable securities accomplish the same objective as cash. Marketable securities are short-term investment that can be converted to cash immediately. Question 19 Correct 1.00 points out of 1.00 A lockbox plan is Select one: a. A method for safe-keeping of marketable securities. b. Used to identify inventory safety stocks. c. A system for slowing down the collection of checks written by a firm. d. A system for speeding up a firm's collections of checks received.  e. Not described by any of the statements above. A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account.

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5/13/2020 Quiz 4 https://cu.learninghouse.com/mod/quiz/review.php?attempt=1629877&cmid=1886173 16/16 Question 20 Correct 1.00 points out of 1.00 When evaluating a new project, the firm should consider all of the following factors except: Select one: a. Changes in working capital attributable to the project. b. Previous expenditures associated with a market test to determine the feasibility of the project, if the expenditures have been expensed for tax purposes.  c. The current market value of any equipment to be replaced. d. The resulting difference in depreciation expense if the project involves replacement. e. All of the statements above should be considered. Previous expenditures associated with a market test to determine the feasibility of the project, if the expenditures have been expensed for tax purposes. This type of expenditure is considered sunk cost. ◄ Week 7 Discussion: Working Capital Management Jump to... Group Problem Set 2-ALT ► Previous activity Next activity

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* CengageNOwv2 | Online teachir x d21 mnsu - Bing x |+ O https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes. Problem 9-94B (Algorithmic) Note Computations and Entries (Straight Line) On January 1, 2020, Benton Corporation borrowed $930,000 with a 10-year, 8.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $915,500 was recelved when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount 2. Prepare the necessary journal entry at June 30, 2020. If required, round amounts to the nearest dollar. 2020 June 30 Record interest expense 3. Prepare the necessary journal entry at December 31, 2020. If required, round amounts to the nearest dollar. 2020 Dec. 31 11:36 AM a 4/6/2021

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New tab x Content x Quiz 3-MAT-143, section 03F, Fax + https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 a A ✰ DETAILS MY NOTES ASK YOUR TEACHE A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly. Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.) $ DETAILS MY NOTES ASK YOUR TEACHI logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.) Submit Assignment Home My Assignments Request Extension Copyright © 1998-2024 Cengage Learning, Inc. All Rights Reserved | TERMS OF USE PRIVACY 12:03 PM

Eat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTES

I + %06 | + Business started off great the first year that the Golden Wolves Statues started production. Corey realized, however, that the business was seasonal and had peak sales in the fall, during the third quarter, when the students started college and continued through the beginning of the football season. The following information concerns operations for Year 2, the coming year, and for the first two quarters of Year 3. A. Golden Wolves Statue Company is now making only the forward-facing statue with the Alvernia University t-shirt and sells the product for $150/unit. Budgeted unit sales for the next six quarters are as follows (all sales are on credit). Year 2 Quarter Year 3 Quarter 3 4 2. Budgeted unit sales 680 000 009 B. Sales are collected in the following pattern: 75% in the quarter the sales are made, and the remaining 25% in the following quarter. On January 1, Year 2, the company's balance sheet shows $6,500 in accounts receivable, all of which will be collected in the…

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Cengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…

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Odysseyware Ô https://sfdr.owschools.com/ows00/studentAssignment/index?eh=65534412 San Felipe Del RIO CISD-TIS JALYN GARCIA Odysseyware LEARN MESSAGE HELP SIGN OUT Assignment - 3. Automobile Loens Attempt 1 of 1 ASSIGNMENTS COURSES SECTION 2 OF 4 QUESTION 2 OF 6 《く 11 4 5 6 3 > » Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional $1,000 of fees. What is the APR for this loan? O 6.25% O 6.4% O 8.6% O 10.25% NEXT QUESTION O ASK FOR HELP TURN IT IN P Type here to search 11:20 PM G 10 ENG 2/6/2021 G C 2N M 中 o

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P 00 it View History Bookmarks Window Help 00 A ezto.mheducation.com nt Portal Course Modules: Budgeting and Forecasting 62211 Week 4: Homework Question 3 - Week 4: Homework - Co omework G Saved Help Save & Exit Submit Check my work Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (Actual) $ 180,000 December 2021 (Budgeted) $ 160,000 500,000 January 2022 (Budgeted) Cash sales 000'09 $ 540,000 Credit sales $ 360,000 000'09 Total sales 000'099 2$ Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on-account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase.…

Tue Sep narks Window Help A v2.cengagenow.com Learning Module 2 – ACCT1105: Financia. * CengageNOWv2 | Online teach Student Services & Financial Aid O Mail - Whisby (STUDENT), Keyosha - Ou. eBook Show Me How Federal Income Tax Withholding Stan Stately's weekly gross earnings for the present week were $2,400. Stately has two exemptions. Using the wage bracket withholding table in Exhibit 2 with an $81 standard withholding allowance for each exemption, what is Stately's federal income tax withholding? Round your answer to two decimal places. Feedback Previous Next> Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 21 DII DD 888 F10 F1 F12 F5 F7 FB F2 F3 F4 #3 $ 2 3 5 7 8. delete { W T Y U S F G H J K

CengageNOWv2 | Online teachir x CengageNOWv2 |Online teach x v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator.. eBook Show Me How A Calculator Premium Anmortization On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 x 11% x V=), receiving cash of $8,308,869. Journalize the first interest payment and the amortization of the related bond premium. Round to the nyarest dollar. If an amount box does not require an entry, leave it blank. Interest Expense X Premium on Bonds Payable / Cash Feedbark Bonds Payable is always recorded at face value. Any diferencein issue price s reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the ife of the bond, 000

ments ETC - CIMS Business Mathematics board / My courses / BAMA1101 / Worksheets /Home Praeho Moving Forward tion 7 An invoice of OMR 1200 with the terms 4/10. n/30 ROG is dated on April Sth. Goods are received on April 20th. The bill is paid on May 1st. Calculate the net payment amount by the customer. wer saved ked out of Select one: Flay question O a 1152 O b. 1180 Oc. 48 O d. 1200 Clear my choice inus nanA

My first question is...are my general journal entries correct? Second question is...What number would be the warrant revenue for year 1? Please see attachments, Thank you!

History Bookmarks Window Help Fri Feb 5 く> A mathxl.com Post- Chapter 2 Homework P Do Homework - Post- Chapter 2 Homework 201 Sec04 (Spring2021) Brionna Washington & omework: Post- Chapter 2 Homework Save re: 0 of 58 pts 15 of 15 (14 complete) v HW Score: 42%, 42 of 100 pts -61A (similar to) Question Help ▼ ring the first month of operations, Johnson Services, Ic., completed the following transactions: (Click the icon.to view the transaction data.) ead the requirements. More Info s. Exclude explanations from journal entries.) Lequirement 1. Record each transaction in the Mar 2: Johnson Services received $62,000 cash Mar 2 Johnson Services received $62,000 cash and issued common stock to the Journal stockholders. Accounts 3 Purchased supplies, $600, and equipment, $11,400 on account. Date 4 Performed services for a customer and received cash, $5,500. 7 Paid cash to acquire land, $38,000. Mar 11 Performed services for a customer and billed the customer, $4,300. Johnson expects to collect…

blem Set: ModX * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel x G module 5 problem set X ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. Lo еВook Show Me How Entries for notes payable Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 2 b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Previous Check My Work 56°F Mostly cloudy ヘ回。

Crop a question SIM ? 11:00 AM A elearning.ju.edu.jo The future value of $200 received today and deposited at 8 percent compounded semi-annually for three years is Select one: a. $352 b. $158 C. $253 d. $380 Previous page Next page Quiz navigation 4. 6. Finish attempt. Go Time left 0:19:14 II

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Safari File Edit View History Bookmarks Window Help Mc ✓ M Question 5 - Week 11 - Homework #7 (100 points) - Connect week π-TTOMEWORK #7 (100 points) 1 110 ezto.mheducation.com bSuccess Confirmation of Question Submission | bartleby Javea 5 10 points eBook Fighting Irish Incorporated pays its employees $3,360 every two weeks ($240/day). The current two-week pay period ends on December 28, 2024, and employees are paid $3,360. The next two-week pay period ends on January 11, 2025, and employees are paid $3,360. Required: 1. Record the adjusting entry on December 31, 2024. 2. Calculate the 2024 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2024 is $0). Graw Hill Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Record the adjusting entry on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first…

Quality of initial posting 15 Frequency of responses to classmates 2.5 Quality of responses to classmates 2.5 Reference to supporting readings 2.5 Language and grammar 2.5 Total 25

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