Determining Asset Cost When Paying with Cash and Notes Payable Ked Inc. purchases equipment, which has a cash price of $9,416. Terms are arranged for a $2,800 cash down payment plus payment of the remaining $6,616, plus 15% compound interest per annum, through three equal payments. The purchase occurs on January 1, and the three payments occur on each December 31 thereafter. Required Round answer to the nearest whole dollar. . Do not use negative signs with your answers. a. Compute the amount of each annual payment. $ b. What does Ked record for the cost of equipment? $ c. What total amount of interest was paid? $ 0 0 0

NOTE:   Use must use 4 decimal places for all workings Round down to two decimal points for the final answer Q)   The following information relating to an investment in PPE has been extracted from the books of Vandelay Industries Ltd:   Total purchase price $59,993; salvage value $1,034 at the end of year-3. net sales revenue (relating to the equipment): Year-1 $34,000; Year-2 $28,000 and Year-3 $23,000; applicable tax rate is 30%; and the required rate of return is 12%.   If the depreciation rate is 25% under the straight-line method, calculate the tax amount in the third year relating to the sale of the equipment only.

Prepare the July 1 entry for Pronghorn Corporation to record the purchase

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Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales for the year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amnount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of Check My Work

1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400

On June 1, 2020 Comfort Creamery Corp. purchased 9,000 wooden barrels on account for $900,000 (purchase price of $100/barrel). The terms of the purchase were 2/10, n/30. Comfort Creamery Corp. accounts for such purchases using the net method. Required: 1. Prepare the journal entry to record the purchase of 9,000 wooden barrels. 2. Comfort Creamery Corp. paid for the barrels on June 17, 2020. Prepare the journal entry to record the payment for the 9,000 wooden barrels.

Computing asset turnover ratio Blackerby Photo reported the following figures on its December 31, 2018, income statement and balance sheet: Compute the asset turnover ratio for 2018 Round to two decimal places.

Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 $8,151.5 214.2 127.0 939.3 2,294.3 334.7 3,695.3 (1,684.5) $2,010.8 Sales Depreciation expense Land Buildings and fixtures Machinery and equipment Construction in progress Gross property, plant, and equipment Accumulated depreciation Total property, plant, and equipment $124.9 845.1 2,217.1 220.6 3,407.7 (1,588.3) $1,819.4 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. 0 x b. Compute the average useful life of depreciable assets at April 30, 2019. Round answer to one decimal place. 0 x years c. Compute the percentage used up of the PPE at April 30, 2019. Round answer to one decimal place (ex: 0.2345 = 23.5%) 0 * %

Preparing a Current Asset Section along with Note Disclosures The following selected balances are from the post-closing trial balance of WKO Inc. as of December 31, 2020.   Cash $120,000 Equipment $128,000 Investments 156,800 Accumulated depreciation 24,000 Accounts receivable 120,000 Franchise, net 24,000 Inventory 128,000 Customer deposits received in advance 6,400 Note receivable 160,000 Accounts payable 104,000   Additional information   Included in the cash balance is $40,000 of cash restricted for 18 months due to a debt agreement. Included in investments is $44,800 of short-term investments at fair value and the remaining is long-term, also recognized at fair value. 4% of the accounts receivable balance of $120,000 is estimated to be uncollectible. Inventory is valued at the lower of cost or market. The cost value is determined using the average cost method. The note receivable of $160,000 is due in 21 months. The interest rate is 5% and the note originated on…