(Learning Objective 2: Calculate days’ payable outstanding) The balance of LandyCorporation’s accounts payable at the beginning of the most recent year was $50,000. At theend of the year, the accounts payable balance was $54,000. Landy’s sales revenue for the yearwas $3,105,000, while its cost of goods sold for the year was $1,508,000. Calculate Landy’sdays’ payable outstanding (DPO) for the year. Assume inventory levels are constant throughoutthe year. If the credit terms from Landy’s suppliers are n/30, how would you interpret Landy’sDPO?

1. Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities Gross Income, unrelated activities (except rental income) Rental income (gross of 5% WT) Expenses, related activities Expenses, unrelated activities Dividend income from a domestic corporation Quarterly income tax paid for the first three quarters Compute the income tax payable. P5,000,000 5,000,000 2,000,000 2,000,000 3,000,000 100,000 500,000

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Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,190,000. Of that amount, $4,640,000 was collected in cash. 2. Pell Grants in the amount of $2,014,000 were received by the university. 3. The Pell Grants were applied to student accounts. 4. Student scholarships, for which no services were required, amounted to $610,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university. Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account…