Required information [The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings $54,250 9,150 51,250 6,750 6,000 95,000 184,000 43,500 39,000 Land Accounts Payable Notes Payable (due in three years) Common Stock 100,000 150,000 Retained Earnings 160,900 During the year, the company had the following summarized activities: a. Purchased equipment that cost $26,850; paid $7,850 cash and signed a two-year note for the balance. b. Issued an additional 2,400 shares of common stock for $24,000 cash. c. Borrowed $78,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $7,300 cash. e. Built an addition to the factory buildings for $75,500; paid $24,250 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field).

For the purpose of borrowing $100,000 (10-year loan with 12% interest annually), Shannon Merchandising Company has submitted the following audited Balance Sheet and Income Statement to Bank. Statement Of Financial Position (Balance Sheet) As of Dec. 31st, 2021     Cash $40,000 Accounts receivable 170,000 Merchandise Inventory 220,000 Land 50000 Building and equipment (net) 470,000 Total assets $950,000     Accounts payable $140,000 Wages payable 100,000 Notes Payable (5-year note) 300,000 Total liabilities 540,000 Common stock, $10 par 310,000 Retained earnings 110,000 Total stockholders' equity 410000 Total liabilities and stockholders' equities $950,000   Income Statement For the Year Ending December 31, 2021 Revenues:   Sales $2,880,000 Expenses:   Cost of goods sold 1,512,000 Operating expenses 1,128,000 Interest expense 40,000 Income tax expense 80,000 Total Expenses 2,760,000 Net income $120,000 Assume you are the…

Culver Limited reports the following selected information at December 31, 2024: Accounts receivable $299,000 Interest income $12,200 Advances to employees 10,000 Interest receivable 8,000 Allow. for expected credit losses 15,000 Inventory 224,000 Credit losses 19,000 Notes receivable (due in 120 days) 50,000 Cost of goods sold 2,330,000 Notes receivable (due in 4 years) 152,000 Depreciation expense 100,000 Salaries expense 804,000 Income tax expense 152,000 Sales 4,200,000 Income tax receivable 14,900 Sales tax recoverable 5,000 Prepare a partial statement of financial position for Culver Ltd. (List current assets in order of liquidity.)

Accounts receivable management This table,, shows that Blair Supply had an end-of-year accounts receivable balance of $300,060 The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the validity of your conclusion in part a? Explain. a. The average collection period is days. (Round to two decimal places.) Data table (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Month of Amounts receivable origin July $3,880 August 2,005 September 33,995 October 15,150 November 52,005 December 193,025 Year-end accounts receivable $300,060 - X

Use the attachment to answer the following Accounts receivable days outstanding at the end of Year 2 is closest to:  a) 30.6 days b) 26.0 days c) 27.0 days d) 6.1 days

On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that have annual payments of $14,633. The first note payment consists of $4,200 of interest and $10,433 of principal repayment. Required:   Journalize the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.   20Y1     Jan. 1 Installment notes are issued 20Y2     Jan. 1 First annual note payment is made

A firm has sales of $1.4 million, and 10 percent of the sales are for cash. The year-end accounts receivable balance is $205,000.   What is the average collection period? (Use 365 days in a year. Do not round intermediate calculation. Round the final answer to the 1 decimal place.)   Average collection period             days 76thjbnn

Question: The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account. 3. Sold equipment for $204,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $129,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $154,500 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $56,000 for the year. 9. Paid $124,100 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. 1. Prepare the income statement for Year 1. 2.…

Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 88, $42,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. Note: Do not round your Intermediate calculations. Use 360 days a…

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