21 Knoll Manufacturing lends its supplier $169,000 for 3 years at a 7 annual interest rate Interest payments are to be made twice a year Each interest payment will be for a $11,830 b $5915 c $35,490 d $17,745 23 Willetta Company purchases inventory for $23,000 with terms 2 10, n 30 It then returns $3,300 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $230 The company pays the amount due within the discount period What is the amount of the discount that will be taken (Round your answer to the nearest dollar amount ) a $394 b $389 c $330 d $455 24 PURRFECT PETS, INC Balance Sheet at June 30, Year 1 Assets Liabilities Cash $ 732,600 Accounts Payable $ 349,200 Accounts Receivable 419,200 Notes Payable due June 30, Year 3 268,900 Supplies 58,400 Total Liabilities 618,100 Equipment 118,500 Other Assets 69,400 Stockholders' Equity Common Stock 662,100 Retained Earnings 117,900 Total Stockholders' Equity 780,000 Total Assets $ 1,398,100 Total Liabilities Stockholders Equity $ 1,398,100 How much financing did the stockholders of Purrfect Pets, Inc , directly contribute to the company a $780,000 b $1,398,100 c $117,900 d $662,100 26 The following account balances were listed on the trial balance of Edgar Company at the end of the period Account Balance Accounts Payable $ 30,600 Cash 48,900 Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account What is the correct balance in the cash account a $31,500 b $2,100 c $62,100 d $57,900 27 Accounts Payable had a balance of $18,300 at the beginning of the month During the month, three debits in the amounts of $4,600, $11,200, and $14,700 were posted to Accounts Payable, and three credits in the amounts of $3,700, $9,600, and $12,800 were posted to Accounts Payable What is the ending balance of the Accounts Payable account a $4,400 b $13,900 c $48,800 d $22,700

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21. Knoll Manufacturing lends its supplier $169,000 for 3 years at a 7% annual interest rate. Interest payments are to be made twice a year.

21. Knoll Manufacturing lends its supplier $169,000 for 3 years at a 7% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

a. $11,830

b. $5915

c. $35,490

d. $17,745

23. Willetta Company purchases inventory for $23,000 with terms 2/10, n/30. It then returns $3,300 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $230. The company pays the amount due within the discount period. What is the amount of the discount that will be taken? (Round your answer to the nearest dollar amount.)

a. $394

b. $389

c. $330

d. $455

24.

PURRFECT PETS, INC.
Balance Sheet
at June 30, Year 1
Assets			Liabilities
Cash	$	732,600	Accounts Payable	$	349,200
Accounts Receivable		419,200	Notes Payable due June 30, Year 3		268,900
Supplies		58,400	Total Liabilities		618,100
Equipment		118,500
Other Assets		69,400	Stockholders' Equity
			Common Stock		662,100
			Retained Earnings		117,900
			Total Stockholders' Equity		780,000
Total Assets	$	1,398,100	Total Liabilities & Stockholders Equity	$	1,398,100

How much financing did the stockholders of Purrfect Pets, Inc., directly contribute to the company?

a. $780,000

b. $1,398,100

c. $117,900

d. $662,100

26. The following account balances were listed on the trial balance of Edgar Company at the end of the period:

Account	Balance
Accounts Payable	$	30,600
Cash		48,900
Common Stock		30,000
Equipment		13,500
Land		45,000
Notes Payable		60,000

The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account?

a. $31,500

b. $2,100

c. $62,100

d. $57,900

27. Accounts Payable had a balance of $18,300 at the beginning of the month. During the month, three debits in the amounts of $4,600, $11,200, and $14,700 were posted to Accounts Payable, and three credits in the amounts of $3,700, $9,600, and $12,800 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account?

a. $4,400

b. $13,900

c. $48,800

d. $22,700