AC221 Accounting Problems

Mail - In Course Cer X Search , Cengas * 137714 * 137714 * 137715 Cengas & Cengas BI Aunt Je H.L The re: #% Aunt Je W My Cit G instapc a Amazon G Instant About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Calculator 1. EX.09.01 Present Value and Future Value 2. EX.09.03.ALGO Joshua Inc. estimates that it will need $400,000 in 6 years to expand its manufacturing facilities. A bank has agreed to pay Joshua 5% interest compounded annually if the company deposits the entire amount now needed to accumulate $400,000 in 6 years. 3. EX.09.04.ALGO Use the appropriate present or future value table: 4. EX.09.07.ALGO FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 Required: 5. EX.09.09 How much money does Joshua need to deposit now? Be sure to use all digits shown on the table and round your answer to a whole dollar. 6. EX.09.12.ALGO $ 7. EX.09.13.ALGO 8. EX.09.11.ALGO Progress: 7/8 items Check My Work Previous Next Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - Tin Course Cer X Homev Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt J. H.L The re: #% Aunt Je My Cit G instapc a Amazon G Instant About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Calculator 1. EX.09.01 Simple versus Compound Interest 2. EX.09.03.ALGO For each of the following notes, calculate the simple interest due at the end of the term. 3. EX.09.04.ALGO Note Face Value (Principal) Rate Term 1 N $19,60 4% 6 Years 4. EX.09.07.ALGO 19,600 6% 4 Years 19,600 8% 3 Years 5. EX.09.09 Use the appropriate present or future value table: 6. EX.09.12.ALGO FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 Round your calculations to nearest dollar. 7. EX.09.13.ALGO Simple Interest 8. EX.09.11.ALGO Note 1 Note 2 Note 3 Now assume that the interest on the notes is compounded annually. Calculate the amount of interest due at the end of the term for each note. When using the Present Value and Future Value tables be sure to digits shown. If required, round your answers to nearest dollar. Interest Note 1 Note 2 Note 3 Finally, assume that the interest on the notes is compounded semiannually. Calculate the amount of interest due at the end of the term for each note. When using the Present Value and Future Value tables be sure to use all the digits shown. If required, round your answers to nearest dollar. Interest Note 1 Note 2 Note 3 All other factors being equal, which of the following is an accurate statement regarding the choice of an investment? a. Higher interest rates, less frequent compounding, and a longer term will increase the future value of an investment. b. Higher interest rates, more frequent compounding, and a shorter term will increase the future value of an investment. Progress: 6/8 items Check My Work Previous Next Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for Gradingof Mail - In Course Cer X Homev Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt Je H.L The re: #% Aunt Je My Cit G instapc a AmazonG Instant About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Calculator 1. EX.09.01 Notes Payable and Interest On July 1, 2017, Kamer's Trinkets borrowed $18,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a calendar year-end. 2. EX.09.03.ALGO Required: 3. EX.09.04.ALGO 1. Identify and analyze the effect of the issuance of the promissory note. 4. EX.09.07.ALGO Activity Financing V 5. EX.09.09 Accounts Cash Increase, Notes Payable Increase v Statement(s) Balance Sheet only v 6. EX.09.12.ALGO Feedback 7. EX.09.13.ALGO Check My Work 8. EX.09.11.ALGO Identify and analyze the transaction by using the following steps: 1. Determine activity - operating, investing or financing. 2. Determine accounts affected and the amount of increases/decreases. 3. Determine the financial statements affected - balance sheet, income statement. The accounting equation must balance for each transaction. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' N Assets Liabilities Equity Revenues Expenses = Inc Cash V Notes Payable V No Entry v No Entry V Feedback Check My Work Partially correct Progress: 4/8 items Check My Work Previous Next Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - T Course Cer X Homev . Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt Je H.L The re: #% Aunt Je | My Cit G instapc a Amazon G Instant About t Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Calculator 1. EX.09.01 2. Identify and analyze the effect of any adjustments needed at year-end. 2. EX.09.03.ALGO Activity Operating V Accounts Interest Payable Increase, Interest Expense Increase v 3. EX.09.04.ALGO Statement(s) Balance Sheet and Income Statement V 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work 6. EX.09.12.ALGO There are four types of adjusting entries: 1. Deferred expense - the cash is paid before the expense is incurred. The adjusting entry is made to write off the asset and record the expense 7. EX.09.13.ALGO 2. Deferred revenue - the cash is received before the revenue is earned. An adjusting entry is needed to reduce the liability and record the revenue. 3. Accrued liability - the expense is incurred before the cash is paid. An adjusting entry is needed to record the expense and the liability. 8. EX.09.11.ALGO 4. Accrued asset - the revenue is earned before the cash is received. An adjusting entry is needed to record the asset and the revenue. Remember that adjusting entries never affect cash and at least one balance sheet and one income statement account are involved in each adjusting entry. Identify and analyze the transaction by using the following steps: 1. Determine activity - operating, investing or financing. 2. Determine accounts affected and the amount of increases/decreases. 3. Determine the financial statements affected - balance sheet, income statement. The accounting equation must balance for each transaction. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses No Entry V Interest Payable v No Entry V Interest Expense v Feedback Check My Work Partially correct Progress: 4/8 items Check My Work Previous Next Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - In Course Cer X Homev Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt J. H.L The re: #% Aunt Je | My Cit G instapc a AmazonG Instant About t Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Calculator 1. EX.09.01 3. Identify and analyze the effect of the payment of principal and interest. 2. EX.09.03.ALGO Activity Financing V 3. EX.09.04.ALGO Accounts Cash Decrease, Notes Payable Decrease, Interest Payable Decrease, Interest Expense Increase v Statement(s) Balance Sheet and Income Statement v 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work 6. EX.09.12.ALGO Identify and analyze the transaction by using the following steps: 7. EX.09.13.ALGO 1. Determine activity - operating, investing or financing. 2. Determine accounts affected and the amount of increases/decreases. 8. EX.09.11.ALGO 3. Determine the financial statements affected - balance sheet, income statement. The accounting equation must balance for each transaction. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses Cash V Notes Payable No Entry V Interest Expense v No Entry V Interest Payable v No Entry V No Entry V Feedback Check My Work Partially correct Feedback Check My Work Progress: 4/8 items Check My Work Previous Next Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for Gradingof Mail - In Course Cer X Homev Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt Je H.L The re: #% Aunt Je My Cit G instapc a Amazon Instant About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator 1. EX.09.01 Warranties 2. EX.09.03.ALGO Polar Company manufactures and sells Ice Machines. Polar provides all customers with a two-year warranty guaranteeing to repair, free of charge, any defects reported during this time period. During the year, it sold 100,000 Ice Machines for $310 each. Analysis of past warranty records indicates that 12% of all sales will be returned for repair within the warranty period. Polar expects to incur expenditures of $15 to 3. EX.09.04.ALGO repair each Ice Machine. The account Estimated Liability for Warranties had a balance of $120,000 on January 1. Polar incurred $170,000 in actual expenditures during the year. Required: 4. EX.09.07.ALGO Identify and analyze the effect of the events related to the warranty transactions during the year. 5. EX.09.09 The effect of recording the sales transaction: 6. EX.09.12.ALGO Activity Operating V Cash Increase, Sales Increase v 7. EX.09.13.ALGO Accounts Statement(s) Balance Sheet and Income Statement V 8. EX.09.11.ALGO Feedback Check My Work How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet income Statement Stockholders' Assets Liabilities Equity Revenues Expenses Cash V No Entry V Sales V No Entry v Feedback Check My Work Partially correct The effect of recording estimated warranty cost: Activity Operating Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - Tin Course Cer X Home , Cengas * 137714 * 137714 * 137715 Cengas & Cengas BI Aunt Je H.L The re: #% Aunt Je| My Cit G instapc a Amazon G Instant About | Instant G estima + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator 1. EX.09.01 The effect of recording estimated warranty cost: 2. EX.09.03.ALGO Activity Operating V Accounts Warranty Expense Increase, Estimated Liability for Warranties Increase v 3. EX.09.04.ALGO Statement(s) Balance Sheet and Income Statement v 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work 6. EX.09.12.ALGO Identify and analyze the transaction by using the following steps: 1. Determine activity - operating, investing or financing. 7. EX.09.13.ALGO 2. Determine accounts affected and the amount of increases/decreases. 3. Determine the financial statements affected - balance sheet, income statement. 8. EX.09.11.ALGO The accounting equation must balance for each transaction. There are four types of adjusting entries: 1. Deferred expense - the cash is paid before the expense is incurred. The adjusting entry is made to write off the asset and record the expense. 2. Deferred revenue - the cash is received before the revenue is earned. An adjusting entry is needed to reduce the liability and record the revenue. 3. Accrued liability - the expense is incurred before the cash is paid. An adjusting entry is needed to record the expense and the liability. 4. Accrued asset - the revenue is earned before the cash is received. An adjusting entry is needed to record the asset and the revenue. Remember that adjusting entries never affect cash and at least one balance sheet and one income statement account are involved in each adjusting entry. For all transactions: Be sure to think about all entries that need to be recorded, not just the sales. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expense No Entry V Estimated Liability for Warranties v No Entry V Warranty Expense v Feedback Check My Work Partially correct Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - In Course Cer X Homev Cengas * 137714 137714 * 137715 Cengas & Cengas BI Aunt J. H.L The re: #% Aunt Je My Cit G instapc a AmazonInstant About | Instant G estima + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator The effect of recording actual warranty cost: 1. EX.09.01 Activity Operating V 2. EX.09.03.ALGO Accounts Estimated Liability for Warranties Decrease, Cash Decrease v 3. EX.09.04.ALGO Statement(s) Balance Sheet only v 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work Identify and analyze the transaction by using the following steps: 6. EX.09.12.ALGO 1. Determine activity - operating, investing or financing. 2. Determine accounts affected and the amount of increases/decreases. 7. EX.09.13.ALGO 3. Determine the financial statements affected - balance sheet, income statement. The accounting equation must balance for each transaction. 8. EX.09.11.ALGO There are four types of adjusting entries: 1. Deferred expense - the cash is paid before the expense is incurred. The adjusting entry is made to write off the asset and record the expense. 2. Deferred revenue - the cash is received before the revenue is earned. An adjusting entry is needed to reduce the liability and record the revenue. 3. Accrued liability - the expense is incurred before the cash is paid. An adjusting entry is needed to record the expense and the liability. 4. Accrued asset - the revenue is earned before the cash is received. An adjusting entry is needed to record the asset and the revenue. Remember that adjusting entries never affect cash and at least one balance sheet and one income statement account are involved in each adjusting entry. For all transactions: Be sure to think about all entries that need to be recorded, not just the sales. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses Cash V Estimated Liability for Warranties v No Entry V No Entry V Feedback Check My Work Partially correct Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - In Course Cer X Homev . Cengas * 137714 137714 137715 Cengas & Cengas BI Aunt Je H.L The re: #% Aunt Je| My Cit G instapc a Amazon G Instant About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator . Deferred revenue - the cash is received before the revenue is earned. An adjusting entry is needed to reduce the liability and record the revenue. 1. EX.09.01 3. Accrued liability - the expense is incurred before the cash is paid. An adjusting entry is needed to record the expense and the liability. 4. Accrued asset - the revenue is earned before the cash is received. An adjusting entry is needed to record the asset and the revenue. 2. EX.09.03.ALGO Remember that adjusting entries never affect cash and at least one balance sheet and one income statement account are involved in each adjusting entry. For all transactions: Be sure to think about all entries that need to be recorded, not just the sales. 3. EX.09.04.ALGO 4. EX.09.07.ALGO How does this entry affect the accounting equation? 5. EX.09.09 If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. 6. EX.09.12.ALGO Balance Sheet Income Statement 7. EX.09.13.ALGO Stockholders' 8. EX.09.11.ALGO Assets Liabilities Equity Revenues Expense: Cash V Estimated Liability for Warranties v No Entry v No Entry v Feedback Check My Work Partially correct Determine the adjusted ending balance in the Estimated Liability for Warranties account. $ Feedback Check My Work Set up T account for Estimated Liability for Warranties account, start with the beginning balance, record the current year transactions and calculate ending balance. Feedback Check My Work Partially correct Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for Grading