accounting question

Valley Designs issued a 120-day, 9% note for $88,400, dated April 20 to Bork Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. Chart of Accounts CHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sale 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts EXPENSES 132 Notes Receivable 510 Cost of Merchandise Sold Previous NextCHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts EXPENSES 132 Notes Receivabl 510 Cost of Merchandise Sold 141 Merchandise Inventory 520 Sales Salaries Expense 145 Office Supplies 521 Advertising Expense 146 Store Supplies 522 Depreciation Expense-Store Equipment 151 Prepaid Insurance 523 Delivery Expense 181 Land 524 Repairs Expense 191 Store Equipment 529 Selling Expenses 192 Accumulated Depreciation-Store Equipment 530 Office Salaries Expense 193 Office Equipment 531 Rent Expense 194 Accumulated Depreciation-Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Office Supplies Expense 210 Accounts Payable 535 Store Supplies Expense210 Accounts Payable 535 Store Supplies Expense 211 Salaries Payable 536 Credit Card Expense 213 Sales Tax Payable 537 Cash Short and Over 214 Interest Payable 538 Bad Debt Expense 215 Notes Pay 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends First Questions A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. $C. (1) Journalize the entry to record the receipt of the note by Bork Furniture. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 C. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY NOn March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $165,250 Accumulated Depreciation-Building 758,050 Administrative Expenses 522,950 Building 2,558,950 Cash 184,200 Common Stock 308,650 Cost of Goods Sold 3,884,500 Dividends 184,250 Interest Expense 9,500 Inventory 1,008,800 Notes Payable 250,600 Office Supplies 20,200 Retained Earnings 1,349,550 Salaries Payable 7,750 Sales 6,243,700 Selling Expenses 733,950 Store Supplies 94,450 A. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use aB. What is a major advantage of the multiple-step income statement over the single-step income statement? Labels and Amount Descriptions Labels Expenses For the Year Ended March 31, 20Y9 March 31, 20Y9 Other revenue and expense Amount Description Gross profit Net income Net loss Operating income Total assets Total liabilities Total expenses Total stockholders' equity Income StatementA. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Royal Furnishings Company Income Statement (Label) N W 4 (Label) 6 7 8 9 (Label) 10 11un 7 8 (Label) 10 11 Final Question B. What is a major advantage of the multiple-step income statement over the single-step income statement? The multiple-step income statement is less complex to prepare. The multiple-step income statement clearly presents the value of total expenses. The multiple-step income statement shows the relationship of gross profit to sales. The multiple-step income statement clearly presents the value of total revenues