Attached is a copy of the spread sheet........

(1) Determine the due date and the amount of interest due at maturity on the following notes:

Date of Note

Face Amount

Interest Rate

Term of Note

a.

January 6

$40,000

9%

45 days

b.

March 23

9,000

10

60 days

c.

May 30

12,000

12

90 days

d.

August 30

18,000

10

120 days

e.

October 1

10,500

8

60 days

(2) Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

http://jigsaw.vitalsource.com/books/9781285953113/content/image/I9781285953113_0320.jpg

Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

Use thisexhibit to answer question (3)

EXHIBIT 9 Determining Inventory at Lower of Cost or Market

( Attached is a copy of the diagram)

In Exhibit 9, Items A, B, C, and D could be viewed as a class of inventory items. If the lower-of-cost-or-market method is applied to the class, the inventory would be valued at $15,472, which is a market decline of $48 ($15,520 ?$15,472). Likewise, if Items A, B, C, and D make up the total inventory, the lower-of-cost-or-market method as applied to the total inventory would be the same amount, $15,472.

Obj|8

? LCM: $22,780

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Commodity

Inventory Quantity

Unit Cost Price

Unit Market Price

Buffal

35

$115

$120

Dakota

67

90

75

Frontier

8

300

280

Midwest

83

40

30

Rainbow

100

90

94

\fExercise 6-2 Name: Section: Score: 0% Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. Due Date a. b. c. d. e. Interest Exercise 6-7 Estimated Uncollectible Accounts Balance Percent Amount Age Category Not past due (Current) 1-30 days past due Total $ - $ - Exercise 6-18 Name: Section: Score: 0% Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. Commodity Buffalo Dakota Frontier Midwest Rainbow Total Inventory Quantity 35 67 8 83 100 Unit Cost Price $115 90 300 40 90 Unit Market Price $120 75 280 30 94 Total Cost Market LCM