D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson Exercise 5-14 Effect of credit card sales on financial statements Royal Carpet Cleaning provided 590,000 of services during 2012, its first year of operations. Al customers paid for the services with major credit cards Royal submitted the credit cand receipts to the credit card company immediately. The credit card company paid Royalcash in the amount of face valueless a 3 percent service charge Required a. Record the credit card sales and the subsequent collection of accounts receivable in a hoi zontal statements model like the one shown below. In the Cash Flow column indicate whether the item is an operating activity (OAL investing activity (Alor financing activity (FA). Use NA to indicate that an element is not affected by the cent Assets - liah + Equity Res. - Exp. - Netine Cash Acets. Rec. Answer the following questions: (1) What is the amount of total assets at the end of the accounting period (2) What is the amount of revenue reported on the income statement (3) What is the amount of cash flow from operating activities reported on the statement of cash flows? (4) Why would Royal Carpet Cleaning accept credit cards instead of providing credit directly to its customers in other words, why would Royal be willing to pay 3 percent of sales to have the credit card company handle its sales on account? Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory multiple purchases Laird Company sells coffee makers used in business offices Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year, Laird made two bach purchases of coffee makers. The first was a 300-unit purchase at S50 per unit: the second was a 350-unit purchase at 552 per unit. During the period, Laird sold 800 coffee makers Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses FIRO LIFO c. Weighted average Exercise 5-20 Effect of inventory cosy flow on ending inventory balance and es margin Bristol Sales had the following transactions for DVDs in 2012. its first year of operations $17 519 Purchased 75 units Purchased 150 units Purchased 200 units Purchased 100 units July 25 Sept. 19 - - - During the year Bristol Sales sold 775 DVDs for $50 each Required 2. Compute the amount of ending inventory Bristol would report on the balance sheet, ing the following cost flow assumptions (1) FIFO (2) LIFO and 3) weighted average Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson Exercise 5-14 Effect of credit card sales on financial statements Royal Carpet Cleaning provided 590,000 of services during 2012, its first year of operations. Al customers paid for the services with major credit cards Royal submitted the credit cand receipts to the credit card company immediately. The credit card company paid Royalcash in the amount of face valueless a 3 percent service charge Required a. Record the credit card sales and the subsequent collection of accounts receivable in a hoi zontal statements model like the one shown below. In the Cash Flow column indicate whether the item is an operating activity (OAL investing activity (Alor financing activity (FA). Use NA to indicate that an element is not affected by the cent Assets - liah + Equity Res. - Exp. - Netine Cash Acets. Rec. Answer the following questions: (1) What is the amount of total assets at the end of the accounting period (2) What is the amount of revenue reported on the income statement (3) What is the amount of cash flow from operating activities reported on the statement of cash flows? (4) Why would Royal Carpet Cleaning accept credit cards instead of providing credit directly to its customers in other words, why would Royal be willing to pay 3 percent of sales to have the credit card company handle its sales on account? Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory multiple purchases Laird Company sells coffee makers used in business offices Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year, Laird made two bach purchases of coffee makers. The first was a 300-unit purchase at S50 per unit: the second was a 350-unit purchase at 552 per unit. During the period, Laird sold 800 coffee makers Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses FIRO LIFO c. Weighted average Exercise 5-20 Effect of inventory cosy flow on ending inventory balance and es margin Bristol Sales had the following transactions for DVDs in 2012. its first year of operations $17 519 Purchased 75 units Purchased 150 units Purchased 200 units Purchased 100 units July 25 Sept. 19 - - - During the year Bristol Sales sold 775 DVDs for $50 each Required 2. Compute the amount of ending inventory Bristol would report on the balance sheet, ing the following cost flow assumptions (1) FIFO (2) LIFO and 3) weighted average Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions