*For London Corp ONLY need to do #6 ignore 4 and 5 however please do 15,16,17,18*

15. Falcon Corp. reported net sales (all on credit) of $1,600,000 and cost of goods sold of $1,100,000 for 2008. Its beginning balance of Accounts Receivable was $150,000. The accounts receivable balance decreased by $10,000 during 2008. Rounded to two decimal places, what is Falcon's accounts receivable turnover rate for 2008? 7.59 b. 10.32 c. 10.67 d. 11.03 a. Cobra Co. Cobra Co. sold merchandise to Island Corp. on December 1, 2008, for $9,000, and accepted a promissory note for payment in the same amount. The note has a term of 90 days and a stated interest rate of 8%. Cobra's accounting period ends on December 31. The year, 2009, is not a leap year. a. 16. Refer to Cobra Co. What amount should Cobra recognize as interest revenue on December 31, 2008? $0 b. $ 60 c. $120 d. $180 17. Sports Central accepted a credit card account receivable in exchange for $5,000 of services provided to a customer. The credit card company charges a 5% service charge. Recording the sales transaction in the company's accounting records will have what effect on the accounting equation? a. Increase assets and equity by $4,750 b. Decrease assets and equity by $250 Increase assets by $5,000 d. Increase equity by $5,000 c. 18. Hess Enterprises purchased a building for $2,000,000 in 1995. In 2008, an independent appraiser assessed the value at $4,400,000. At what amount should the building appear on the financial statements in 2008? a. $2,000,000 b. $2,400,000 c. $4,400,000. d. whichever amount the company believes is the best indicator of the true value of the building. London Corp. London Corp. identified the following data in preparing a bank reconciliation on October 31, 2008. Bank statement balance London's book balance (before adjustments) Outstanding checks NSF checks Service charges Deposits in transit Interest earned on checking account $29,600 ? 3,100 300 200 2,200 100 4. Refer to London Corp. How much is London's adjusted cash balance on October 31, 2008? a. $28,700 b. $29,100 c. $28,300 d. $29,600 5. Refer to London Corp. How much is London's balance in its accounting records before adjustment? a. $28,700 b. $29,100 c. $28,300 d. $29,600 6. Refer to London Corp. What is the net amount of the adjustment to London's cash balance as a result of the bank reconciliation? a. $900 decrease b. $400 increase c. $400 decrease d. No amounts need to be recorded