I need hw help on these 9 problems wiley plus. Attached are the questions copied and paste from wiley plus

1) Logan Bruno Company has just received the August 31, 2014, bank statement, which is summarized below. County National Bank Disbursements Receipts Balance Balance, August 1 $23,123 Deposits during August $79,470 102,593 Note collected for depositor, including $99 interest 2,567 105,160 Checks cleared during August $85,146 20,014 Bank service charges 49 19,965 Balance, August 31 19,965 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 24,803 Receipts during August Disbursements in August 87,400 86,380 Deposits in transit at August 31 are $9,378, and checks outstanding at August 31 total $3,825. Cash on hand at August 31 is $765. The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it cleared the bank during the month of August. Don't show me this message again for the assignment Prepare a bank reconciliation dated August 31, 2014, proceeding to a correct balance. Logan Bruno Company Bank Reconciliation, August 31, 2014 County National Bank $ : $ : $ $ : : $ $ Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation August 31, 2014 (To record collection of note and interest) August 31, 2014 Debit Credit (To record August bank charges) August 31, 2014 2) Question 3 On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $2,400 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $97, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Don't show me this message again for the assignment Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases. (1 Sales and receivables are entered at gross selling price. ) (2 Sales and receivables are entered at net of cash discounts. ) (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Date . (1) June 3 Account Titles and Explanation Debit Credit June 12 (2) June 3 June 12 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 29 3) Duncan Company reports the following financial information before adjustments. Dr. Accounts Receivable Cr. $130,200 Allowance for Doubtful Accounts $2,700 Sales Revenue (all on credit) 846,500 Sales Returns and Allowances 51,300 Prepare the journal entry to record bad debt expense assuming Duncan Company estimates bad debts at (a) 2% of net sales and (b) 5% of accounts receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and Explanation Debit . (a) Credit (b) 4) The balance sheet of Starsky Company at December 31, 2013, includes the following. Notes receivable $38,900 Accounts receivable 194,900 Less: Allowance for doubtful accounts 17,800 $216,000 Transactions in 2014 include the following. 1. Accounts receivable of $148,300 were collected including accounts of $62,700 on which 4% sales discounts were allowed. 2. $5,630 was received in payment of an account which was written off the books as worthless in 2013. 3. Customer accounts of $17,980 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $22,130. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and Explanation . 1. Debit Credit 2. (To reinstate the accounts receivable) (To record the collection on account) 3. 4. 5) Presented below is information related to James Garfield Corp. July 1 James Garfield Corp. sold to Warren Harding Co. merchandise having a sales price of $15,000 with terms 2/10, net/60. Garfield records its sales and receivables net. 5 Accounts receivable of $13,500 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $13,500 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,100 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Garfield that it is bankrupt and will pay only 20% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Prepare all necessary entries in general journal form for Garfield Corp. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 7/1 7/5 7/9 Credit (To record discount forfeited) 7/9 7/11 12/29 7) On April 1, 2014, Rasheed Company assigns $504,700 of its accounts receivable to the Third National Bank as collateral for a $349,000 loan due July 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Don't show me this message again for the assignment Prepare the April 1, 2014, journal entry for Rasheed Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 1, 2014 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the journal entry for Rasheed's collection of $388,300 of the accounts receivable during the period from April 1, 2014, through June 30, 2014. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text On July 1, 2014, Rasheed paid Third National all that was due from the loan it secured on April 1, 2014. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2014 8) The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Accounts Receivable $83,700 Allowance for Doubtful Accounts Cr. 3,640 Sales Revenue $463,000 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $29,800 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored. 2. To obtain a 1-year loan of $62,300, Collins assigns $67,900 of specific receivable accounts to Crosby Financial. The finance charge is 9% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain Allowance for Doubtful Accounts at 6% of gross accounts receivable. 4. The company wishes to increase the allowance account by 1.5% of net sales. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and Explanation Debit . 1. 2. 3. Credit 4. 9) Question 9 On December 31, 2014, Conchita Martinez Company signed a $1,170,000 note to Sauk City Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Conchita Martinez's financial situation worsened. On December 31, 2016, Sauk City Bank determined that it was probable that the company would pay back only $702,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,170,000 loan. Don't show me this message again for the assignment Determine the amount of cash Conchita Martinez received from the loan on December 31, 2014. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.) $ Amount of cash Conchita Martinez received from the loan Don't show me this message again for the assignment Link to Text Prepare a note amortization schedule for Sauk City Bank up to December 31, 2016. (Round answers to 0 decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Date Interest Revenue Increase in Carrying Amount Carrying Amount of Note $ 12/31/14 $ $ $ 12/31/15 12/31/16 Don't show me this message again for the assignment Link to Text Determine the loss on impairment that Sauk City Bank should recognize on December 31, 2016. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.) $ Loss due to impairment 10) Braddock Inc. had the following long-term receivable account balances at December 31, 2013. Note receivable from sale of division $1,500,000 Note receivable from officer 423,000 Transactions during 2014 and other information relating to Braddock's long-term receivables were as follows. 1. The $1,500,000 note receivable is dated May 1, 2013, bears interest at 9%, and represents the balance of the consideration received from the sale of Braddock's electronics division to New York Company. Principal payments of $500,000 plus appropriate interest are due on May 1, 2014, 2015, and 2016. The first principal and interest payment was made on May 1, 2014. Collection of the note installments is reasonably assured. 2. The $423,000 note receivable is dated December 31, 2013, bears interest at 8%, and is due on December 31, 2016. The note is due from Sean May, president of Braddock Inc. and is collateralized by 10,575 shares of Braddock's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2014. The quoted market price of Braddock's common stock was $46 per share on December 31, 2014. 3. On April 1, 2014, Braddock sold a patent to Pennsylvania Company in exchange for a $121,000 zero-interest-bearing note due on April 1, 2016. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2014, was 12%. The present value of $1 for two periods at 12% is 0.797 (use this factor). The patent had a carrying value of $48,400 at January 1, 2014, and the amortization for the year ended December 31, 2014, would have been $9,680. The collection of the note receivable from Pennsylvania is reasonably assured. 4. On July 1, 2014, Braddock sold a parcel of land to Splinter Company for $202,000 under an installment sale contract. Splinter made a $60,600 cash down payment on July 1, 2014, and signed a 4-year 11% note for the $141,400 balance. The equal annual payments of principal and interest on the note will be $45,000 payable on July 1, 2015, through July 1, 2018. The land could have been sold at an established cash price of $202,000. The cost of the land to Braddock was $153,500. Circumstances are such that the collection of the installments on the note is reasonably assured. Don't show me this message again for the assignment Prepare the long-term receivables section of Braddock's balance sheet at December 31, 2014. BRADDOCK INC. Long-Term Receivables Section of Balance Sheet December 31, 2014 $ $ Don't show me this message again for the assignment Link to Text Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Braddock's balance sheet at December 31, 2014. BRADDOCK INC. Selected Balance Sheet Balances December 31, 2014 $ $ $ $ Don't show me this message again for the assignment Link to Text Prepare a schedule showing interest revenue from the long-term receivables that would appear on Braddock's income statement for the year ended December 31, 2014. BRADDOCK INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31, 2014 $ $ Question 1 Prepare a bank reconciliation dated August 31, 2014, proceeding to a correct balance. Logan Bruno Company Bank Reconciliation, August 31, 2014 County National Bank Balance per bank Add: Deposit in transit Cash on Hand 19,965 9,378 765 Less: Outstanding checks Correct cash balance Balance per book Add: Note collected for depositor, including $99 interest Less: Bank service charges Correction of understated check disbursements Correct cash balance 10,143 30,108 (3,825) 26,283 23,783 2,567 49 18 2,567 26,350 (67) 26,283 Prepare any entries necessary to make the books correct and completed. Cash Notes Receivable Interest Revenue To record note collected for the depositor, including $99 interest 2,567 2,468 99 Miscellaneous Expense Cash To record bank service charges 49 Supplies Expense Cash To record payment of supplies 18 49 18 Question 2 Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases. Requirement (1) Jun-08 Accounts Receivable Sales Jun-12 Cash Sales Discount Accounts Receivable Requirement (2) Jun-08 Accounts Receivable Sales Jun-12 Cash Accounts Receivable 2,400 2,400 2,304 96 2,400 2,400 2,400 2,304 2,304 Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Jul-29 Cash Accounts Receivable Sales Discount Forfeited Question 3 2,400 2,304 96 Prepare the journal entry to record bad debt expense assuming Duncan Company estimates bad debts at (a) 2% of net sales and (b) 5% of accounts receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) (b) Bad Debts Expense Allowance for Doubtful Accounts 15,904 Bad Debts Expense Allowance for Doubtful Accounts 3,810 15,904 3,810 Question 4 Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1 Cash Sales Discount Accounts Receivable 145,792 2,508 148,300 2 Accounts Receivable Allowance for Doubtful Accounts To reinstate the accounts receivable 5,630 Cash Accounts Receivable To record the collection on account 5,630 5,630 5,630 3 Allowance for Doubtful Accounts Accounts Receivable 17,980 4 Bad Debts Expense Allowance for Doubtful Accounts 16,680 17,980 16,680 Question 5 Jul-01 Accounts Receivable Sales 14,700 Jul-05 Cash Factored Fees Expense Accounts Receivable Sales Discount Forfeited 12,420 1,080 Jul-09 Accounts Receivable Sales Discount Forfeited 270 Cash Discount on Notes Payable Notes Payable Jul-11 Accounts Receivable Sales Discount Forfeited Dec-29 Allowance for Doubtful Accounts Accounts Receivable 14,700 13,230 270 270 5,734 366 6,100 300 300 12,000 12,000 Question 7 Prepare the April 1, 2014, journal entry for Rasheed Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Apr-01 Cash Finance Charge Notes Payable 338,906 10,094 349,000 Prepare the journal entry for Rasheed's collection of $388,300 of the accounts receivable during the period from April 1, 2014, through June 30, 2014. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Cash Accounts Receivable 388,300 388,300 On July 1, 2014, Rasheed paid Third National all that was due from the loan it secured on April 1, 2014. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Notes Payable Interest Expense Cash 349,000 8,725 357,725 Question 8 1 Cash Finance Charge Accounts Receivable 26,522 3,278 29,800 2 Cash Finance Charge Notes Payable 56,693 5,607 62,300 3 Bad Debts Expense Allowance for Doubtful Accounts 1,382 4 Bad Debts Expense Allowance for Doubtful Accounts 6,945 1,382 6,945 Question 9 Present value of the principal Present value of the interest payments Amount of cash Conchita Martinez received from the loan 694,337 389,178 1,083,515 Date December December December December December December 31, 31, 31, 31, 31, 31, Cash Received 2014 2015 2016 2017 2018 2019 105,300 105,300 105,300 105,300 105,300 Carrying Amount of the Note, 31 December 2016 Recoverable Amount of the Note, 31 December 2016 Impairment Loss 1,112,816 (770,618) 342,198 Interest Revenue 119,187 120,714 122,410 124,292 126,381 0.73119 2.44371 Question 10 Notes receivable from sale of division Current 500,000 60,000 105,000 Principal Interest Receivable Interest Revenue Notes receivable from officer Principal Interest Receivable Interest Revenue Notes receivable from sale of patent Principal Interest Receivable Interest Revenue Notes receivable from sale of land Principal Interest Receivable Interest Revenue Non-Current 500,000 423,000 33,840 105,116 8,679 29,446 7,777 7,777 111,954 0.59345 3.69590 Increase in Carrying Amount 13,887 15,414 17,110 18,992 21,081 Carrying Amount of Note 1,083,515 1,097,401 1,112,816 1,129,925 1,148,917 1,169,998 Date July July July July July 1, 1, 1, 1, 1, 2014 2015 2016 2017 2018 Cash Received 45,000 45,000 45,000 45,000 Interest Revenue 15,554 12,315 8,720 4,729 Principal 29,446 32,685 36,280 40,271 Carrying Amount of Note 141,400 111,954 79,269 42,989 2,717