Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'd like to know if I got the right answers for these questions, if not could you correct me with corrections and steps to get

I'd like to know if I got the right answers for these questions, if not could you correct me with corrections and steps to get to the right answer. Thank you.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Question 1 Jean Smith intends to deposit $10,000 into her bank account at the end of every three months for four years. Assume that Jean earns 12% interest compounded quarterly on her bank account. Calculate the amount Jean will have in her account in four years. Use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 8. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these table factors to answer this question. 141.920 Question 2 ABC Company sold the rights to use one of their patented processes that will result in the receiving cash payments of $2,000 at the end of each of the next five years, a $15,000 cash payment at the end of the sixth year, and a $10,000 cash payment at the end of the seventh year. Calculate the total present value of these payments assuming the interest rate is 5% compounded annually. Use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 8. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these table factors to answer this question. 26.959 Question 3 The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 Utilities payable 13,000 Common stock 39, eee Inventory 42,800 Long-term notes payable 83,000 Accounts receivable 17,000 Salaries payable 12,000 Retained earnings 46,000 Accounts payable 75,000 December 31, 2022 7,800 88,000 34,000 67,000 69,000 18,000 65,000 21,000 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory Net cash flow - financing activities Cash collected from customers Cash paid for utilities $157,800 11,000 inflow 186,000 28,000 Calculate the amount of sales revenue reported on Monk Company's 2022 income statement. 238,000 Question 4 4.5 pts The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 Utilities payable 13,000 Common stock 39,000 Inventory 42,000 Long-term notes payable 83,000 Accounts receivable 17,000 Salaries payable 12,000 Retained earnings 46,000 Accounts payable 75,000 December 31, 2022 7,000 88,888 34,000 67,000 69,000 18,000 65,000 21,080 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory Net cash flow - financing activities Cash collected from customers Cash paid for utilities $157,000 11,000 inflow 186,000 28,000 Calculate the amount of utilities expense reported on Monk Company's 2022 income statement. 22.000 Question 5 5 pts The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 Utilities payable 13,000 Common stock 39,000 Inventory 42,000 Long-term notes payable 83,000 Accounts receivable 17,600 Salaries payable 12,000 Retained earnings 46,000 Accounts payable 75,000 December 31, 2022 7,000 88,888 34,000 67,000 69,000 18,000 65,000 21,000 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory Net cash flow - financing activities Cash collected from customers Cash paid for utilities $157,000 11,000 inflow 186,000 28,000 Calculate the amount of cost of goods sold reported on Monk Company's 2022 income statement. 165,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internal Auditing Handbook

Authors: K. H. Spencer Pickett

2nd Edition

0470848634, 978-0470848630

More Books

Students also viewed these Accounting questions