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1 1 3 1. In which section of the balance sheet is land held for speculation reported? 2. (2 part) What is a postdated check and in which account is it properly classified? 3. Using an example, demonstrate why the net amount reported for short-term receivables does not change when a specific account receivable is written off. (Assume the company is using the allowance method of accounting for bad debt.) 4. The stockholders' equity section is usually divided into what three main sections? 5. What is the formula to calculate free cash flow? 6. Write YES or NO next to each of the following to indicate whether or not it must be disclosed in the notes to the financials. Depreciation methods used Cost flow assumption used (LIFO, FIFO, etc.) Significant inventory purchasing policies Significant estimates made 7. Explain why the more frequent the compounding of interest, the greater the future value. 8. Mordica Company will receive $800,000 in 10 years. If the appropriate annual interest rate is 12% but interest is compounded quarterly, the present value of the $800,000 receipt is? 9. Dunston Company will receive $600,000 in a future year. If the future receipt is discounted at an annual interest rate of 8%, its present value is $189, 144. In how many years is the $600,000 received? 10. How should a material bank overdraft be reported if the overdrawn account is in a bank with no other accounts to offset the overdraft? 11. What is a compensating balance? 12. What is the normal journal entry when writing-off an account as uncollectible under the allowance method? 13. Lawrence Company has three accounts: a checking account at First National in the amount of $65,000, a separate account at Charles Schwab containing $12,000 cash restricted for the retirement of bonds coming due in three years, and a $7.000 overdraft in an account at Bank of America. What amount should Lawrence report as the current cash balance? 14. Wellington Corp. has outstanding accounts receivable totaling $8.4 million as of December 31 and sales on credit during the year of 532 million. There is also a credit balance of $46,000 in the allowance for doubtful accounts. If the company estimates that 5% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? close to home.pdf reflection quest....pdf one on one coa....pdf