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Question 1 12 pts Problem # 1: (Worth 12 %) Notes Receivable - SHOW ALL YOUR WORK! On December 31, 20X4, Kay Company sold land that had an original cost of $420,000. In exchange, they accepted $22,000 in cash plus a promissory note with a face value of $400,000, a due date of December 31, 20X6, and a stated rate of 5%, with interest paid December 31 of each year beginning December 31, 20X5. Under the circumstances, the note is considered to have an appropriate rate of interest of 6%. Instructions (a) Prepare Kay's journal entry to record the transaction on December 31, 20X4. (b) Prepare all the journal entries (if any) that Kay would record over the life of the note. 2 years duration: 6% 5% Present Value Single Sum 0.89 0.90703 Present Value Ordinary 1.83339 1.85941 Annuity Present Value Annuity Due 1.9434 1.95238 5434 Future Value Single Sum 1.1236 1.1025 Future Value Ordinary 2.06 2.05 Annuity Future Value Annuity Due 2.1836 2.1525 Problem #2: (Worth 9 %) Inventory Methods - SHOW ALL YOUR WORK! Banner Company was formed on December 1, 20xo. The following information is available from Banner's inventory record for Product X Units Unit Cost Total Cost 1,600 $18.00 $28,800 January 1, 20X1 Purchases: January 5, 20x1 February 16, 20X1 March 10, 20x1 2,600 $20.00 $52,000 $21,000 1.000 $21.00 1,800 $22.00 $39,600 Sales: 2,900 January 10, 20X1 March 15, 20X1 2.100 Instructions (a) Assume the company uses a Perpetual Inventory System Compute the value ($ amount) of ending Inventory and cost of goods sold at 3/31 under each of the following methods: (1) LIFO (2) Weighted Average (b) Assume the company uses a Periodic Inventory System A physical count of the inventory indicated 2000 units remained as of 3/31. Compute the value ($ amount) of cost of goods sold under the following method: (1) FIFO Problem #5 (9%) DollarValue LIFO Archer Company manufactures one product. On December 31, 2013, Archer adopted the dollar- value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $300,000. Inventory data are as follows: Inventory at Price index Year year-end prices (base year 2013) 2014 $530,000 1.07 2015 740,0001 1.15 2016 790,000 1.25 Instructions Compute the inventory at December 31, 2014, 2015 and 2016, using the dollar-value LIFO method for each year, and note any years in which there was LIFO liquidation (circle or asterisk). HTML Editor Problem #4 (7 %) Retail Inventory Method When you undertook the preparation of the financial statements for Dilfer Company at January 31, 2011, the following data were available: At Cost At Retail Inventory, February 1. 2010 $60,800 $ 98,500 Purchases 229,500 294,000 Purchases returns and allowances 7,300 8,500 Sales 340,000 Markups 7.000 Markdowns 3,500 The company also reported normal spoilage of $6,000 and freight-in of $2,000. Compute the ending inventory at cost as of January 31, 2011, using 1. the cost method; and 2. the conventional retail (LCM) method Problem #1: (Worth 12 %) Notes Receivable - SHOW ALL YOUR WORK! On December 31, 20X4, Kay Company sold land that had an original cost of $420,000. In exchange, they accepted $22,000 in cash plus a promissory note with a'face value of $400,000, a due date of December 31, 20X6, and a stated rate of 5%, with interest paid December 31 of each year beginning December 31, 20X5. Under the circumstances, the note is considered to have an appropriate rate of interest of 6%. (Worth 9 %) Inventory Methods - SHOW ALL YOUR WORK! Banner Company was formed on December 1, 20X0. The following information is available from Banner's inventory record for Product X. Units Unit Cost Total Cost January 1, 20X1 1,600 $18.00 $28,800 Purchases: January 5, 20X1 2,600 $20.00 $52,000 February 16, 20X1 1,000 $21.00 $21,000 March 10, 20X1 1,800 $22.00 $39,600 Sales: January 10, 20X1 2,900 March 15, 20X1 2.100 Instructions (a) Assume the company uses a Perpetual Inventory System. Compute the value ($ amount) ending inventory and cost of ILI UU URUL para mancial statements for Diller Company at January 31, 2011, the following data were available: At Cost At Retail Inventory, February 1, 2010 $60,800 $ 98,500 Purchases 229,500 294,000 Purchases returns and allowances 7,300 8,500 Sales 340,000 Markups 7,000 Markdowns 3,500 The company also reported normal spoilage of $6,000 and freight-in of $2,000. Compute the ending inventory at cost as of January 31, 2011, using 1. the cost method; and 2. the conventional retail (LCM) method ULUI 10 pts Problem #5 (9 %) DollarValue LIFO Archer Company manufactures one product. On December 31, 2013. Archer adopted the dollar- value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $300,000. Inventory data are as follows: Inventory at Price index Year year-end prices (base year 2013) 2014 $530,000 1.07 2015 740,000 1.15 2016 790,000 1.25 Instructions Compute the inventory at December 31, 2014, 2015, and 2016, using the dollar-value LIFO method for each year, and note any years in which there was LIFO liquidation (circle or aster
