Problem 8-A (Partnerships) The following transuctions for Nielsen Architects occurred during Deceng the the current year. Follow the treprby-itep instructions to recond the transes the current year. Follow the step-by-step instructions to record the than process the adiusting entries and-les Info, on the toolbar for helpful check figures to audit your work. Step 1: Start Integruted Accounting Be. Step 2i Open file IAB Problem 08-A. Step 3: Enter your name In the Your Name text box. Step 4: Use Save As to save your file with a flle name of 08-ABC Yowr Name (where 08-A Identifies the problem, and BC represtnts Before Closing). Step 5: Enter the following journal transactions directly into the Cta eral journal tab. Dec. 02 Purchased supplies on account from Lerner Supply Company, 5315,00 . Vendor invoice No. 576. 03 Recelved cash on account from Foley Associates, Inc., covering Invicict No, 930 for 55,554.00. 04 Billed Rockmore Construction for consulting services, 54,025.00, invio. No. 951. 06 Paid cash for electric bill, \$136.13. Check No. 810 . 08 Reimbursed a partner for business travel expense, $158.00. Check No. 811 . Note: Debit Trovel Expense and credit Cosh. 10 Paid cash on account to Riverview Media, Inc., \$902.00. Check No. 812 10 Billed Foley Associates, Inc. for consulting services, 53,250.00; Invoice No. 952 . 12 Purchased supplies on account from Stolle Office Products, 5148.50; Vendor Invoice No. 577. 16 Paid cash for advertising, 5735.00 . Check No. 813. 18 Paid cash on account to Stolle Office Products, \$456,00. Check No. 814. 18 Billed Security Engineering Co, for consulting services, 54,800.00; Invoice No. 953. 18 Received cash on account from Security Engineering Co. covering Invoice No. 935 for $7,996.00. 20 Paid cash for telephone bill, 5497,57. Check No. B15. Step 1: Enter the adjusting entries in the general journal. Enter a reference of AdJ.Ent. in the Reference text box. Step 2: Display the adjusting entrles. Step 3: Display the income statement. Step 4: Display the balance sheet. Step 5: Generate an income statement graph. Step 6: Save your data to disk with flle name O8-ABC Your Name. If you have access to the internet, use your browser to obtain information about the Uniform Partnership Act. Hint Use Uniform Partnership Act as your search string. Report your findings. Be sure to indicate the sources, including the URLS (Web addresses), of your reported findings. Step 17: End the Integrated Accounting 8e session. 7. What are the amounts withdrawn by each of the three partners as shown on the balance sheet? 8. What is the amount of total assets as shown on the balance sheet? 9. What is the amount of capital for each of the three partners as shown on the post-closing trial balance? What is the amount of interest for note 3 ? 11. What is the maturity date of note 4 ? 12. What is the maturity value of note 5 ? 9. Analyzing proposed changes in credit policy A credit policy covers how customers qualify for credit, the maximum amount of credit that customers are allowed, the terms of credit sales, and what actions will be taken if customers do not pay on time. To ensure that the credit policy is being followed and that it is achieving the desired objective, it should be monitored. If customers' payment patterns change significantly, the firm should consider changing its credit policy. Which statement best describes whether a proposed change in credit policy should be implemented? A policy that increases sales volume should be implemented. A policy that provides the lowest bad debts with the least amount of effort should be implemented. A policy with the least effect on sales should be implemented. A policy should be implemented if the added benefits exceed the costs based on present value. A new financial manager at Williams Company has proposed a change to the company's credit policy in order to lower the average collection period of the customers who forgo the discount by 10 days. The cost of the increased credit effort is $10 miliion, and the manager estimates that the company will lose 3% in gross sales as a result. The discount customers will not be affected. Your job is to review the proposal and make a recommendation. To simplify your analysis, assume that sales occur evenly throughout the year, that the variable operating costs and the credit evaluation and collection costs are incurred at the time of sale, and that a 360 -day year is used to comput the dally figures. Wiliams's cost of capital is 10%. Complete the following sentences. Williams institute the proposed policy change, because the existing policy provides a net present value of compared to the proposed policy, which provides a net present value of Since this change is expected to have a permanent and continuing effect, this daily difference of wilI the value to the firm by