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28 19 Many businesses borrow money during periods of increased business activity to finance Inventory and accounts receivable Federal Way, Inc., is one of America's most prestigious retallers. Each Christmas season, FederalWay builds up its inventory to meet the beds of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, FederalWay often collects cash from the sales several months after Chr. Assume that on November of this yeu, Federalny horrowed 547 million cash from Third Fith Bank to meet short-term obligations. FederalWay signed an interest-bearing note and promised to repay the $47 millonin six months. The annual interest rate was 10%. Allerest will accrue and be paid when there is due in six months. FederalWay's accounting penod ends December 31 Required: 1. Prepare the journal entry to record the note on November 1 2. Prepare any acting ently required at the end of the annual accounting period on December 31 3. Prepare the journal entry to record payment of the note and interest on the maturity, April 30. For all requirements, no entry is required for transaction event, select "No journal entry required in the first account le Enter your answers in whole dollars net in millions le. 1,000,000 not 1.03 Viewonet Journal entry worksheet 5 2 3 > Record the date on November 1 Che Net Clean View 29 The TX Companies, Inc., which operates the TJ. Marx, Mitchels, and GoodHome chains, is the lending off-price apparel and home fashions retaller in the U.S. and worldwide. Presented here are selected recent income statement and balance sheet amounts (dollars In thousands 12 points Nint sien at the Avecae shareholdere equity Avenge total ste CRYORE $33,403,760 2,990,250 5,108,850 12,887,140 Pelo YES 031,644,960 2,977.676 4,905,670 11,939,610 Required 1. Compute ROA for the current and prior years. (Round your answers to 3 decimal places.) 2. Compute the profit margin for both years and Asset Turnover for both years. (Round your answers to 4 decimal places.) Current Your Pria Year 1. ROA 2. Predt Maglie Ass Turnover