AC/113 AC113 AC 113 UNIT 7 ASSIGNMENT
- Kaplan University / AC 113
- 18 Aug 2017
- Price: $15
- Other / Other
AC 113 UNIT 7 ASSIGNMENT
Unit 7 Assignment:
This week's Assignment will introduce you to how to determine due dates and interest amounts on notes, calculate and estimate doubtful accounts, and review lower of cost or marketing analysis for inventory.
Your Assignment consists of the following:
Exercises 6-2, 6-7 and 6-18
Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor.
Upload your Excel file to the Assignment Dropbox by the end of the unit.
Note: In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format.
E6-2
Determine due date and interest on notes
Determine the due date and the amount of interest due at maturity on the following notes:
|
Date of Note |
Face Amount |
Interest Rate |
Term of Note |
|
|
a. |
January 6 |
$40,000 |
9% |
45 days |
|
b. |
March 23 |
9,000 |
10 |
60 days |
|
c. |
May 30 |
12,000 |
12 |
90 days |
|
d. |
August 30 |
18,000 |
10 |
120 days |
|
e. |
October 1 |
10,500 |
8 |
60 days |
E6-7
Estimating doubtful accounts
Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows:
Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.
E6-18
Lower-of-cost-or-market inventory
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
|
Commodity |
Inventory Quantity |
Unit Cost Price |
Unit Market Price |
|
Buffal |
35 |
$115 |
$120 |
|
Dakota |
67 |
90 |
75 |
|
Frontier |
8 |
300 |
280 |
|
Midwest |
83 |
40 |
30 |
|
Rainbow |
100 |
90 |
94 |
USA 
India