International accounting questions

International accounting questions

Question # 00056577 Posted By: neil2103 Updated on: 03/22/2015 03:39 PM Due on: 03/31/2015
Subject Accounting Topic Accounting Tutorials:
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Question 1
Kohl Company lent $54,500 to Hemingway, Inc, accepting Hemingway's 2-year, $67,756, zero-interest-bearing note. The implied interest rate is 11.5%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $67,756 at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

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Question 2
For each event listed below, select the appropriate category which describes the effect of the event on a statement of cash flows:

1.
Payment on long-term debt
2.
Issuance of bonds at a premium
3.
Collection of accounts receivable
4.
Cash dividends declared
5.
Issuance of stock to acquire land
6.
Sale of available-for-sale securities (long-term)
7.
Payment of employees' wages
8.
Issuance of common stock for cash
9.
Payment of income taxes payable
10.
Purchase of equipment
11.
Purchase of treasury stock (common)
12.
Sale of real estate held as a long-term investment

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Question 3
A trial balance before adjustment included the following:
Debit
Credit
Accounts receivable
$128,000

Allowance for doubtful accounts


670
Sales


$342,000
Sales returns and allowances
8,200


Give journal entries assuming that the estimate of uncollectibles is determined by taking

(1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

(2)1% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

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Question 4
Amy Monroe wants to create a fund today that will enable her to withdraw $30,840 per year for 6 years, with the first withdrawal to take place 5 years from today. (Use the tables below.)



If the fund earns 9% interest, how much must Amy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Investment amount
$

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  1. neil2103
    Tutorial # 00052607 Posted By: neil2103 Posted on: 03/22/2015 03:40 PM
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