E6-2, e6-7, e6-8 and e6-18

E6-2

 

Determine due date and interest on notes

 

Obj|1

 

 

 

 Feb. 20, $450

 

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

 

Obj|4

 

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:

 

Age Interval                           Balance                                   Percent Uncollectible

 

Not Past Due                          $667,000                                             ½%

 

1 – 30 Days past due                158,000                                            2

 

31 -60 Days past due                   54,000                                           5

 

61 -90 Days past due                         20,000                                     15

 

91 -180 Days past due                       15,000                                     40

 

Over 180 Days past due                    10,500                                    75

 

                                                         $925,000

 

 Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

 

 

 

E6-8

 

Entry for uncollectible accounts

 

Obj|4

 

Using the data in Exercise 6-7, assume that the allowance for doubtful accounts for Newbury Bikes Co. had a negative balance of 2$3,800 as of December 31, 2012.

 

   Illustrate the effects of the adjustment for uncollectible accounts as of December 31, 2012, on the accounts and financial statements

 

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.
               
               
    Unit Unit        
  Inventory Cost Market        
Commodity Quantity Price Price        
               
Buffalo 35 $115 $120        
Dakota 67 90 75        
Frontier 8 300 280        
Midwest 83 40 30        
Rainbow 100 90 94        

 

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