P7-10_ Evergreen Company
Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:
Feb. 28 Sold merchandise to Lennox, Inc. for $9,900 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note. End date Sept 11
Mar. 31 Sold merchandise to Maddox Co. and accepted a non-interest-bearing note with a discount rate of 10%. The $8,800 payment is due on March 31, 2012.
Apr. 3 Sold merchandise to Carr Co. for 7,800 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts.
11 Collected the entire amount due from Carr Co. Note amt 6800 A/R collections 6800
17 A customer returned merchandise costing $3200. Evergreen reduced the customer’s receivable balance by $5000, the sales price of the merchandise. Sales returns are recorded by the company as they occur.
Apr. 30 Transferred receivables of $50,000 to a factor without recourse. The factor charged Evergreen a 1% finance charge on the receivables transferred. The sale criteria are met.
June 30 Discounted the Lennox, Inc., note at the bank. The bank’s discount rate is 12%. The note was discounted without recourse.
Aug 31 Lennox, Inc., paid note amount plus to the bank.
Review the financial information pertaining to Evergreen Company and prepare the following:
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