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intermediate accounting 11th

Intermediate Accounting IFRS International Adaptation 5th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions

*P7.8 (LO 3, 5) (Compute FIFO, LIFO, and Average-Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,200 $3.00 1,200 7 700 500 10
RTWRCCCCCCCCCCCCCCCCCCCC*P7.7 (LO 3, 5) (Compute FIFO, LIFO, and Average-Cost) Ronaldo Company’s record of transactions concerning part VF5 for the month of September was as follows.Purchases Sales September 1 (balance on hand) 100 @ $5.00 September 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800
P7.6 (LO 3) Groupwork (Compute FIFO and Average-Cost—Periodic and Perpetual) Ehlo NV is a multiproduct firm. The following is information concerning one of its products, the Hawkeye.Date Transaction Quantity Unit Cost 1/1 Beginning inventory 1,000 NT$12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30
P7.5 (LO 3) (Compute FIFO and Average-Cost) Some of the information found on a detail inventory card for Cheng Ltd. for the first month of operations is as follows (¥ amounts in thousands).Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,200 ¥3.00 1,200
P7.4 (LO 3) (Compute Specific Identification, FIFO, and Average-Cost) Silva SA’s record of transactions concerning part X for the month of April was as follows.Purchases Sales April 1 (balance on hand) 100 @ R$5.00 April 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @
P7.2 (LO 1, 2) Groupwork (Inventory Adjustments) Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2025.Inventory at December 31, 2025 (based on physical count of goods in Dimitri’s plant, at cost, on
P7.1 (LO 3) Groupwork (Various Inventory Issues) The following independent situations relate to inventory accounting.1. Kim Co. purchased goods with a list price of €175,000, subject to two trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the
*E7.23 (LO 3, 5) (FIFO and LIFO—Periodic) Charlton Shop began operations on January 2, 2025.The following stock record card for footballs was taken from the records at the end of the year.Date Voucher Terms Units Received Unit Invoice Cost Gross Invoice Amount 1/15 10624 Net 30 50 £20 £1,000
*E7.22 (LO 3, 5) (FIFO and LIFO Effects) You are the vice president of finance of Siloso Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2025. These schedules appear below.Sales(S$5 per unit)Cost of Goods Sold Gross Margin
*E7.21 (LO 3, 5) (FIFO and LIFO, Income Statement Presentation) The board of directors of Hayward Corporation is considering whether or not it should instruct the accounting department to change from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The
*E7.20 (LO 3, 5) (FIFO and LIFO—Periodic and Perpetual) The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2025.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 590 units @ $38 28 Purchase 400 units
*E7.19 (LO 3, 5) (FIFO, LIFO, Average-Cost Inventory) Mills Company was formed on December 1, 2024. The following information is available from Mills’ inventory records for Product Zone.Units Unit Cost January 1, 2025 (beginning inventory) 600 $ 8.00 Purchases:January 5, 2025 1,100 9.00 January
*E7.18 (LO 3, 5) (FIFO, LIFO, and Average-Cost Determination) Keyser Company’s record of transactions for the month of April is as follows.Purchases Sales April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,300 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200
*E7.17 (LO 3, 5) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June.June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24 11 Purchased 800 units @ $11 15 Sold 500 units @ $25 20 Purchased 500
E7.16 (LO 4) (Inventory Errors) The net income per books of Wu Ltd. was determined without knowledge of the following errors.Year Net Income per Books Error in Ending Inventory 2021 HK$50,000 Overstated HK$ 5,000 2022 52,000 Overstated 9,000 2023 54,000 Understated 11,000 2024 56,000 No error 2025
E7.15 (LO 4) (Inventory Errors) At December 31, 2025, Dwight AG reported current assets of€390,000 and current liabilities of €200,000. The following items may have been recorded incorrectly.Dwight uses the periodic method.1. Goods purchased costing €22,000 were shipped f.o.b. shipping point
E7.14 (LO 4) (Inventory Errors—Periodic) Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.)1. Both ending inventory and purchases and related accounts payable are understated. (Assume this
E7.13 (LO 4) (Inventoriable Costs—Error Adjustments) Werth Company asks you to review its December 31, 2025, inventory values and prepare the necessary adjustments to the books. The following information is given to you.1. Werth uses the periodic method of recording inventory. A physical count
E7.12 (LO 3) (FIFO and Average-Cost, Income Statement Presentation) The board of directors of Oksana ASA is considering whether or not it should instruct the accounting department to change from a first-in, first-out (FIFO) basis of pricing inventories to an average-cost basis. The following
E7.11 (LO 3) (Compute FIFO and Average-Cost—Periodic) The following information is related to radios for the Couples Company for the month of July.Units Units Selling Date Transaction Units In Cost Total Sold Price Total July 1 Balance 100 $4.10 $ 410 6 Purchase 800 4.30 3,440 7 Sale 300 $7.00 $
E7.10 (LO 3) (FIFO and Average-Cost Inventory) Esplanade SA was formed on December 1, 2024. The following information is available from Esplanade’s inventory records for Product BAP.Units Unit Cost January 1, 2025 (beginning inventory) 600 R$ 8.00 Purchases:January 5, 2025 1,100 9.00 January 25,
E7.9 (LO 3) (FIFO and Average-Cost Determination) LoBianco Company’s record of transactions for the month of April was as follows.Purchases Sales April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,300 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00
E7.8 (LO 2, 3) (Periodic vs. Perpetual Entries) Chippewas Company sells one product. Presented below is information for January for Chippewas Company.Jan. 1 Inventory 100 units at $6 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6.50 each 13 Sale 120 units at $8.75 each 20 Purchase 160
E7.7 (LO 2) (Purchases Recorded, Gross Method) Ohno Industries purchased ¥12,000 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60.It returned ¥3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on
E7.6 (LO 2) (Purchases Recorded Net) Presented below are transactions related to Guillen Ltd, a company that uses the periodic inventory system.May 10 Purchased goods billed at £20,000 subject to cash discount terms of 2/10, n/60.11 Purchased goods billed at £15,000 subject to terms of 1/15,
E7.5 (LO 2) (Determining Merchandise Amounts—Periodic) Two or more items are omitted in each of the tabulations of income statement data shown below.2024 2025 2026 Sales revenue £290,000 £ ? £410,000 Sales returns and allowances 6,000 13,000 ?Net sales ? 347,000 ?Beginning inventory 20,000
E7.4 (LO 1, 2) (Inventoriable Costs—Perpetual) Bradford Machine plc maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which
E7.3 (LO 1, 2) (Inventoriable Costs) Assume that in an annual audit of Webber AG on December 31, 2025, you find the following transactions near the closing date.1. A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room
E7.2 (LO 1, 2) (Inventoriable Costs) In your audit of Garza Company, you find that a physical inventory on December 31, 2025, showed merchandise with a cost of $441,000 was on hand at that date.You also discover the following items were all excluded from the $441,000.1. Merchandise of $61,000 which
E7.1 (LO 1, 2) (Inventoriable Costs) Presented below is a list of items that may or may not be reported as inventory in a company’s December 31 statement of financial position.1. Goods sold on an installment basis (bad debts can be reasonably estimated).2. Goods out on consignment at another
*BE7.10 (LO 5) Data for Amsterdam Company are presented in BE7.6. Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
BE7.9 (LO 2, 4) Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,000 of goods sold to Alvarez Company for
BE7.8 (LO 4) Bienvenu Enterprises reported cost of goods sold for 2025 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2025. Bienvenu later discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $110,000 and $35,000, respectively. Determine the
BE7.7 (LO 3) Data for Amsterdam Company are presented in BE7.6. Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
BE7.6 (LO 3) Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.Units Unit Cost Total Cost April 1 inventory 250 $10 $ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850 Compute the
BE7.5 (LO 3) Data for Jakarta Ltd. are presented in BE7.4. Compute the June 30 inventory and the June cost of goods sold using the FIFO method.
BE7.4 (LO 3) Jakarta Ltd. uses a periodic inventory system. For June, when the company sold 600 units, the following information is available.Units Unit Cost Total Cost June 1 inventory 150 €5 € 750 June 15 purchase 600 6 3,600 June 23 purchase 400 8 3,200 1,150 €7,550 Compute the June 30
BE7.3 (LO 2) Obihiro Ltd. has the following information related to its inventory of embroidered baseball caps: purchase price, ¥45,000,000; import duties, ¥375,000; interest costs on inventory loan, ¥520,000;and transportation costs, ¥125,000. Determine the cost of the Obihiro inventory.
BE7.2 (LO 1) Matlock SE uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost €34 each. During June, the company purchased 150 units at €34 each, returned 6 units for credit, and sold 125 units at €50 each. Journalize the June transactions.
BE7.1 (LO 1) Included in the December 31 trial balance of Rivera A.Ş. are the following assets.Cash 190,000 Work in process 200,000 Equipment (net) 1,100,000 Accounts receivable (net) 400,000 Prepaid insurance 41,000 Patents 110,000 Raw materials 335,000 Finished goods 170,000 Prepare the current
*19. As compared with the FIFO method of costing inventories, does the LIFO method result in a larger or smaller net income in a period of rising prices? What is the comparative effect on net income in a period of falling prices?
18. At the statement of financial position date, Clarkson Company held title to goods in transit amounting to $214,000. This amount was omitted from the purchases figure for the year and also from the ending inventory. What is the effect of this omission on the net income for the year as calculated
17. In the third quarter of 2026, David Beckham, the controller for Swiss Precision Company, discovers an error in ending inventory counts for the December 31, 2025, cutoff. After Beckham reports the error in a management meeting, the president for Swiss argues that this error in the prior year is
16. FIFO and weighted-average methods are often used instead of specific identification for inventory valuation purposes. Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation.
15. Specific identification is sometimes said to be the ideal method of assigning cost to inventory and to cost of goods sold. Briefly indicate the arguments for and against this method of inventory valuation.
14. Zonker NV purchases 500 units of an item at an invoice cost of€30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was €1,500, what is the cost per unit if Zonker pays the freight charges? If these items were bought on 2/10, n/30 terms and
13. Biestek Meat-Packing SA historically has experienced a 0.5% spoilage rate associated with production of its Polish sausage line of products.However, due to installation of new meat-grinding equipment, higher than usual spoilage of €45,000 was experienced on the Polish sausage line in a recent
12. Wysocki Company has incurred borrowing costs as part of its manufacturing process of its inventory. Should these costs be included in the cost of the inventory? Explain.
11. Honda (JPN) is considering alternative methods of accounting for the cash discounts it takes when paying suppliers promptly. One method suggested was to report these discounts as financial income when payments are made. Comment on the propriety of this approach.
10. Distinguish between product costs and period costs as they relate to inventory.
9. Define “cost” as applied to the valuation of inventories.
8. Holland Home Electronics transfers (sells) inventory to Oslo ASA with right of return within the next 3 months. Advise Holland management on the conditions under which it can consider goods sold under this plan.
7. Yang Specialty Products has a generous return policy. Yang gives customers a 30-day trial period, after which they can return the product for a full refund if not satisfied. Under what conditions can Yang consider the inventory sold when the generous return policy is offered?
6. Where, if at all, should the following items be classified on a statement of financial position?a. Goods out on approval to customers.b. Goods in transit that were recently purchased f.o.b. destination.c. Land held by a realty firm for sale.d. Raw materials.e. Goods received on consignment.f.
5. What is a product financing arrangement? How should product financing arrangements be reported in the financial statements?
4. Mishima Ltd. indicated in a recent annual report that approximately¥19 million of merchandise was received on consignment.Should Mishima report this amount on its statement of financial position? Explain.
3. What is the difference between a perpetual inventory and a physical inventory? If a company maintains a perpetual inventory, should its physical inventory at any date be equal to the amount indicated by the perpetual inventory records? Why?
2. Why should inventories be included in (a) a statement of financial position and (b) the computation of net income?
1. In what ways are the inventory accounts of a merchandising company different from those of a manufacturing company?
CA6.11 (LO 3) Ethics (Bad-Debt Reporting) Marvin Company is a subsidiary of Hughes Corp.The controller believes that the yearly allowance for doubtful accounts for Marvin should be 8% of gross accounts receivable. The president, nervous that the parent company might expect the subsidiary to sustain
CA6.10 (LO 3) Writing (Receivables Management) As the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk, who is paid $1,200 per month, has been wearing unusually tasteful and expensive clothing.
CA6.9 (LO 4) Writing (Accounting for Zero-Interest-Bearing Note) Soon after beginning the year-end audit work on March 10 at Engone plc, the auditor has the following conversation with the controller.Controller: The year ended March 31st should be our most profitable in history and, as a
CA6.8 (LO 4) Groupwork (Reporting of Notes Receivable, Interest, and Sale of Receivables)On July 1, 2025, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Moresan will receive interest at the prevailing rate for a
CA6.7 (LO 4) (Zero-Interest-Bearing Note Receivable) On September 30, 2025, Rolen Machinery Co. sold a machine and accepted the customer’s zero-interest-bearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales price was not determinable using Rolen’s
CA6.6 (LO 4) (Sale of Notes Receivable) Corrs Wholesalers Co. sells industrial equipment for a standard 3-year note receivable. Revenue is recognized at time of sale. Each note is secured by a lien on the equipment and has a face amount equal to the equipment’s list price. Each note’s stated
CA6.5 (LO 3) (Bad-Debt Reporting Issues) Valasquez SA sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken advantage of the discount by paying within 10 days of the
CA6.4 (LO 2, 4) Writing (Basic Note and Accounts Receivable Transactions)Part 1: On July 1, 2025, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Wallace Company will receive interest at
CA6.3 (LO 3) Writing (Bad-Debt Reporting Issues) Clark Pierce conducts a wholesale merchandising business that sells approximately 5,000 items per month with a total monthly average sales value of €250,000. Its annual bad debt rate has been approximately 1½% of gross receivables. In recent
CA6.2 (LO 3, 5) (Various Receivable Accounting Issues) Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers.On August 1, 2025, Kimmel sold some accounts receivable on a without guarantee (recourse) basis.Kimmel incurred
CA6.1 (LO 3) (Bad-Debt Accounting) Simms Company has significant amounts of trade accounts receivable. Simms uses the allowance method to estimate bad debts instead of the direct write-off method.During the year, some specific accounts were written off as uncollectible, and some that were
*P6.14 (LO 6) (Bank Reconciliation and Adjusting Entries) The following information is related to Haselhof Inc.Balance per books at October 31, $41,847.85; November receipts $173,523.91; November disbursements$164,893.54. Balance per bank statement November 30, $56,274.20.The following checks were
*P 6.13 (LO 6) (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2025. The bank statement as of that date showed a balance of$4,150. Upon comparing the statement with the cash records, the following facts were determined.1.
*P 6.12 (LO 6) (Petty Cash, Bank Reconciliation) Bill Jovi is reviewing the cash accounting for Nottleman, plc, a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2025. He has collected the following information from
P6.11 (LO 5) Groupwork (Income Effects of Receivables Transactions) Sandburg Mining requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following contemplated
P6.10 (LO 5) (Assigned Accounts Receivable—Journal Entries) Salen Ltd. finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2025, it assigned, under guarantee, specific accounts amounting to ¥150,000,000. The finance company advanced to Salen
P6.9 (LO 4) (Comprehensive Receivables Problem) Braddock Inc. had the following long-term receivable account balances at December 31, 2024.Note receivable from sale of division $1,500,000 Note receivable from officer 400,000 Transactions during 2025 and other information relating to Braddock’s
P6.8 (LO 4) (Notes Receivable Journal Entries) On December 31, 2025, Regent plc rendered services to Begin Group at an agreed price of £102,049, accepting £40,000 down and agreeing to accept the balance in four equal installments of £20,000 receivable each December 31. An assumed interest rate
P6.7 (LO 4) (Notes Receivable with Realistic Interest Rate) On October 1, 2025, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a realistic rate of interest for a note of this
P6.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The statement of financial position of Stancia SA at December 31, 2024, includes the following (in thousands).Notes receivable R$ 36,000 Accounts receivable 182,100 Less: Allowance for doubtful accounts 17,300 R$200,800
P6.5 (LO 3) (Bad-Debt Reporting) The following is information related to the Accounts Receivable accounts of Gulistan AG during the current year 2025.1. An aging schedule of the accounts receivable as of December 31, 2025, is as follows.Age Net Debit Balance% to Be Applied after Correction Is Made
P6.4 (LO 3) (Bad-Debt Reporting) From inception of operations to December 31, 2025, Fortner plc provided for uncollectible accounts receivable under the allowance method. The provisions are recorded based on analysis of customers with different risk characteristics. Bad debts written off were
P6.3 (LO 3) (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow’s Accounts Receivable was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end
P6.2 (LO 3) Groupwork (Bad-Debt Reporting) The following are a series of unrelated situations.1. Halen Company’s unadjusted trial balance at December 31, 2025, included the following accounts.Debit Credit Accounts receivable $53,000 Allowance for doubtful accounts 4,000 Net sales $1,200,000 Halen
P6.1 (LO 1) (Determine Proper Cash Balance) Francis Equipment AG closes its books regularly on December 31, but at the end of 2025 it held its cash account open so that a more favorable statement of financial position could be prepared for credit purposes. Cash receipts and disbursements for the
* E6.25 (LO 6) (Bank Reconciliation and Adjusting Entries) Aragon Company has just received the August 31, 2025, bank statement, which is summarized below.County National Bank Disbursements Receipts Balance Balance, August 1 $ 9,369 Deposits during August $32,200 41,569 Note collected for
*E 6.24 (LO 6) (Bank Reconciliation and Adjusting Entries) Kipling plc deposits all receipts and makes all payments by check. The following information is available from the cash records.June 30 Bank Reconciliation Balance per bank £7,000 Add: Deposits in transit 1,540 Deduct: Outstanding checks
* E6.23 (LO 6) (Petty Cash) The petty cash fund of Teasdale’s Auto Repair Service, a sole proprietorship, contains the following.1. Coins and currency $ 10.20 2. Postage stamps 7.90 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.00 4. Check payable to Teasdale’s Auto
*E6.22 (LO 6) (Petty Cash) McMann, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.1. On April 1, it established a petty cash fund in the amount of $200.2. A summary of the
E6.21 (LO 5) (Transfer of Receivables) Use the information for Grant AG as presented in E6.20.Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling €10,000 will be transferred to Credit Factors without guarantee. Credit Factors will retain 5% of the
E6.20 (LO 2, 5) (Analysis of Receivables) The following information is for Grant AG.1. Beginning-of-the-year Accounts Receivable balance was €15,000.2. Net sales (all on account) for the year were €100,000. Grant does not offer cash discounts.3. Collections on accounts receivable during the
E6.19 (LO 5) (Transfer of Receivables without Guarantee) SEK Group factors ¥400,000 of accounts receivable with Mays Finance without guaranteeing any payment for possible credit losses(without recourse) on July 1, 2025. The receivables records are transferred to Mays Finance, which will receive
E6.18 (LO 5) (Transfer of Receivables without Guarantee) Bohannon SA factors €250,000 of accounts receivable with Winkler Financing, on a without guarantee (no recourse) basis. Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August
E6.17 (LO 5) (Transfer of Receivables with Guarantee) Bryant Ltd. factors receivables with a carrying amount of £200,000 to Warren Company for £190,000 and guarantees all credit losses.Instructions Prepare the appropriate journal entry to record this transaction on the books of Bryant Ltd.
E6.16 (LO 3, 5) (Journalizing Various Receivable Transactions) The trial balance before adjustment for Misumi Ltd. shows the following balances (amounts in thousands).Dr. Cr.Accounts Receivable ¥82,000 Allowance for Doubtful Accounts 1,750 Sales Revenue ¥430,000 Instructions Using the data above,
E6.15 (LO 5) (Assigning Accounts Receivable) On April 1, 2025, Prince Company assigns $500,000 of its accounts receivable to the Hibernia Bank as collateral for a $300,000 loan due July 1, 2025. The assignment agreement calls for Prince Company to continue to collect the receivables. Hibernia Bank
E6.14 (LO 4) (Notes Receivable with Unrealistic Interest Rate) On December 31, 2025, Hurly Co.performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co.agreed to accept a $300,000 zero-interest-bearing note due December 31, 2027, as payment in full. Cascade
E6.13 (LO 4) (Notes Transactions at Unrealistic Interest Rates) On July 1, 2025, Rentoul plc made two sales.1. It sold land having a fair value of £900,000 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of £1,416,163. The land is carried on Rentoul’s books at
E6.12 (LO 2, 3, 5) (Journalizing Various Receivable Transactions) The following information is related to Sanford SA.July 1 Sanford SA sold to Legler Co. merchandise having a sales price of €10,000 with terms 2/10, net/60. Sanford records its sales and receivables net.5 Accounts receivable of
E6.11 (LO 3) (Bad Debts—Aging) Puckett, AG includes the following account among its trade receivable (amounts in dollars).Alstott Co.1/1 Balance forward 700 1/28 Cash (#1710) 1,100 1/20 Invoice #1710 1,100 4/2 Cash (#2116) 1,350 3/14 Invoice #2116 1,350 4/10 Cash (1/1 Balance) 255 4/12 Invoice
E6.10 (LO 3) (Bad-Debt Reporting) The chief accountant for Dickinson Corporation provides you with the following list of accounts receivable written off in the current year.Date Customer Amount March 31 E. L. Masters Company $7,800 June 30 Stephen Crane Associates 9,700 September 30 Amy Lowell’s

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