On January 1, 2018, the general ledger of Freedom Fireworks includes the follovwing account balances: Accounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2018, the general ledger of Freedom Fireworks includes the follovwing account balances: Accounts Debit Credit $ 13,100 37,800 153,900 86,300 Cash Accounts Recelvable Inventory Land Buildings 139,000 Allowance for Uncollectible Accounts $ 3,700 Accumulated Depreciation Accounts Payable Common Stock 11,500 38,600 219,000 157,300 Retained Earnings Totals $430,100 $430,100 During January 2018, the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,170 are required at the end of each month for 60 months. January 4 Recelve $32,900 from customers on accounts recelvable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. Sales include $66,900 for cash and $143,900 on account. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,170 related to the $119,000 borrowed on January 1. Round your interest calculation to the nearest dollar. On January 1, 2018, the general ledger of Freedom Fireworks includes the follovwing account balances: Accounts Debit Credit $ 13,100 37,800 153,900 86,300 Cash Accounts Recelvable Inventory Land Buildings 139,000 Allowance for Uncollectible Accounts $ 3,700 Accumulated Depreciation Accounts Payable Common Stock 11,500 38,600 219,000 157,300 Retained Earnings Totals $430,100 $430,100 During January 2018, the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,170 are required at the end of each month for 60 months. January 4 Recelve $32,900 from customers on accounts recelvable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. Sales include $66,900 for cash and $143,900 on account. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,170 related to the $119,000 borrowed on January 1. Round your interest calculation to the nearest dollar.
Expert Answer:
Answer rating: 100% (QA)
Freedom Fireworks Account Titles and Explanation Debit Credit Date 112018 Cash ac Dr ... View the full answer
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
Students also viewed these finance questions
-
What payment is required at the end of each month for five years to repay a loan of $8000 at 8.4% compounded monthly?
-
What payment is required at the end of each month for 12 years to repay a $32 000 mortgage if interest is 6.5% compounded monthly?
-
What payment is required at the end of each month for five years to repay a loan of $6000 at 7% compounded semi-annually?
-
Find the inverse of each of the given matrices by the method of Example 1 of this section. Data from Example 1 Find the inverse of the matrix First, we interchange the elements on the principal...
-
Data set: Birdnest and Music a. Using a t-test, compute the two- sided p- value for the bird nest study in Exercise E. 13. and com-pare the results to what you found with the randomization test. b....
-
An investment bank agrees on an interest swap contract with a firm. Semiannual payments are arranged: the firm pays six-month LIBOR, whereas the bank pays a fixed rate of \(4 \%\) with semiannual...
-
Distinguish between environmental impact, environmental quality and environmental effect. How are these related to life-cycle assessment?
-
Which countries appear to have benefited the most from international trade during the last few decades? What policies do these countries seem to have in common? Does their experience lend support for...
-
Evaluate h'(1) where h(x) = f(x) g(x) given the following. f(1) = 5 f'(1) = -1.5 h'(1) = g(1) = 4 g'(1) = 3 Need Help? Read It
-
The 'estimating trumpet' illustrates tolerances and expectations around levels of estimating accuracy across the life cycle. How do the tolerances resonate with your organisation's expectations...
-
Seaview is a small resort community on the Gulf of Mexico. Blessed with nice beaches and a good location, Seaview has grown rapidly over the last decade. The growth has not been explosive, so that...
-
1.1 Define Project Objectives 1.2 Identify Stakeholders 1.3 Establish Project Team Planning and Preparation. 2.1 Develop Project Plan 2.2 Conduct Risk Assessment 2.3 Define Roles and Responsibilities...
-
Find the intervals where g ( x ) = xe ^ ( x ) is concave up and the intervals where it is concave down.
-
Explain training decision for company. Explain why and how you/your group determined how much and where to allocate training dollars. Or if the decision was not to invest in training, explain why. Be...
-
Diana and her family are eligible for dental benefits under her employer's group dental plan. The plan provides for orthodontic coverage with a 50% coinsurance up to a lifetime maximum benefit of...
-
Find the exact solution to the equation below. ( Do not give a decimal approximation. ) 5 ln ( 5 x + 8 ) = 1 8 x
-
Assume you have the following schedule. Transaction T Transaction T Transaction T3 read item (Y); read item (Z); read item (X); write item (X); write item (Y); write item (Z) read item (Z); read item...
-
Determine the annual percentage yield for a loan that charges a monthly interest rate of 1.5% and compounds the interest monthly.
-
A disk of 9-in. radius rotates at the constant rate 2 = 12 rad/s with respect to arm CD, which itself rotates at the constant rate 1 = 8 rad/s about the Y axis. Determine at the instant shown the...
-
Using the relation given in Prob. 18.119, determine the period of precession of the north pole of the earth about the axis of symmetry of the earth. The earth may be approximated by an oblate...
-
Two children are standing on a diving board that weighs 146 lb. Knowing that the weights of the children at C and D are 63 lb and 90 lb, respectively, determine (a) The reaction at A, (b) The...
-
What are property, plant and equipment (PPE) assets? What are the major classes of PPE assets? At what value should PPE assets be recorded?
-
What are capital expenditures?
-
What are the two main types of leases?
Study smarter with the SolutionInn App