PLEASE CORRECT AND ANSWER THESE ON THE TABLES AS IS.

Q1

Accounting for Current Operating Liabilities Part A PartB Part One On April 12, Waymire Corporation purchased raw materials costing $28,855 on credit. The credit terms were 2/10, n/30. a. If Waymire paid for the materials on April 19, how much would it pay? 28,277.9 A b. Compute the cost of a lost discount as an annual percentage interest rate. xX % [0 1d o i Accounting for Current Nonoperating Liabilities Gigler Company borrowed $50,000 on a 90-day, 69% note payable dated January 15. The bank accrues interest daily based on a 365-day year. Use the financial statement effects template to show the implications (amounts and accounts) of the January 31 month-end interest accrual. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Income Statement Cash Noncash Contrib Earned Net Transaction Asset Assets Liabilities Capital Capital Revenues Expenses Income Accrued of interest as of January 31 0 X 0 0 X 246.6 % O X N/A N/A * = N/A N/A N/A *x N/A * - N/A #* = CheckComputing Bond Issue Price On January 2, Randall, Inc., issues $600,000 of 4% bonds that pay interest semiannually and mature in ten years. Compute the bond issue price assuming the following market interest {yield) rate per year compounded semiannually. Consider each case separately. a.4% 600,000 v b.6% 510732 v 2% 710,028 % Lz Accounting for Long-Term Nonoperating Liabilities On January 1, Givoly Company issues $240,000 of 15-year, 10% bonds payable for $281,501 , yielding an effective interest rate of 89%. Interest is payable semiannually on June 30 and December 31. a. Show computations to confirm the issue price of $281,501 . Present value of principal payment $ 73,996.8 V Present value of semiannual interest payments 0 X Issue price of bonds 281,501 v b. Complete the financial statement effects template for (1) bond issuance, (2) semiannual interest payment and premium amortization on June 30, and (3) semiannual interest payment and premium amortization on December 31. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Income Statement Cash Noncash Contrib Earned Net Transaction Asset Assets Liabilities Capital Capital Revenues Expenses Income (1) Jan. 1 Issuance. 281.501 0 240,000 0 DV OV Cash N/A = Bonds payable # N/A N/A # N/A - N/A N/A #x (2) June 30 Interest and amortization. D X 0 D X 0 X D X DX N/A N/A = N/A N/A N/A #x N/A * - N/A #X = (3) Dec. 31 Interest and amortization. 0 x 0 X 0 0 X 0 X N/A N/A = N/A N/A N/A #x N/A * - N/A #x =Before You Begin X Please Note: This question is formula graded. Ensure that you enter your answers in as formulas, when applicable. We require our Excel formulas to be entered as the following: 1. An "=" sign before the formula 2. Reference cells instead of entering values 3. Cell references must be limited to the respective worksheet tab Examples: =E1+F2 OR=SUM(D5:D10) Closen MWatt Enterprises iszues 10 percent, five-year bonds with interest paid semiannually. The bonds had the following stated value: Bond stated value: Calculate the issue price under each of the following three scenarios. MNote: The Bond Issue Price should display as a positive number. Before You Begin Please Note: This question is formula graded. Ensure that you enter your answers in as formulas, when applicable. We require our Excel formulas to be entered as the following: 1. An "=" sign before the formula 2. Reference cells instead of entering values 3. Cell references must be limited to the respective worksheet tab Examples: =E1+F2 OR =SUM{D5:D10) Close The principal, interest rate, and terms for each of five notes payable follow. Determine the maturity date and compute the interast to be paid upon maturity for each of the five notes. Mote: Use a formula to calculate the maturity date, using the original date of the note. MNote: Prorate interest based upon a total of 360 days