International accounting questions

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Posted on

May 5th, 2018

Home Homework Market International accounting questions

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Query
1

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Kohl Firm
lent $54,500 to Hemingway, Inc, accepting Hemingway’s 2-year, $67,756,
zero-interest-bearing observe. The implied rate of interest is 11.5%. Put together Kohl’s
journal entries for the preliminary transaction, recognition of curiosity annually,
and the gathering of $67,756 at maturity. (Credit score
account titles are mechanically indented when the quantity is entered. Don’t
indent manually.)

Account Titles and
Clarification

Debit

Credit score

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Query
2

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For every occasion
listed beneath, choose the suitable class which describes the impact of the
occasion on a press release of money flows:

1.

Fee on long-term debt

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2.

Issuance of bonds at a premium

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three.

Assortment of accounts receivable

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four.

Money dividends declared

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5.

Issuance of inventory to accumulate land

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6.

Sale of available-for-sale securities (long-term)

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7.

Fee of workers’ wages

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eight.

Issuance of frequent inventory for money

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9.

Fee of revenue taxes payable

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10.

Buy of kit

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11.

Buy of treasury inventory (frequent)

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12.

Sale of actual property held as a long-term funding

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Query
three

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A trial stability
earlier than adjustment included the next:

Debit

Credit score

Accounts receivable

$128,000

Allowance for uncertain accounts

670

Gross sales

$342,000

Gross sales returns and allowances

eight,200

Give journal entries assuming that
the estimate of uncollectibles is decided by taking(1) 6% of
gross accounts receivable (Credit score account titles are
mechanically indented when the quantity is entered. Don’t indent
manually.)

Account Titles and
Clarification

Debit

Credit score

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.wiley.com/edugen/art2/frequent/pixel.gif”>(2)1% of web
gross sales. (Credit score account titles are mechanically
indented when the quantity is entered. Don’t indent
manually.)

Account Titles and
Clarification

Debit

Credit score

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Query
four

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Amy Monroe
needs to create a fund at this time that can allow her to withdraw $30,840 per yr
for six years, with the primary withdrawal to happen 5 years from at this time. (Use
the tables beneath.).wiley.com/edugen/programs/crs7181/artwork/qb/qu/ch0/EAT_13660862772600_728585172157979.jpg”>.wiley.com/edugen/programs/crs7181/artwork/qb/qu/ch0/EAT_13660862772600_8269235754903678.jpg”>If the fund earns 9% curiosity, how a lot should Amy make investments
at this time? (Spherical issue values to five decimal locations, e.g.
1.25124 and ultimate solutions to zero decimal locations, e.g.
458,581.)

Funding quantity

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