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Submitted by JackDanIV on Wed, 2012-06-20 11:27
due on Wed, 2012-06-27 11:00
answered 2 time(s)
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Receivables, Liabilities and Fixed Assets

This is a three-part assignment, you will use a scenario where you will help justify the company loan decisions, complete journal entries for a warranty period, and determine the book value of the company by performing various accounting tasks. Use all 3 parts [attached files] to complete the scenario outlined in the Overview File.

Please be neat and organized. I have several other problems and will be a return customer several times over.

Submitted by Kumail Raza on Thu, 2012-06-21 06:11
teacher rated 24 times
purchased one time
price: $30.00

Answer file is attached. Feel free to contact for any further assistance

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file1.xlsx preview (783 words)


xxxxxxx Baby xxxxx
xxxxxx 1:
Amount to xx borrowed $500,000
Discounted note @ xxxx
xxxxxx xxxxxxxxxxxxxxx
xxxxxxx xxxxxxx xxxxxxx balanceInterest
Year xxxxxxxxx $530,000 $545,668xxxxxxx
xxxxxx xx
Amount to be xxxxxxxx xxxxxxxxxx
xxxxxxxx x 6.2%xxx
Period 18-Jan-00 months
Opening balance xxxxxxx xxxxxxx Interest
Year 01-Jan-00 xxxxxxxx xxxxxxxx xxxxxxx
xxxx01-Jan-00$531,000$547,213 xxxxxxx
As xxxxxxxx xxxxxxx xx xxx xxxxxxxxxx note (option 2) is more xxxx the xxxxxxxx payable xx xxxxxxxxxx xxxx (option xx by $ 1,545, therefore, xxxxxx 1 xx recommended xx board of xxxxxxxxx for xxxxxxxxx


Spoiled Baby Corps
Estimated warranty claim rate 6.0%
June sales xxxxxxxx
xxxxxxxxx xxx xxxxxxxx xxxxxxxxxx
xxxx xxxxxx Datexxxxxx xxxxx

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Submitted by shahimermaid on Fri, 2012-06-22 19:48
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the answers are in original files and are attached

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file1.docx preview (232 words)

xxxxxxx xxxx xxxx xxxxx xxxx xxxxxxx xxx has xxxxxxx to xxxxxx its xxxxxxxxxxx It needs to borrow $500,000 xxx xx xxxxxx and has xxxx you to negotiate xxxx xxx xxxxx

xxx xxxx is more than willing to lend xxx money to the company xxx xx offering xxx xxxxxxx x xxxxxxxxxx note at 6%. xxx Moneybags, the xxxxxxx xxx xxxxxxxxx xxxx this xx quite x xxxx and xxxxxxxxxxxxxx notes are xxxxxxxxx being xxxxxxx 6.2% APR

As xxx xxxxxxx accountant xxx must provide the xxxxxxxxx information xx xxxxxxx xxxx xxxxxxxxxxxxxx xx xxx Board xx Directors.

Sir, xx have xxxxxx x good deal with xxx xxxxx they are xxxxxxxx xx x short-term xxxx xx the xxxx of xxxxxxxxxx note at xx where as the non-discounted xxxxx are xxxxx xxxxxxx xx xxxx from xxx xxxxxxx public.

xxxxxxxx notes xx xxx make xxxxxxxx payments; instead the xxxx xx xxxxxxx at x par xxxxx above the xxxxxxxx price, xxx xxx xxxxx xxxxxxxxxxxx is used to xxxxxxxxx the xxxxxxxxxxxx xxxxxx  

xxxxxxx xxxxx will

Cash xxxxxxxxxxxxxxx xxxxxxx

xxxxxxxx on notes payable xx……………………xx xxxxxx

xxxxx Payable------------------------------------------------ xxxxxxx

xxxxxxx xxxxxxxxxxxxx xxxxxxxxx

Assets =

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file2.docx preview (234 words)

xxxxxxx xxxx Corp (SPC) sells baby buggies. Recent xxxxxxx xx xxx law xxxxxxxx xxx xx xxxxxxxx its xxxxxxxx xxx 90 xxxx xxx you must set xx xxx xxxxxxxx accounts. Historical Data indicates that xx xx monthly xxxxx xxxxxx in xxxxxxxx xxxxxxx xxx June xxxx xxxxxxx sales are xxxxxxxxx

xxxxxx x 6/100= xxxxxx

xxxxxxx xx xxx xxxxxxx for xxxx xxxxx xxxxxxxxx

The following warranty claims xxxx xxxx against June sales.

xxxx 8 210 July 14 450

xxxx 16 900 July xxxxxx

July xxxxxxxxxxx xxxxxx

July warranty xxxxxxx 3138

xxx 4 1,795 Aug xxxxx

xxx xxxxxxxxxx 17 1,022

xxx xxxxxxxxxx xxxxxx

xxx xxxxxxxxxx xxxxxx

August xxxxxxxx xxxxxxxxxxx

xxxx 2 111 Sept 3 219

Sept 5 1,135 Sept xxxxxx

xxxx 18 242 Sept 24 987

Sept xxxxxxxxxxx 28 1,587

xxxx 29 788 Sept xxxxxx

September warranty xxxxxxxxxxx

Oct 1 1188 Oct 8 1387

xxx 14 489 Oct 17 577

Oct 21 1,967 Oct 27 927

xxx xxxxxxxxxx xxxxxx

xxx xxxxxxxxxx xxxxxxx

October xxxxxxxx claims=10179

xxxxx xxxxxxxx claimed till October xxx xxxx xxxx is 26231

Total xxxxxxxx till 90 days after June sales xx xxxxx

xxxxxxxxx xxxxxxxx x 2629

Prepare the xxxxxxx entries required xx create and xxxxx the xxxxxxxx xxxxxx.


June xxxx

Cash xx xxxxxxxx receivable –Dr.

Sales xxxxxxx



xxxx xxxx

Warranty Expense

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file3.docx preview (610 words)

Spoiled Baby xxxx sells baby buggies xxx xxx begun xx xxxxxxxxx replacement project. You are xxxxxxxx to xxxxxxxxx xxx Book Value of xxxx of xxx fixed assets xxx make xxxxxxxxx xxxxxxxxx xxx purchases, xxxxxxx xxx disposition of various assets.

Indicate xxxx xxxxxxxxxxxxxx and justify your position for each of xxx following xxxxxxx

SPC purchased a tube xxxxxxxx on April xx xxxx xxx $27,000. xx xxx x useful xxxx of 10 years and a residual xxxxx of xxxxxxx xxx used double xxxxxxxxx xxxxxxx depreciation for xxxx asset. On February 19, 2012 xxx has an offer to sell this unit xxx 8,000.


Residual xxxxxx xxxx

xxxxxxxxxxxx to xx xxxxxxxxxxxxxx xxxx 10 xxxxx

xxx xxxx xxxxxxxxxxxx xxxxx straight line xxxxxxx xxxxx

2300/23000 *100= xxx

Double it xx 20%

After x xxxxxx the value of xxx xxxxx will be




xxxxxxx xxxxx xx xxxxx xx April x


xxxxx x xxxxxxxxxxx



xxxxx x xxxxxxxxxxx



xxxxx x 20/100=2944



xxxxx x xxxxxx =2355.20



xxxxxxx x xxxxxx xxxxxxxx


xxx double xxxxxxxxx xxxxxxx depreciation xxxxxx is like xxx straight-line method on steroids. xx use it, xxxxxxxxxxx first calculate xxxxxxxxxxxx xx if they were xxxxx the xxxxxxxx line methodx

They xxxx figure xxx xxx

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