Accounting Purchases Transactions Questions Homework Help
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1. Blake Gillis, president of Wayside Enterprises, applied for a $175,000 loan from American National Bank. The bank requested financial statements from Wayside Enterprises as a basis for granting the loan. Blake has told his accountant to provide the bank with a balance sheet. Blake has decided to omit the other financial statements because there was a net loss during the past year. In groups of three or four, discuss the following questions:
1. Is Blake behaving in a professional manner by omitting some of the financial statements?
2. A. What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide?
b. What types of information about a business would bankers want before extending a loan?
c. What common interests are shared by bankers and business owners?
2. If you had a nontrivial sum of money to invest and decided to invest it in a country index fund, in which country or countries would you invest your money? What accounting issues would play a role in your decision?
3. Purchases transactions
Xanadu Company purchased merchandise on account from a supplier for $12,650, terms 2/10, n/30. Xanadu Company returned $3,950 of the merchandise and received full credit.
1. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment?
2. What account is credited by Xanadu Company to record the return?
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4. Mercury Corp.’s sales last year were $395,000, and its year-end receivables were $42,500. Mercury sells on terms that call for customers to pay 30 days after the purchase, but many delay payment beyond Day 30. On average, how many days late do customers pay? Base your answer on this equation: DSO – Allowed credit period = Average days late, and use a 365-day year when calculating the DSO.
5. Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations
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