Chapter 4 Louwes questions.xlsx - Casandra Davis Chp 4 Louwers Questions 11-Apr-19#4.51 a Date 1-Jan 1-Feb 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct

Chapter 4 Louwes questions.xlsx - Casandra Davis Chp 4...

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Casandra Davis Chp 4 Louwers Questions 11-Apr-19 #4.51 a) Date Time Period Balance Rate % Interest 1-Jan 1 $ 150,000 10 ($150,000 *0.1*1)/12 $ 1,250 1-Feb 2 $ 200,000 10 ($200,000 *0.1*1)/12 $ 3,334 1-Apr 1 $ 225,000 10 ($225,000*0.1*1)/12 $ 1,875 1-May 1 $ 285,000 10 ($285,000 *0.1*1)/12 $ 2,375 1-Jun 1 $ 375,000 10 ($375,000 *0.1*1)/12 $ 3,125 1-Jul 1 $ 375,000 9.5 ($375,000 *0.095*1)/12 $ 2,969 1-Aug 1 $ 430,000 9.5 ($430,000 *0.095*1)/12 $ 3,404 1-Sep 1 $ 290,000 9.5 ($290,000 *0.095*1)/12 $ 2,296 1-Oct 1 $ 210,000 9.5 ($210,000 *0.095*1)/12 $ 1,663 1-Nov 1 $ 172,000 9.5 ($172,000 *0.095*1)/12 $ 1,362 1-Dec 1 $ 95,000 9.5 ($95,000 *0.095*1)/12 $ 752 Total $ 24,405 Weighted Average 12 $255,182 9.75 $ 2,243 b) c) My estimate of $24,405 and my client estimate is $23,650, this making a difference of $750. My client didn't recor The accruals are that the account happened but didn't get back money or give money to the the partner. The tran get paid or received in the end of the fiscal year. I would record the account payable, but actually wouldn't pay in first month of the following year. d) My estimate of $24,405 is very close the the clients of $24,400, which creates a $5 difference. This could be from e) My estimate of $24,405 and my client's estimate of $25,200 creates a larger differece than the above $795. One r my client didn't change the interest rate, my client kept the same interest rate of 10% from Jan. to Dec. If my clien
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  • Fall '17
  • Debt, Generally Accepted Accounting Principles, client estimate

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