ACC 201 -- Week4 Assignment1Ch7

ACC 201 -- Week4 Assignment1Ch7 - Chapter Seven 1 Chapter...

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Chapter Seven 1 Chapter Seven Questions Ashley Dyal ACC 201 Ms. Rayford February 3, 2011
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Chapter Seven 2 Chapter 7 Questions Problem 7-19 A. 1. Total interest paid for 2008 is $1960. 2. $1960 is what is reported on the statements for 2008, leaving $2100 to be paid in 2009. 3. The warranty is the amount of warranty expense for year is $4500. B. Partial Balance Sheet For Caledonia As of December 31, 2008 Current Liabilities Sales tax payable $15750 Notes Payable $40000 Interest Payable $1960 Warranties Payable $900 Installment Notes Payable $700 Total Liabilities $59310 C. Financial Statement for Caledonia as of December 31, 2008 date Assets =Liab +Equ Rev -Exp =Net In Ca flow 3/1 51260 1260 50000 50000 NA 50000 51260 FA 4/5 225000 NA 225000 225000 NA 22500 225000 OA 5/8 NA -4500 -4500 NA -4500 -4500 NA 6/12 -190000 -190000 NA NA NA NA -190000 OA 9/1 -51260 NA -51260 NA -51260 -51260 -51260 OA 10/1 42800 2800 40000 40000 NA 40000 42800 FA 11/15 -3600 900 3600 NA -3600 -3600 -3600 OA 11/20 NA 100000 NA NA NA NA NA
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This note was uploaded on 04/18/2011 for the course ACC 201 taught by Professor Alao during the Spring '10 term at Ashford University.

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ACC 201 -- Week4 Assignment1Ch7 - Chapter Seven 1 Chapter...

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