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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
Chapter Seven 3 Problem 7-22 A. The amortization schedule for a 3 year period would be set up as follows Acct Period (yr) Principal Bal Cash Pymt App to Interest App to Principal Jan 1 Dec 31 C = A*(int rate) D = B-C Column A

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

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