Randy has the following account balances on its balance sheet dated December 31, 2017: Accounts receivable 300,000 Less: Allowance for doubtful accounts (50,000) $250,000 2 Transactions in 2018 included the following: 1. Accounts receivable of $100,000 were collected. This amount included gross accounts of $50,000 on which 2% sales discounts were allowed. (Randy used the gross method for sales discounts.) 2. Accounts receivable of $10,000 that had been written off in 2017 were collected in 2018. 3. Accounts of $40,000 were written off in 2018. 4. At year end, an aging analysis suggested that of all the outstanding accounts receivable, $35,000 was uncollectible.

Prepare journal entries for each of the 4 transactions above.

The following data from Lyre Ltd's accounts relates to two assets at 30 June 2018:

At 30 June 2018 Lyre Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $2,238,000 and plant and equipment has a fair value of $215,000. On 30 June 2019 Lyre Ltd reviews the value of its assets. The fair value of land is reassessed as $2,278,000. Plant and equipment has no change in value on that date.

Prepare the journal entries required to revalue the assets for the year ended 30 June 2018 and the 30 June 2019.

Rumsfeld Corporation leased a machine on December 31, 2018, for a three-year period. The lease agreement calls for annual payments in the amount of $16,000 on December 31 of each year beginning on December 31, 2018. Rumsfeld has the option to purchase the machine on December 31, 2021, for $20,000 when its fair value is expected to be $40,000. The machine's estimated useful life is expected to be five years with no residual value. The appropriate interest rate for this lease is 12%. Round your answers to the nearest whole dollar amounts. 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease payable. 2. Prepare an amortization schedule for this lease. 3. Prepare Rumsfeld's journal entries for this lease for 2018 and 2019.

Analyze the Average Collection Period Based on the table

Analyze the Fixed Asset Turnover based on the table

Analyze Debt to Asset Ratio based on the table

RNE Manufacturing Company sells its products offering 30 days’ credit to its customers. During 2018, its first year of operations, the following events occurred:​

A) Emma invested $32,000 into National Oilwell three years ago. National Oilwell value increased by -6.7% in 2017, -5.7% in 2018 and 7.9% in 2019. what has been the geometric average rate of return in the past three years?

B) Ryan invested $24,000 into Berkshire Hathaway three years ago. Berkshire hataways value increased by -8.3% in 2017, 5.8% in 2018, and 7.6% in 2019. what is the difference in points, between his arithmetic and geometric average annual returns?

C) Ryan invested $18,000 into cerner three years ago. corners value increased by -7.3% in 2017, 10.3% in 2018, and -5.8% in 2019. what is the difference in basis points, between her arithmetic and geometric average annual rate of returns?

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available:

Required:
Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods:

U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2017.

U.S.M.’s actuary determined that 2018 service cost is $70,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $130,000 to the pension fund at the end of 2018, and retirees were paid $54,000 from plan assets. (Enter you answers in millions (i.e., 10,000,000 should be entered as 10).)

Required:

1 to 4. Determine the following amounts at the end of 2018.
5. Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments.

Moon Company includes 1 coupon in each box of soap powder that it packs, 10 coupons being redeemable for a premium consisting of a kitchen utensil. In 2018, Moon Company purchased 46,000 premiums at $1.00 each and sold 650,000 boxes of soap powder @ $5.00 per box. Based on past experience, it is estimated that 64% of the coupons will be redeemed. During 2018, 168,000 coupons were presented for redemption.

During 2019, 38,000 premiums were purchased at $1.10. The company sold 1,100,000 boxes of soap at $5.00 and 510,000 coupons were presented for redemption.

Instructions Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in both 2018 and 2019. Assume a FIFO inventory flow.

Fireval Machine Works Co. signs an agreement on Jan 1, 2018, to lease equipment to Reid company. the following information relates to the agreement:

>The term of the noncancable lease is 5 years with no renewal option. The equipment has an estimated economic life of 6 years

>the agrrement requires equal semi-annual payments, beginning on Jan 1, 2018.

>The cost of the asset of the lessor is 350,000. The fair value of the asset at Jan 1, 2018 is 450,000.

>The asset will revert ti the lessor at the end of the lease term at which time the asset is expected to have a residual value of $ 75,000 None of which is Guaranteed

Required:

Assuming the lessor desires a 10% return calculate the amount of the required rental payment. Round to nearest dollar, Show all calculations.