AC 113 UNIT 7 ASSIGNMENT Unit 7 Assignment: This week’s Assignment will introduce you to how to determine due dates and interest amounts on notes, calculate and estimate doubtful accounts, and review lower of cost or marketing analysis for inventory. Your Assignment consists of the following: Exercises 6-2, 6-7 and 6-18 Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit. Note: In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. E6-2 Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 6 $40,000 9% 45 days b. March 23 9,000 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days E6-7 Estimating doubtful accounts Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012. E6-18 Lower-of-cost-or-market inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Commodity Inventory Quantity Unit Cost Price Unit Market Price Buffal 35 $115 $120 Dakota 67 90 75 Frontier 8 300 280 Midwest 83 40 30 Rainbow 100 90 94
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