1) a bond with a face value of $100,000 and a quoted price of 101 5/8 as a selli

Question

1) a bond with a face value of $100,000 and a quoted price of 101 5/8 as a selling price of?

2) The maturity value of a $2,000, 6%, 60-day note receivable dated february 10th is?

3) A company purchased factory equipment on April 1, 2003, for $48,000. It is estimated that the equipment will have a $3,000 salvage value at the end of its 10-year useful life. Using the straight line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2003, is

4) The financial statements of the Bolton Manufacturing company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolero?

5) Linton Company does not ring up sales taxes seperately on the cash register. Total receipts for February amounted to $17,160. If the sales tax rate is 4%, what amount must be remitted to the state for February's sales taxes?

Explanation / Answer

1)$100,000 * 813/808

=$100618.81

2)2,000 x 6% x 60/360 = 20

$2,000+20=$2020

3)A company purchased factory equipment on April 1, 2003, for $48,000. It is estimated that the equipment will have a $3,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2003, is

($48,000 - $3,000)/10 = $4,500 per year x 9/12 = $3,375

4)Receivables turnover is generally defined as revenue (in this case, net sales) divided by average accounts receivable for the period.

5)$17,160*104/100

=$17846.4

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