Multi Media Ltd. completed the following transactions:September 14, 2016: Provided services to Inga Corporation on account, $3,000, terms 30 days.November 1, 2016: Accepted a one-year, 12% note from Inga Corporation to settle its account.December 31, 2016: Accrued interest on the note from Inga Corporation (round to the nearest dollar).November 1, 2017: Received amount due from Inga Corporation.Required:Compute the unknowns for the following transactions dealing with interest on notes receivable. 365 days per year. Round your answers to the nearest dollar.Dunder Mifflin had the following balances in selected accounts at the end of 2015 and 2016.The accounts receivable at the end of 2014 were $50,000 and the allowance for uncollectible accounts was $2,500.Required:StorageTek Corporation gathered the following information from its accounting records for the year ended December, 31, 2016, prior to adjustment:Net credit sales for the year = $1,150,000Accounts Receivable (Dec 31, 2016) = $93,000Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2016) = $6,000 debit balanceStorageTex Corporation uses the allowance method of accounting for bad debts and estimates bad debts at 2.5% of net credit sales.Required:Assume Deloitte & Touche, the accounting firm, advises Deep Sea Seafood that their financial statements must be changed to confirm with GAAP. At December 31, 2016, Deep Sea Seafood accounts include the following:Deloitte & Touche advised Deep Sea Seafood that:RequirementsFinancial Accounting focuses heavily on finding solutions to numerical problems. With that in mind, most units will include a number of problems. For each problem, you will need to provide more than a simple numerical response. Your solutions should thoroughly address the issue and present the findings in a meaningful format similar to those developed within the chapters and as part of the review exercises solutions. Part value may be assigned for incorrect responses providing evidence of understanding of the principles exist.
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