Completethe following assignments from the text: Chapter 7

Completethe following assignments from the text: Chapter 7 Chapter 8 Chapter 9 Exercise 7-1 Recognizing accrued interest expense Harveys Corporation borrowed $60000 from the bank on November 1 2014. The note had a 6 percent annual rate of interest and matured on April 30 2015. Interest and principal were paid in cash on the maturity date. Required a. What amount of interest expense was paid in cash in 2014? b. What amount of interest expense was reported on the 2014 income statement? c. What amount of total liabilities was reported on the December 31 2014 balance sheet? d. What total amount of cash was paid to the bank on April 30 2015 for principal and interest? e. What amount of interest expense was reported on the 2015 income statement? Exercise 7-18 Determining the amount of bond premiums and discounts Required For each of the following situations calculate the amount of bond discount or premium if any: a. Wolfe Co. issued $120000 of 6 percent bonds at 101. b. Riley Inc. issued $80000 of 10-year 8 percent bonds at 98. c. Rais Inc. issued $200000 of 15-year 9 percent bonds at 102. d. Beaux Co. issued $400000 of 20-year 8 percent bonds at 99. Exercise 8-4 Effect of issuing common stock on the balance sheet Newly formed Electronics Services Corporation has 100000 shares of $10 par common stock authorized. On March 1 2014 Electronics Services issued 20000 shares of the stock for $12 per share. On May 2 the company issued an additional 30000 shares for $15 per share. Electronics Services was not affected by other events during 2014. Required b. Determine the amount Electronics Services would report for common stock on the December 31 2014 balance sheet. c. Determine the amount Electronics Services would report for paid-in capital in excess of par. Exercise 9-11 Accounts receivable turnover inventory turnover and net margin Selected data from Komar Company follow. Balance Sheet As of December 31 2014 2013 Accounts receivable $500000 $450000 Allowance for doubtful accounts (20000) (16000) Net accounts receivable $480000 $434000 Inventories lower of cost or market $600000 $525000 2014 2013 Net credit sales $2000000 $1760000 Net cash sales 400000 320000 Net sales 2400000 2080000 Cost of goods sold 1600000 1440000 Selling general and administrative expenses 240000 216000 Other expenses 40000 24000 Total operating expenses $1880000 $1680000 Income Statement for the Years Ended December 31 Required Compute the following and round computations to two decimal points. a.The accounts receivable turnover for 2014. b.The inventory turnover for 2014. c.The net margin for 2013. LO 9-5 Exercise 9-12 Ratio analysis During 2014 Desny Corporation reported after-tax net income of $3890000. During the year the number of shares of stock outstanding remained constant at 10000 of $100 par 9 percent preferred stock and 400000 shares of common stock. The companys total stockholders equity is $20000000 at December 31 2014. Desny Corporations common stock was selling at $52 per share at the end of its fiscal year. All dividends for the year have been paid including $4.80 per share to common stockholders. Required Compute the following by rounding to two decimal points. a.Earnings per share b.Book value per share of common stock c.Price-earnings ratio d.Dividend yield

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