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1. Rami Inc. factors $600,000 of its accounts receivables without… 1. Rami Inc. factors $600,000 of its accounts receivables without recourse for a financecharge of 6%. The finance company retains an amount equal to 10% of the accounts.receivable for possible adjustments. What is the journal entry that Rami should have?  2. Rami Inc. factors $600,000 of its accounts receivables with recourse for a financecharge of 4%. The finance company retains an amount equal to 10% of the accountsreceivable for possible adjustments. Tami estimates the fair value of the recourse liabilityat $30,000. What is the journal entry that Rami should have? AUS Co. assigned $700,000 of accounts receivable to Rayan Finance Co. as security for a loanof $500,000. Rayan charged a 2% commission on the amount of the loan; the interest rate on thenote was 10%. During the first month, AUS collected $230,000 on assigned accounts receivables after deducting $1760 of discounts. AUS accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. 3. The journal entry by AUS for the received from Rayan at the time of the transfer was 4. Give the entries during the  first month for the collections by AUS  Use the following to answer questions 5-6On 1-1, 2021 AUS Roads sold $125,000 of goods and accepted the customer’s $125,000 9%, 3-ears note receivable in exchange. Assuming 10% approximates the market rate of return5.  write  AUS’s journal entry for the initial transaction on 1-1, 2021. 6. write  the journal entry to recognize the interest for the first year 2021 (Only)  7. Sami and Hamda want to begin saving for their baby’s college education. They estimate that They will need $110,000 in eighteen years. If they are able to earn 7% annually. How muchmust be deposited at the beginning of each of the next eighteen years to fund the education?8. Sarah wants to cash in her winning lottery ticket. Either he can receive ten $105,000semiannual payments starting today, or he can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment?  9. A firm leases equipment under a capital lease that calls for 12 semiannual payments of $30,000. The first payment is due at the inception of the lease. The annual rate on the lease is 6%. What is the value of the leased asset at inception of the lease?  10. On October 1, 2020, Dina Company purchased equipment from Hind Inc. in exchange for a noninterest-bearing note payable in five equal annual payments of $500,000, beginning Oct 1,2021. Similar borrowing have carried 10 % intrest rate. The equipment would be recorded at:  11. Dubai Publishers purchased a multi-color offset press with terms of $50,000 down and anoninterest-bearing note requiring payment of $20,000 at the end of each year for five years.The interest rate implicit in the purchase contract is 10%. Dubai would record the asset at:  12. Amina Inc. offers a new employee (Y ara) a lump-sum signing bonus at the date ofemployment. Alternatively, the employee can take $30,000 at the date of employment andanother $50,000 two years later. Assuming the employee’s time value of money is 8% annually,what lump sum at employment date would make her indifferent between the two options?  13. AUS Ltd. sells an asset with a $1 million fair value to AUB Inc. AUB agrees to make sixequal payments, one year apart, commencing on the date of sale. The payments includeprincipal and 5% annual interest. Compute the annual payments 14.ABC Company will issue $5,000,000 in 6%, 10-year bonds when the market rate of interestis 7%. Determine how much cash ABC Companv will realize from the bond issue.  15. Sajeda Soap Corporation had the following items listed in its trial balance at 12/31/2019:      Currency and coins$ 940      Balance in checking account 2,500       Customer checks 1,100     Treasury bills, purchased on 11/1/2019,        mature on 4/30/20203,000     Marketable equity securities 10,200    Commercial paper, purchased on 11/1/2019,        mature on 1/30/20205,000What amount will Sajeda Soap include in its year-end balance sheet as cash? Image transcription text16. The Dubai Corporation’s inventoryat December 31, 2019, was $325,000based on a physical count… Show more… Show moreUse the following to answer questions 17-18:Ahmed Co. has the following data related to an item of inventory:Inventory, May 1     40 units @, $100Purchase, May 7    70 units @, $80Purchase, May 16  170 units @ $60Ending Inventory     15 units 17. The value assigned to ending inventory if Ahmed uses LIFO is18. The value assigned to cost of goods sold if Ahmed uses FIFO is Image transcription textSharjah adopted the dollar-value LIFOinventory method on January 1, 2019. Inapplying the LIFO method… Show more… Show more 20. what is cost of the ending inventory at December 31,2020 under dollars-value LIFO?  1. Tamara Corporation leased executive limousines under terms of $20,000 to be paid at the inception of the lease, and four equal annual payments of $30,000 to each be paid thereafter on the anniversary date of the lease. The implicit interest rate in the lease is 11%. What is theamount of the first year’s interest expense!A) $13,200.B)510,238.C) $33,200.D) $15,543  2.Dollar-value LIFO:A) Starts with ending inventory measured at current costs and re-creates LirV layers forB)Increases the record keeping costs of LIFO.C) Only is allowed for internal reporting purposes.D) None of the above is correct. 3. In a period when inventory costs are falling, the lowest taxable income is most likely       reported by using the inventory method of:A) Weighted-average.B) LIFO.C) Moving-average.D) FIFO.  4. During periods when inventory costs are rising, cost of goods sold will most likely be:A) Higher under FIFO than LIFO.B) Higher under FIFO than average cost.C)Lower under average cost than LIFO.D)Lower under LIFO than FIFO. 5. Valuation of inventories requires the determination of all of the following exceptA)The costs to be included in inventory.B)The physical goods to be included in inventory.C) The cost of goods held on consignment from other companies.D) The cost flow assumption to be adopted6. At the close of its first year of operations, December 31, 2017, Jordan Company had    accounts receivable of S540,000, after      deducting the related allowance for doubtfulaccounts. During 2017, the company had charges to bad debt expense of $90,000 andwrote off, as uncollectible, accounts receivable of $40,000. What should the companyrenort on its balance sheet at December 31. 2017. as accounts receivable before theallowance for doubtful accounts?A)$670,000B) $590,000C)$490,000D) $440,000 7. Sarah Corporation had a 1/1/2020 balance in the Allowance for Doubtful Accounts of$15,000. During 2020, it wrote off $10,800 of accounts and collected $3,150 onaccounts previously written off. The balance in Accounts Receivable was $300,000 at1/1 and $360,000 at 12/31. What should Sarah report as its Allowance for DoubtfulAccounts at 12/31/20?A)$7,200.B) $7,350.C)$10,350.D) $18,000. 8. Merchandise sold FOB destination indicates that:A. The seller holds title until the merchandise is received at the buyer’s location.B. The merchandise has not yet been shipped.C. The merchandise will not be shipped until payment has been received.D. The seller transfers title to the buyer once the merchandise is shipped.9. Merchandise sold FOB shipping point indicates that:A) The seller holds title until the merchandise is received at the buyer’s locationB)The merchandise has not yet been shipped.C)The merchandise will not be shipped until payment has been received.D)  The seller transfers title to the buyer once the merchandise is shipped. 10. In a period of rising costs, which inventory valuation method would a company likely choose if they want to have the highest possible balance of inventory on the balance sheet?A) Weighted-average cost.B) FIFO.C) LIFO.D) Periodic Accounting Business Financial Accounting ACC 301

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