intermediate accounting

1.      Kohl Company lent $47,300 to Hemingway, Inc, accepting Hemingway's 2-year, $57,442, zero-interest-bearing note. The implied interest rate is 10.2%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,442 at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

2.      For each event listed below, select the appropriate category which describes the effect of the event on a statement of cash flows:

3.        Question 3

A trial balance before adjustment included the following:

Give journal entries assuming that the estimate of uncollectibles is determined by taking

(1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(2) 1% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

4. 

4 Question 4

Amy Monroe wants to create a fund today that will enable her to withdraw $29,300 per year for 7 years, with the first withdrawal to take place 4 years from today.

If the fund earns 8% interest, how much must Amy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)