ASSIGNMENT RESOURCES Do It! Review 8-3 (Part Level Submission) Windsor, Inc. acc
ID: 2550041 • Letter: A
Question
ASSIGNMENT RESOURCES Do It! Review 8-3 (Part Level Submission) Windsor, Inc. accepts from Gates Stores a $7,200, 4-month, 796 note dated May 31 in settlement of Gates, overdue account. The maturity date of the note is september 30. Pre-Class Chpt 8-2A Do it! Review 8 Part Leve bmissio Brief Exercise 8-7 Brief Exercise 8-11 Calculate the interest payable at maturity. (Round answer to O decimal places, e.g. $155.) Part Level Submission) Interest payable at maturity Review Review Results by OF ACCOUNTS Study Obiective LINK TO TEXT Attempts: o of 3 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above.Explanation / Answer
Review 8-3. (a) Interest payable at maturity=7200*7%*4/12=$ 168 Brief exercise 8-7 (Number of days taken as 360) (a) Interest payable=85640*7%*60/360=$ 999 Maturity date=June 10+60 days=August 9 (b) Interest payable=52100*8%*90/360=$1042 Maturity date=July 14+90 days=October 12 © Interest payable=12830*9%*75/360=$241 Maturity date=April 27+75 days=July 11 Brief exercise 8-11 (a) Account receivable turnover ratio=Net sales/Average accounts receivable Average accounts receivable=(3+3.54)/2=$3.27 billion Account receivable turnover ratio=24.4/3.27=7.46 times