Math Work Sheets and Solutions 1 Name Date Class CHAPTER 4 Calculating New Account Balances Calculate and record the new balance for each of the following accounts. ACCOUNT Cash ACCOUNT NO. 110.... 1, 200.00.. 3,900.00.... 1,755.00 ACCOUNT Supplies ACCOUNT NO. 120.... 750.00.. 150.00.. ACCOUNT Prepaid Insurance ACCOUNT NO. 130.... 315.00.. 65.00.. ACCOUNT Accts. Pay. Hatch Company AC COUNT NO. 210.... 900.00 600.00.. ACCOUNT John Robbins, Capital ACCOUNT NO. 310..... 1,365.00.. 500.00 (continued on next page)
2 Math Work Sheets and Solutions ACCOUNT Sales ACCOUNT NO. 410.. 3,400.00.. 550.00 ACCOUNT Utilities Expense ACCOUNT NO. 550 30.00.. 70.00.. 50.00..
Math Work Sheets and Solutions 3 Name Date Class CHAPTER 5 PART A Calculating New Balances on a Check Stub Calculate the amounts needed to complete the following check stub information. Write your answers on the lines provided. Check No. 151: Check No. 152: Bal. Bro t For d... -0- Bal. Bro t For d Amt. Deposited... 12,000.00 Amt. Deposited -0- Subtotal Subtotal. Bank Charges... -0- Bank Charges.. -0- Subtotal Subtotal. Amt. This Check 1,500.00 Amt. This Check.. 260.00 Bal. Car d For d. Bal. Car d For d Check No. 153: Check No. 154: Bal. Bro t For d... Bal. Bro t For d Amt. Deposited... 500.00 Amt. Deposited 150.00 Subtotal Subtotal. Bank Charges... -0- Bank Charges.. 10.00 Subtotal Subtotal. Amt. This Check 350.00 Amt. This Check... 119.00 Bal. Car d For d. Bal. Car d For d (continued on next page)
4 Math Work Sheets and Solutions PART B Reconciling Bank Statements Reconcile the bank statement received on September 29 of the current year using the following information. Bank Statement Balance $7,987.00 Outstanding Checks Bank Service Charge.. 10.00 No. 161, $375.00 Dishonored Check... 175.00 No. 163, $17.00 Outstanding Deposit, August 28, 20... 430.00 Balance on Check Stub No. 165.. 8,210.00 PART C Calculating Amount of Petty Cash Replenishment Portman Products has a $200.00 petty cash fund. The following petty cash slip amounts have been paid: $16.00, $22.50, $35.00, $7.00. Reconcile the petty cash fund. Petty cash on hand Total of petty cash slips Petty cash fund total. There is $119.50 remaining in the petty cash fund.
Math Work Sheets and Solutions 5 Name Date Class CHAPTER 6 PART A Analyzing Adjustments Calculate the adjustment amounts for the following information. Supplies Account Supplies on Hand Adjustment Amount Balance $4,831.00 $2,204.00 $8,901.00 $7,658.00 $1,099.00 $1,010.00 Prepaid Insurance Value of Adjustment Amount Account Balance Prepaid Insurance $1,300.00 $1,000.00 $2,600.00 $ 500.00 $ 900.00 $ 100.00 PART B Converting International Weights and Measures Use the following metric conversion chart and calculate the new weights and measures. Round conversions to the nearest hundredth. To Change To Multiply by Conversion 10 meters inches 39.37 inches 12 decimeters inches 3.94 inches 6 centimeters inches 0.39 inches 9 millimeters inches 0.04 inches 5 liters quarts (dry) 0.908 quarts 2 liters quarts (liquid) 1.057 quarts PART C Calculating Net Income/Net Loss Calculate the net income or net loss for the following work sheet Income Statement column totals. Put parentheses around net loss amounts. Income Statement Income Statement Net Income/(Loss) Debit Column Total Credit Column Total $3,295.00 $4,191.00 $7,295.00 $6,588.00 $2,126.00 $5,090.00 (continued on next page)
6 Math Work Sheets and Solutions PART D Checking for Typical Arithmetic Errors Find and correct any errors in the following general ledger accounts. ACCOUNT Cash ACCOUNT NO. 110...... 3,700.00 1,400.00.... 5,100.00.. 2,000.00.. 7,100.00 ACCOUNT Supplies ACCOUNT NO. 120.... 1,100.00.... 200.00 1,300.00.. ACCOUNT Prepaid Insurance ACCOUNT NO. 130.... 2,370.00.... 1,180.00 2,290.00.. ACCOUNT A/P Best Supply Company ACC OUNT NO. 210.... 340.00.. 173.00 413.00 ACCOUNT A/P Wells Company ACCOUNT NO. 220.... 130.00.. 56.00 186.00.. 101.00 278.00 ACCOUNT Bart Nichols, Capital ACCOUNT NO. 310..... 4,117.00.. 493.00. 4,510.00 280.00... 4,330.00
Math Work Sheets and Solutions 7 Name Date Class PART A Calculating Net Income Calculate net income for the following information. CHAPTER 7 Total Revenue Total Expenses Net Income $ 5,000.00 $3,985.00 $ 2,793.00 $1,532.00 $11,879.00 $8,440.00 PART B Calculating Component Percentages Calculate component percentages for the following information. Round percentage calculations to the nearest 0.1%. Total Sales Component Percentage $6,291.00 $4,395.00 total expenses $6,291.00 $1,896.00 net income $4,624.00 $3,550.00 total expenses PART C Calculating Owner s Equity Calculate owner s equity for the following information. Capital Drawing Current Account Net Account Owner s Balance Income Balance Equity $10,000.00 $ 902.00 $ 400.00 $15,250.00 $1,045.00 $ 600.00 $32,750.00 $9,275.00 $1,500.00
8 Math Work Sheets and Solutions Name Date Class CHAPTER 9 PART A Calculating Purchases Discounts Calculate the trade discount and invoice amounts for the following five invoice items. List Price Trade Discount Rate Trade Discount Invoice Amount $ 400.00 35% $ 450.00 40% $ 700.00 30% $1,100.00 45% $1,500.00 25% Calculate the purchase discount and invoice amounts to be paid for the following five invoices. Invoice Purchases Discount Purchases Discount Invoice Amount Amount Rate Amount To Be Paid $2,400.00 2% $1,600.00 3% $8,700.00 1% $1,500.00 2% $2,520.00 2% PART B Calculating Petty Cash Short and Over For each of the following companies, calculate the amount of petty cash short or petty cash over. Indicate petty cash short by an amount followed by an S. Use an O to designate petty cash over. Distribution of Payments Amount of Petty Cash Beginning Advertising Miscellaneous Cash in Short or Co. Balance Supplies Expense Expense Cash Box Over 1 $100.00 $ 27.20 $ 15.22 $31.00 $24.19 2 $200.00 $ 35.00 $127.00 $10.80 $31.90 3 $200.00 $ 72.00 $ 43.00 $75.00 $12.50 4 $300.00 $119.00 $107.00 $33.00 $37.00
Math Work Sheets and Solutions 9 Name Date Class CHAPTER 10 PART A Calculating Sales Tax For each invoice subtotal, calculate the sales tax and invoice total. Invoice Sales Tax Sales Tax Invoice Subtotal Amount Total $ 58.00 6% $ 399.00 6% $17,538.00 6% $ 14.83 6% $ 58.00 7% $ 399.00 7% $17,538.00 7% $ 14.83 7% PART B Calculating Sales Discounts Calculate the sales discount for each of the following items. Sales Sales Sales Invoice Discount Discount Amount Rate Amount $ 289.44 1% $1,685.89 2% $9,652.50 2% $ 47.70 1% $ 535.00 2% $1,470.00 2% $1,053.95 2% $ 844.00 2% PART C Proving an Expanded Journal Prove the equality of debits and credits for the following expanded journal totals. Write the totals under the columns and double rule them. Column Column Title Debit Totals Credit Totals No. 1 General Debit ---- 2 General Credit.. ---- 3 Accounts Receivable Credit... $ 9,623.00 4 Sales Credit... 27,615.50 5 Sales Tax Payable Credit 1,732.80 6 Sales Discount Debit $ 177.50 7 Cash Debit. 38,793.80 Totals.. (continued on next page)
10 Math Work Sheets and Solutions PART D Proving Cash Cash on hand at beginning of the month $ 5,328.90 Total cash received during the month. Total.. Total cash paid during the month. Cash balance on hand at end of month.. Checkbook balance on next unused check stub $10,586.70 PART E Calculating Sales Tax on Sales Returns and Allowances Calculate the sales tax on the returned merchandise and the total amount of the return for each of the following items. Amount of Sales Tax Sales Tax Total Returned Rate on the Amount of Merchandise Return Return $ 88.00 6.00% $ 108.00 7.50% $2,999.00 5.50% $ 870.00 5.00% $ 248.00 6.00% $ 350.00 6.50% $ 65.00 8.00% $ 413.00 7.00%
Math Work Sheets and Solutions 11 Name Date Class Calculating International Time Zone Differences CHAPTER 11 Use the following World Time Zone map. Assume you are the accountant for your company and you must contact foreign customers about payment of their invoices. Based on the city in which you are located, what time would you have to call the following cities in order to talk to someone at 10:00 in the morning (their time)? You may need to use an atlas to locate some of the cities. My City Time in My City Time in My City London, England, 10:00 A.M. Helsinki, Finland, 10:00 A.M. Frankfurt, Germany, 10:00 A.M. Athens, Greece, 10:00 A.M. Taipei, Taiwan, 10:00 A.M. Canberra, Australia, 10:00 A.M. Mexico City, Mexico, 10:00 A.M. Cape Town, S. Africa, 10:00 A.M. Innsbruck, Austria, 10:00 A.M. Tokyo, Japan, 10:00 A.M.
12 Math Work Sheets and Solutions Name Date Class CHAPTER 12 PART A Calculating Employee Hours Worked Use the following time card information for two employees. Calculate the hours worked each day, the total hours worked during the week, and the number of overtime hours. Overtime hours are hours over 40 hours in one week. Employee No. 1 Monday Tuesday Wednesday Thursday Friday Saturday IN ---- 05:30AM 05:30AM 05:00AM 05:15AM 06:00AM OUT ---- 09:30AM 09:45AM 10:00AM 09:45AM 10:00AM IN ---- 10:15AM 10:15AM 10:30AM 10:30AM 10:30AM OUT ---- 02:15PM 02:30PM 02:30PM 02:30PM 03:00PM Total Total Hours Overtime Hours Employee No. 2 Monday Tuesday Wednesday Thursday Friday Saturday IN 11:30AM 11:00AM 11:00AM 11:30AM 11:00AM 06:00PM OUT 03:30PM 03:30PM 03:00PM 03:15PM 03:30PM 11:30PM IN 04:00PM 04:00PM 03:30PM 03:45PM ---- ---- OUT 07:00PM 09:30PM 07:30PM 07:30PM ---- ---- Total Total Hours Overtime Hours PART B Calculating Employee Total Earnings Use the overtime salary rate for each of the following employees, using 1.5 times the regular rate. Then calculate regular, overtime, and total earnings for each employee. Empl. Hours Rate Earnings No. Regular Overtime Total Regular Overtime Regular Overtime Total 1 40 6 46 $ 8.40 2 40 12 52 $11.00 3 40 2 42 $ 7.90 4 40 3.5 43.5 $10.25 5 40 9 49 $ 9.00 (continued on next page)
Math Work Sheets and Solutions 13 PART C Calculating Social Security and Medicare Taxes Calculate the social security and Medicare taxes to be withheld from each of the following earnings. Use a 6.5% social security tax rate and a 1.5% Medicare tax rate. Earnings Social Security Medicare Tax Tax Deduction Deduction $ 510.00 $ 616.00 $ 552.00 $ 492.00 $ 780.00 $1,102.00 PART D Calculating Deductions in a Payroll Register Use the following payroll register information to calculate total deductions. Federal Social Medicare Health Dental United Total Income Tax Sec. Tax Tax Insurance Insurance Way Other Deductions 211.54 62.50 14.42 22.50 3.90 25.00 0.00 169.23 50.00 11.54 45.00 12.00 0.00 0.00 83.65 36.25 8.37 68.00 12.00 20.00 50.00 50.48 21.87 5.05 22.50 0. 00 0.00 10.00 76.15 27.50 6.35 22.50 3.90 15.00 0.00 113.08 35.00 8.08 68.00 12.00 5.00 0.00 PART E Calculating Accumulated Earnings Calculate the accumulated earnings on June 10. Accumulated Total Earnings Accumulated Earnings for Pay Period Earnings June 3 Ending June 10 10,023.00 456.00 9,922.00 451.00 14,256.00 648.00 17,666.00 803.00 12,936.00 588.00 21,274.00 967.00 PART F Calculating Net Pay in a Payroll Register Use the following payroll register information to calculate net pay. Total Total Net Earnings Deductions Pay 336.54 111.23 961.54 356.58 538.46 259.56 423.08 148.64 778.85 297.85 557.69 202.45
14 Math Work Sheets and Solutions Name Date Class CHAPTER 13 PART A Calculating Unemployment Taxes For each payroll amount, calculate the unemployment taxable earnings for federal and state unemployment tax for the April 1 payroll. Then calculate the federal and state unemployment taxes on those taxable earnings. Use a tax base of $7,000.00 accumulated earnings, 0.8% federal unemployment tax rate, and 5.4% state unemployment tax rate. Accumulated Total Earnings Unemployment Federal State Earnings for Pay Period Taxable Unemployment Unemployment March 25 Ending April 1 Earnings Tax Tax 2,100.00 1,050.00 4,560.00 380.00 5,520.00 460.00 7,020.00 780.00 6,300.00 525.00 8,160.00 680.00 PART B Calculating Employer Tax Liabilities Information about a payroll includes the following: Total earnings. $19,933.30 Federal income tax withheld from employees 990.00 No employee has accumulated earnings over $7,000.00. Tax rates are: social security, 6.5%; Medicare, 1.5%; federal unemployment tax, 0.8%; state unemployment tax, 5.4%. Complete the calculations necessary to answer the following questions: 1. How much was withheld from employees for social security tax? 2. How much was withheld from employees for Medicare tax? 3. What is the amount of social security tax the employer must pay as the employer s payroll tax? 4. What is the amount of Medicare tax the employer must pay as the employer s payroll tax? 5. What is the employer s liability for federal unemployment tax? 6. What is the employer s liability for state unemployment tax? 7. What is the debit to Payroll Taxes Expense for this payroll?
Math Work Sheets and Solutions 15 Name Date Class CHAPTER 14 PART A Calculating Estimated Uncollectible Accounts Expense Calculate estimated uncollectible accounts expense using a percentage of total sales on account for each of the following items. Estimated Total Percentage of Uncollectible Sales on Total Sales Accounts Account on Account Expense $ 502,800.00 1.00% $ 42,570.00 1.00% $7,054,130.00 1.00% $ 71,988.00 2.00% $ 621,110.00 2.00% $ 3,346.00 2.00% $ 1,025.00 1.50% $ 70,500.00 1.25% PART B Calculating Book Value of Accounts Receivable Calculate the book value of accounts receivable for each of the following items. Balance of Allowance for Book Value of Accounts Receivable Uncollectible Accounts Accounts Receivable $ 13,325.00 $ 1,599.00 $334,642.00 $ 50,196.30 $ 4,257.00 $ 510.84 $ 70,571.00 $ 8,680.23 $ 71,800.00 $ 9,621.20 $280,098.00 $ 35,236.33 $629,934.00 $105,828.91 $ 75,413.00 $ 10,143.05 PART C Calculating Net Income Before Federal Income Tax Expense Calculate net income before federal income tax for the following three companies. Company 1 Company 2 Company 3 Sales. $354,080 $57,280 $951,750 Cost of merchandise sold. 228,420 38,950 654,320 Total expenses 108,230 15,240 245,980 Net income before federal income tax. (continued on next page)
16 Math Work Sheets and Solutions PART D Calculating the Adjustment for Federal Income Tax Expense Calculate the adjustment for federal income tax expense for the following information. Total Tax Paid Actual Tax for Adjustment the Year $ 59,500.00 $ 60,331.01 $ 60,000.00 $ 64,279.38 $159,700.00 $160,994.08 $296,600.00 $298,156.00 $629,300.00 $632,199.47 PART E Calculating Net Income Calculate the net income or net loss for the following work sheet Income Statement column totals. Put parentheses around net loss amounts. Income Statement Income Statement Net Income/(Loss) Debit Column Total Credit Column Total $ 443,055.00 $ 560,875.00 74,350.00 93,200.00 51,816,520.00 70,500,300.00 40,794.00 55,237.00 62,552.00 57,919.00
Math Work Sheets and Solutions 17 Name Date Class CHAPTER 15 PART A Calculating Cost of Merchandise Sold Calculate merchandise available for sale and the cost of merchandise sold for the following four companies. Company 1 Company 2 Company 3 Company 4 Beg. merchandise inventory, Jan. 1 $56,280 $ 7,982 $852,963 $ 458,258 Purchases 48,000 15,357 741,852 1,582,693 Merchandise available for sale Ending merchandise inventory, Dec. 31 3,981 18,672 896,541 543,287 Cost of merchandise sold. PART B Calculating Component Percentages for an Income Statement Calculate component percentages for the following information. Round percentage calculations to the nearest 0.1%. Total Sales Component Percentage $775,290.00 $385,670.00 cost of merchandise sold $775,290.00 $400,850.00 gross profit on sales $775,290.00 $152,870.00 net income $775,290.00 $240,530.00 total expenses PART C Calculating Retained Earnings Calculate the ending balance of retained earnings for the following three companies. Company 1 Company 2 Company 3 Retained earnings, January 1, 20-- $230,890 $458,790 $ 56,875 Net income after federal income tax 108,900 380,560 120,530 Dividends declared during 20-- 100,000 250,000 75,000 Retained earnings, December 31, 20--
18 Math Work Sheets and Solutions Name Date Class CHAPTER 18 PART A Calculating Property Tax Calculate the annual property tax for each of the following items. Assessed Tax Annual Value Rate Property Tax $ 10,000.00 2.00% $ 125,000.00 2.25% $ 350,000.00 1.25% $ 675,000.00 3.91% $28,000,000.00 1.25% PART B Calculating Straight-Line Depreciation for a Year Calculate total depreciation expense and annual depreciation expense for each of the following assets using the straight-line method. Years of Asset Date Original Salvage Useful Total Annual No. Bought Cost Value Life Depreciation Depreciation 1 3/1/-- $ 3,500.00 $ 800.00 5 $ $ 2 4/1/-- $58,000.00 $8,500.00 4 $ $ 3 6/1/-- $ 385.00 $ 100.00 3 $ $ 4 8/1/-- $ 2,000.00 $ 250.00 5 $ $ 5 9/1/-- $ 700.00 $ 100.00 12 $ $ PART C Calculating Straight-Line Depreciation for Part of a Year For the same assets used in Part B, calculate the number of months each asset is used in the first year and calculate the straight-line depreciation for that partial year. Years of Asset Date Original Salvage Useful Months Used Partial Year No. Bought Cost Value Life in First Year Depreciation 1 3/1/-- $ 3,500.00 $ 800.00 5 $ 2 4/1/-- $58,000.00 $8,500.00 4 $ 3 6/1/-- $ 385.00 $ 100.00 3 $ 4 8/1/-- $ 2,000.00 $ 250.00 5 $ 5 9/1/-- $ 700.00 $ 100.00 12 $ (continued on next page)
Math Work Sheets and Solutions 19 PART D Calculating Accumulated Depreciation and Book Value of Plant Assets Calculate the accumulated depreciation and book value of the following assets. Asset Original Dec. 31, 20X1 20X2 20X3 Accumulated Book Value No. Cost Accumulated Depreciation Depreciation Depreciation Depreciation Expense Expense 1 $10,000.00 $4,500.00 $2,250.00 $2,250.00 $ $ 2 $ 7,500.00 $2,800.00 $ 700.00 $ 700.00 $ $ 3 $ 1,200.00 $ 400.00 $ 200.00 $ 200.00 $ $ 4 $ 800.00 $ 75.00 $ 150.00 $ 150.00 $ $ 5 $12,800.00 $1,440.00 $ 960.00 $ 960.00 $ $ PART E Calculating Gain or Loss on a Plant Asset Calculate the gain or loss on disposal of each of the following plant assets. Cash Original Accumulated Gain Loss Received Cost Depreciation on Sale on Sale $ 125.00 $ 1,485.00 $ 1,375.00 $25,000.00 $78,000.00 $49,580.00 $ 2,025.00 $ 5,600.00 $ 4,500.00 PART F Calculating Depreciation Expense Using the Double Declining-Balance Method Calculate the declining-balance rate for the following items using two times the straight-line rate. Total Years of Straight-Line Declining-Balance Depreciation Useful Rate Rate Expense Life 100% 5 100% 4 100% 8 100% 10 Complete the following depreciation schedule for an asset bought on January 1 of the current year for $10,000.00. Its estimated salvage value is $1,000.00 and its estimated useful life is 5 years. Use the declining-balance method and twice the straight-line rate. Year Beginning Annual Ending Book Value Depreciation Book Value 1 2 3 4 5
20 Math Work Sheets and Solutions Name Date Class CHAPTER 19 Use the following data for Parts A, B, and C of this worksheet. Beginning Periodic Model Inventory First Second Third Inventory Count No. January 1 Purchase Purchase Purchase December 31 A20 20@$12.00 10@$12.00 15@$13.00 10@$13.50 27 B40 9@$10.00 10@$11.00 5@$11.50 7@$12.50 15 C15 13@$22.00 15@$22.50 25@$23.00 7@$24.00 34 D11 5@$52.00 20@$53.00 10@$55.00 3@$55.50 17 PART A Calculating Inventory Using the First-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the fifo method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Fifo Cost PART B Calculating Inventory Using the Last-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the lifo method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Lifo Cost (continued on next page)
Math Work Sheets and Solutions 21 PART C Calculating Inventory Using the Weighted-Average Inventory Costing Method Calculate the total cost of ending inventory using the weighted-average method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Weighted-Average Cost PART D Estimating Inventory Using the Gross Profit Method Estimate ending inventory using the gross profit method. Use the following information. Beginning inventory, January 1 $ 42,800.00 Net purchases, first quarter.. 95,000.00 Net sales, first quarter 127,000.00 Previous year s gross profit percentage. 28.00% Beginning inventory, January 1. Net purchases, January 1 to March 31 Cost of merchandise available for sale Net sales, January 1 to March 31. Previous gross profit percentage.. Estimated gross profit on operations Net sales, January 1 to March 31. Estimated gross profit on operations Estimated cost of merchandise sold. Cost of merchandise available for sale. Estimated cost of merchandise sold. Estimated ending merchandise inventory, March 31.
22 Math Work Sheets and Solutions Name Date Class CHAPTER 20 PART A Calculating Interest for a Year Calculate the interest for one year for the following amounts. Principal Interest Interest Rate $ 2,400.00 3.500% $ 26,000.00 7.125% $ 5,000.00 10.250% $ 6,750.00 8.375% $280,000.00 10.250% PART B Calculating Interest for a Fraction of a Year Calculate the interest for the fractions of the years shown below. Use a 360-day year in your calculations. Principal Interest Time Interest Rate $ 2,400.00 3.500% 30 days $ 26,000.00 7.125% 90 days $ 5,000.00 10.250% 30 days $ 6,750.00 8.375% 180 days $280,000.00 10.250% 60 days PART C Calculating the Maturity Date of a Note Calculate the maturity date for each of the following items. Assume that February has 28 days regardless of the year. Maturity Date 1. 30-day note dated January 25 2. 90-day note dated January 25 3. 90-day note dated February 1 4. 30-day note dated December 1 5. One-year note dated January 25 PART D Calculating the Maturity Value of a Note Calculate the maturity value for the following notes. Principal Interest Time Maturity Value Rate $ 3,500.00 6.0% 30 days $85,000.00 4.5% 90 days $13,500.00 8.0% 1 year $12,400.00 6.0% 30 days $12,500.00 5.0% 30 days
Math Work Sheets and Solutions 23 Name Date Class CHAPTER 21 PART A Calculating Accrued Interest Income Calculate the accrued interest income on the following notes on December 31. Principal Interest Date of Time of No. of Days Accrued Rate Note Note to Dec. 31 Interest Income $4,700.00 9.0% Aug. 1 180 days $2,200.00 12.0% Nov. 1 120 days $5,000.00 10.0% Oct. 1 180 days $3,500.00 8.0% Sept. 1 240 days $1,500.00 6.0% Dec. 1 90 days PART B Calculating Maturity Value of a Note Calculate the maturity value of the following notes. Principal Interest Date of Time of Maturity Rate Note Note Value $4,700.00 9.0% Aug. 1 180 days $2,200.00 12.0% Nov. 1 120 days $5,000.00 10.0% Oct. 1 180 days $3,500.00 8.0% Sept. 1 240 days $1,500.00 6.0% Dec. 1 90 days PART C Calculating Accrued Interest Expense Calculate the accrued interest expense on the following notes on December 31. Principal Interest Date of Time of No. of Days Accrued Rate Note Note to Dec. 31 Interest Expense $4,700.00 8.0% Aug. 1 180 days $2,200.00 11.0% Nov. 1 120 days $5,000.00 9.0% Oct. 1 180 days $3,500.00 7.0% Sept. 1 240 days $1,500.00 8.0% Dec. 1 90 days
24 Math Work Sheets and Solutions Name Date Class CHAPTER 22 Calculating Working Capital and the Current Ratio Calculate working capital and the current ratio for each of the following. Round the current ratio to the nearest tenth. Total Current Total Current Working Capital Current Ratio Assets Liabilities $5,260,452.12 $3,854,697.56 $ 650,087.78 $ 263,452.45 $1,339,152.45 $ 733,335.88 $ 828,631.23 $ 301,227.69 $ 630,918.19 $ 384,555.48