MATH 106 College of Notre Dame of Maryland Chapter 1 Slope Intercept Form HW Maths assignmnent 10 questions in the attached pdf, kindly answer all the ques

MATH 106 College of Notre Dame of Maryland Chapter 1 Slope Intercept Form HW Maths assignmnent 10 questions in the attached pdf, kindly answer all the questions )
Problem #1
As the struggling owner of a new restaurant, you suffer from a habitual shortage of cash.
Yesterday the following invoices arrived:
Vendor
Face Amount
Terms
Cornation Produce $
600
n/30
John’s Fisheries
1,000
1/10, n/45
Garcia Equipment
2,000
2/10, n/60
1.
2.
3.
Write out the exact meaning of each of the terms.
You can borrow cash from the local bank on a note bearing an annual interest rate of
12%. Should you borrow to take advantage of the cash discounts offered by the last
two vendors? Why? Show computations. For interest computations, assume a 360day year.
Prepare the journal entry from Garcia Equipment’s standpoint if you were to pay the
amount due within the discount period.
Problem #2 Sherwin-Williams (obtain 2019 annual report or 10k online—review
financial statements and notes—all #’s are in $M)
1. What is the amount of gross accounts receivable at fiscal year-end 2019?
2. Suppose that write-offs of accounts receivable during fiscal year 2019 amounted to $12,
there were no reinstatements, and all sales during 2019 were on credit.
(a) Prepare the journal entry to record bad debt expense during 2019.
(b) Determine cash collected from customers during 2019.
3. What inventory costing method(s) does Sherwin-Williams use for financial reporting?
4. Calculate inventory turnover for fiscal year 2019 (use total reported inventory).
5. Compute the amount of “Work-in-process and raw materials” transferred to finished
goods during 2019.
6. What is the LIFO reserve at fiscal year-end 2019?
7. What method of depreciation does Sherwin-Williams use for its PPE?
8. How much was depreciation expense during 2019?

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