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Arabian Realty has the following note receivable transactions

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Arabian Realty has the following note receivable transactions

Please assist on question 5. Pages 1-2Chapter 5 part 2 – D2L HomeworkPage 1 of 3Question 5 (19 points)9ed – E5-29A – GAAP and Notes ReceivableArabian Realty has the following note receivable transactions. Write the journal entry required for eachtransaction.Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. ArabianRealty has an October 31 fiscal year-end.a. Aug 1. Loaned $ 10,000 cash to Candace Smith on a one-year, 7% noteDateAccount NameDebit AmountCredit Amountb. Oct 6. Performed service for Putt Pro, receiving a 90-day, 6% note for $ 15,000.Hint: Note this transaction involves performing a service that results in a note receivable.DateAccount NameDebit AmountCredit Amountc. Oct 16. Received a $ 2,000, six month, 11% note on account from Vernon, Inc.Hint: Note this transaction involves converting an account receivable to a note receivable.DateAccount NameDebit AmountCredit Amountd. Oct 31. Accrued interest revenue for the year.Hint: For each note receivable, count how many days the note has been in effect at October 31, andcalculate the amount of interest revenue accrued at October 31. Add up the interest accrued on each noteto obtain the total interest revenue for the year (assuming these are the only notes receivable outstanding).DateAccount Namee. How much interest revenue did Arabian earn this year?Debit AmountCredit AmountChapter 5 part 2 – D2L HomeworkFormat the text in BOLD BLUE.Page 2 of 3Chapter 5 part 2 – D2L HomeworkPage 3 of 3Question 6 (15 points)9ed – E5-31A – Analysis – RatiosAlgonquin, Inc., reported the following items at December 31, 2012, and 2011:Balance Sheets (Summarized)Year End 2012AssetsCurrent assets:CashMarketable securitiesAccounts receivable, netInventoryOther current assetsLong-term assetsTotal assetsLiabilities:Current liabilities:Accounts PayableOther current liabilitiesLong-term liabilitiesStockholders’ equityTotal liabilities and stockholders’ equityIncome Statement (partial):Sales revenue$6,00022,00056,000193,0003,0000————-$ 280,000=========Year End 2011$12,00011,00070,000189,0003,0000————-$ 285,000=========$15,000$ 16,500107,000109,00015,00016,000143,000143,500————————–$ 280,000$ 285,000=========== ===========2012$ 728,0001a. Compute Algonquin’s quick (acid-test) ratio. Is this ratio strong or weak?1b. Compute days’ sales in receivables for 2012. Is this ratio strong or weak? Algonquin sellson terms of net 30 days.2. Recommend two ways for Algonquin to speed up its cash flow from receivables.


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