Calculations shown in excel file
Brief Exercise 7-1 Kraft Enterprises owns the following assets at December 31, 2014. Cash in bank—savings account 68,000 Checking account balance 17,000Cash on hand 9,300 Postdated checks 750Cash refund due from IRS 31,400 Certificates of deposit (180-day) 90,000Brief Exercise 7-2 Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. […]
