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Identify the reducing agent. 2 Al3+(aq) + 2 Fe(s)  →  2 Al(s) + 3 Fe2+(aq)

How many moles of oxygen are formed when 36.8 g of KNO3 decomposes according to the following reaction?  The molar mass of KNO3 is 101.11 g/mol. 4 KNO3(s)  →  2 K2O(s) + 2 N2(g) + 5 O2(g)

Purchase Discounts Lost is a financial expense and is reported in the “other expenses and losses” section of the income statement.

Adkerson Company loaned $63,471 to Trinkle, Inc, accepting Trinkle’s 2-year, $76,800, zero-interest-bearing note. The implied interest rate is 10%. Prepare Adkerson’s journal entries for the initial transaction, recognition of interest each year, and the collection of $76,800 at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round to the nearest dollar.) Account Titles and Explanation [discdrT]  $         [discdr]      [disccrT1]  $         [disccr1]      [disccrT2]  $         [disccr2] ^(To record the receipt of the note at a discount)^   [int1drT]  $           [int1dr]      [int1crT]  $           [int1cr] ^(To record the interest revenue at the end of 1st year)^   [int2drT]  $           [int2dr]      [int2crT]  $           [int2cr] ^(To record the interest revenue at the end of 2nd year)^   [recdrT]  $         [recdr]      [reccrT]  $         [reccr] ^(To record receipt of notes)^

When the stated rate of interest exceeds the effective rate, the present value of the note receivable will be less than its face value.

Extra Credit: worth 7 points Land Grant Company deposits all receipts and makes all payments by check. The following information is available from the cash records. MARCH 31 BANK RECONCILIATION Balance per bank $43,959 Add: Deposits in transit 4,173 Deduct: Outstanding checks -6,641 Balance per books $41,491   Month of April Results Per Bank Per Books Balance April 30 $43,010 $45,000 April deposits 12,370 17,450 April checks 13,522 16,300 April note collected (not included in April deposits) 1,406                   –   April bank service charge 75                   –   April NSF check of a customer returned by the bank (recorded by bank as a charge) 3,487                   –   Do NOT use the dollar sign in your answers. Calculate the amount of the April 30 1) Deposits in transit $[1] 2) Outstanding checks $[2]   What is the April 30 adjusted cash balance?  3) Adjusted cash balance $[3]

Bulldog Company had the following account balances at December 31, Year 1: Accounts Receivable  $       950,000 Allowance for doubtful accounts before any provision for Year 1 doubtful accounts expense  $         16,000 Credit Sales for Year 1  $   2,150,000 Bulldog is considering the following method of estimating doubtful accounts expense for year 1: Based on credit sales at 2% Based on accounts receivable at 6% What amount should Bulldog charge to doubtful accounts expense under each method? (% of credit sales; % of accounts receivable)

Lee Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Andrea Spain, controller for Lee, has gathered the following data concerning inventory. At May 31, 2020, the balance in Lee’s Raw Materials Inventory account was $403,920, and Allowance to Reduce Inventory to Market had a credit balance of $21,200. Spain summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Spain assigned Peter DeGabriel, an intern from a local college, the task of calculating the amount that should appear on Lee’s May 31, 2020, financial statements for inventory at lower-of-cost-or-market as applied to each item in inventory. DeGabriel expressed concern over departing from the historical cost principle. Assume Lee uses LIFO inventory costing. Cost Replacement Cost Sales Price Net Realizable Value Normal Profit Aluminum siding $69,300 $61,875 $63,360 $55,440 $5,049 Cedar shake siding $85,140 $78,606 $93,060 $83,952 $7,326 Louvered glass doors $110,880 $122,760 $184,536 $166,617 $18,315 Thermal windows $138,600 $124,740 $153,252 $138,600 $15,246 Total $403,920 $387,981 $494,208 $444,609 $45,936   Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. Do NOT use a dollar sign ($) in your answer. Balance in the Allowance to Reduce Inventory to Market $[1]   For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Do NOT use a dollar sign ($) in your answer. Indicate loss with either parenthesis or a negative sign (-). The amount of gain (loss) $[2]

The sales price for a product provides a gross profit of 34% of sales price. What is the gross profit as a percentage of cost?

A flash flood swept through FMB, Inc.’s warehouse on May 1. After the flood, FMB’s accounting records showed the following: Inventory, January 1  $   98,000 Purchases, January 1 through May 1  $ 450,000 Sales, January 1 through May 1  $ 500,000 Inventory not damaged by flood  $   45,000 Gross profit percentage on sales 45% What amount of inventory was lost in the flood?