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Kenny Campbell has decided to start saving for his Grandson's college education by depositing $3,900 at the end of every year for 14 years. A bank has agreed to pay interest at the rate of 6% compounded annually. Use the appropriate present or future value table: FV of $1,PV of $1,FV of Annuity of $1 and PV of Annuity of $1 Required: How much will Kenny have in the bank immediately after his 14 th deposit? Round your answer to the nearest dollar. Use the full factor when calculating your results. TABLE 9-4 Present Value of Annuity of $1 -e 1 BuE 92 Present Value of $1 TABLE 9-1 Future Value of $1 On July 1, 2016, Jo's Hlower Shop borrowed $18,000 from the bank. Jo signed a ter month, 6% promissory note for the entire amount. Jo's uses a calendar year-end. Required: 1. Prepare the journal entry on July 1 to record the issuance of the promissory note. 2. Prepare any adjusting entries needed at year-end. 3. Prepare the journal entry on May 1 to record the payment of principal and interest. Thart of Accounts CHART OF ACCOUNTS Jo's Flower Shop General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 154 Supplies 521 Salaries and Wages 174 Equipment Expense 179 Accumulated 532 Utilities Expense Depreciation 533 Insurance Expense 534 Rent Expense LIABILITIES 537 Supplies Expense hart of Accounts Depreciation 533 Insurance Expense 534 Rent Expense LIABILITIES 537 Supplies Expense 211 Accounts Payable 541 Depreciation Expense 231 Salaries and Wages 551 Advertising Expense Payable 559 Miscellaneous 235 Notes Payable Expenses 238 Interest Payable 810 Interest Expense 261 Income Taxes 910 Income Tax Expense Payable EQUITY 311 Capital Stock 331 Retained Earnings 1. Prepare the joumal entry with the impact on the financial sta CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Select an up : or down : arrow to show the impact on the financial statements. Be sure to include an arrow in Net Income and Equity when Revenue or Expenses 1 frepare the iounat evty wati the imeac on the fnancad atasomener on Jly 1 so tocord the isuance of the provissory nos. ancer. Caribou Colfeses Gash-Flow Statement. Following is the current assats and current liabilities portion of the balance sheet of Caribou Coffee for the years ended January 1 , 2012, and Janiuary 2, 2011: Caribou Coffee Company, Inc. and Atniliates Consolldated Balance Sheets Source: Caribou Coffee, Inc, Form 10K for year ended January 1,2012. Required: 1. Determine the company's current ratio for each fiscal year. Round your answers to two decimal places. Each of the following situations involves the use of discounts: 1. How much discount may CROFT Inc. take in each of the following transactions? What was the annuailzed interast rate? Round your answers to the nearest. whole number. When calculating the annualized rate use 360 days. 2. Calculate the discount rate TEEM Co. Fecerved in eacn or these transacvura. a. TEEM purchased offce supplies costing $400 and paid within the discount period with a check for $392. Round your answer to the nearest whole number. F4. b. TEEM purchased merchandise for $8,600. It paid within the discount period with a check for 58,471 . Round your answer to one decimal place. ei

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