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Problem - A trial balance for Green Company before adjustment included the following:
Debit
Credit
Accounts receivable $140,000
Allowance for doubtful accounts 730
Sales $610,000
Sales returns and allowances 8,000
Instructions: Calculate bad debt expense assuming that the estimate of uncollectible accounts is determined by taking
(1) 5% of gross accounts receivable;
(2) 3% of gross accounts receivable and assume a $600 debit balance;
(3) 10% of net sales.
Prepare a partial balance sheet in regard to the lease for Howard's for December 31, 2010. The company uses the change in present value approach to classify the capital lease obligation between current and noncurrent.
Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, Year 1 for $72,000. The patent has a remaining legal life of nine years.
Calculate the rate of return on the investment based on the financial statement impacts of the investment.
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Jane, Kent, and Tracy have income ratios of 5 :3 :2 and capital balances of $34,000, $31,000, and $28,000, respectively. Noncash assets are sold at a gain. After creditors are paid, $119,000 of cash is available for distribution to the partners. ..
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