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1. Beginning-of-the-year Accounts Receivable balance was $23,100.2. Net sales (all on account) for the year were $110,400. Grant does not offer cash discounts.3. Collections on accounts receivable during the year were $86,500.
Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,900 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse liability is $1,160.
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A certain airplane has two independent alternators to provide electrical power.The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the othe..
Using the unadjusted trial balance prepared in requirement A-iii above and the following data for adjusting entries, prepare a 10 column worksheet similar to the one in chapter 4 appendix of your text.
Assuming that this lease is properly classified as a capital lease, what is the amount of principal reduction recorded when the second lease payment is made in Year 2?
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