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E1-2The ledger of Salizer Company at the end of the current year shows Accounts Receivable 110,000 , Sales 840,000, and sales Returns and Allowances 40,000.Instructions :A) If Allowances for Doubtful Accounts has a credit balance of 2,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.B) If Allowance for Doubtful Accounts has a debit balance of 500.00 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales, and (2) 6% of accounts receivable.
E1-5Presented below are two independent situations.A) On March 3, Lisa Ceja Appliances sells $700,000 of its receivables to Horatio Factors Inc. Horatio Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Lisa Ceja Appliances' books to record the sale of the receivables.B) On May 10,Worthy Company sold merchandise for $4,000 and accepted the customer's Firstar Bank Mastercard. At the end of the day, the Firstar Bank Mastercard receipts were deposited in the company's bank account. Firstar Bank charges a 4% service charge for credit card sales. Prepare the entry on Worthy Company's books to record the sale of merchandise.
Assume you're a loan officer for bank. A start-up company has qualified for a loan. You are pondering various proposals for repayment:
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Many times managers need to make decisions on what machine to purchase and how to finance it. Assume you are in the market for a new car for your business.
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Assume you have decided to become a venture capitalist, but you are worried about capital losses and lower rate of return.
Brushy Mountain Mining Corporation's ore reserves are being depleted, so its sales are falling. Also, its pit is getting deeper each year, so its costs are increasing.
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