1. Wilson Co. begins the year with $200K in A/R and $5K in the Allowance account. During the year, Wilson makes credit sales of $750K and collections of $725K. Additionally, Wilson writes off a $1K A/R and collects $4K on another receivable that was previously written off. Wilson estimates that 4.5% of its ending A/R will be uncollectible in the future. What is Wilson’s ending balance in A/R?

2. What is Wilson’s ending balance in the Allowance account?

3. When Wilson makes an adjusting entry for the estimated uncollectible account, which account will be debited?

4. For #3, what is the dollar amount in that journal entry?

5. For #1, if the $5K in the beginning Allowance account was a debit balance, what is the dollar amount in the adjusting journal entry to recorded the estimated bad debt expense?

6. When Wilson writes off an uncollectible A/R, which account is debited?

7. When Wilson collects a previously written off A/R, the accountant will make two journal entries. For the first of the two entries, which account is credited?

8. For #7, which account is debited for the second of the two entries?

9. Wilson has $440K in net income for the year, declares $25K in common dividends, and has 100K shares of stock outstanding throughout the year. What is Wilson’s EPS (to the nearest penny)?

10. Wilson has the following items: gross profit ($800K), SG&A expenses ($550K), Interest Revenue ($40K), Gain on sale of land ($15K), Loss on discontinued operations ($200K, after tax), tax rate (20%), earnings before income taxes ($150K), Interest Expense (???). What is the reported Interest Expense on the income statement, given this information?