3. Macys Corporation estimate for bad debt expense at the rate of 4% of credit Account Receivable. The following data are available for 2018:

Allowance for doubtful accounts, 1/1/18(Cr.) $15,000

Accounts written off as uncollectible during 2016 9,000

Account Receivable, 12/31/18 1,000,000

The Allowance for Doubtful Accounts balance at December 31, 2016, should be:

2. On April 1, National Bank received a $10,000, 8%three-month note receivable. The cash to be received by National Bank at maturity date:

3. If plant asset is retired before it is fully deprecited and no salvage value is received.

4. NBC Corporation note receivable of $300,000, 60-day note receivable dated July 29 has a maturity date of

5 Using the following information: 12/31/15

Accounts receivable $525,000

Allowance (40,000)

Cash realizable value $485,000

During 2016, sales on account were $145,000 and collection on account were $100,000, Also during 2016, the company wrote off $5,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $45,000.

Bad debt expense for 2016 is:

6. A company purchased land for $90,000 cash. Real estate brokers commission was $5,000 and 7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at: