7.) ArundelCompany uses percentage of sales to estimateuncollectibles.At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $730,000 in credit sales.Arundel assumes that 1.0% of sales will eventually be uncollectible.before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,000.What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?

8.) Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$11.50

5/5

Purchase

200

$10.50

5/10

Sales

300

$25

5/15

Purchase

200

$13.00

5/20

Sales

250

$28

5/25

Purchase

150

$13.50

Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May.Round to the nearest cent.

9.) Adelphi Company purchased a machine on January 1, 2017, for $50,000.The machine was estimated to have a service life of ten years with an estimated residual value of $5,000.Adelphi sold the machine on January 1, 2021 for $21,000. Adelphi uses the double declining method for depreciation. Using this information, how much isthegain or (loss) for the equipment sale entry made on January 1, 2021.Enter a loss as a negative number.