CURRENT ASSETS Refer to the notes to the financial statements. The first note, Summary of Significant Accounting
Question:
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CURRENT ASSETS
Refer to the notes to the financial statements. The first note, "Summary of Significant Accounting Policies," should provide information about the company's accounts receivables, inventory costing methods and other accounting procedures. You will also need to refer to the other notes to the financial statements and to the financial statements themselves in order to answer the following questions.
ACCOUNTS RECEIVABLE
?What is the amount of the company's net accounts receivable?
This year $ ______________Last year $______________
?What is the amount of the allowances for doubtful accounts?
This year $_____________Last year $_______________
INVENTORIES AND COST OF GOODS SOLD
?What is the amount of company's merchandise inventory?
This year $______________Last year $______________
?What is the amount of cost of goods sold?
This year $_______________Last year $_______________
?What inventory costing method has the company chosen?
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