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Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at

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Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at 8 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) a. Interest income b. Receivables C Cash used in investing activities d. Interest income e. Cash f. Cash provided by investing activities Cash provided by operating activities g. Interest earned Exercise 7-16A (Algo) Accounts receivable turnover and average days to collect accounts receivable LO 7-7 The following information is available for Market, Inc. and Supply, Inc. at December 31: Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 57,400 2,448 616,960 Supply, Inc. $ 78,400 2,356 887,100 Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required a Required B Required What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Market Supply Liewed Required 8 > Turnover times times Exercise 7-16A (Algo) Accounts receivable turnover and average days to collect accounts receivable LC 7-7 The following information is available for Market, Inc. and Supply, Inc. at December 31: Accounta Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 57,400 2,448 616.960 Supply, Inc. $ 78,400 2,356 887,100 Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of recelvables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the average days to collect the recelvables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.) Company Market Supply Average Collection Period days days accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? (Round your percentage answers to nearest whole number.) Company Estimated Porcentage of Uncollectible Accounts Market % % Supply

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