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i meant to put number 3 up please answer that one 2. Compute Receivables Turnover and Days Uncollected from the following Accounts Receivable 1/1 350,000
i meant to put number 3 up please answer that one
2. Compute Receivables Turnover and Days Uncollected from the following Accounts Receivable 1/1 350,000 Accounts Receivable 12/31 450,000 Equipment 230,000 Net Sales 1,950,000 3. The following amounts are available. Management is using the percent of sales method has determined that 1.5% will be uncollectible. What is the amount management has determined will be uncollectible. Cost of Goods Sold 120,000 Sales 800,000 Sales returns 30,000 Purchase discounts 20,000 4. Calvin Company had the following Note Receivable $50,000 for 4 months at 4% interest. What is the maturity value ? 5. Lexi company has a note receivable dated June 1 for $40,000. The loan is for 1 year with 4% interest. What is the amount of interest income in June and what is the journal entry 6. During 2018 Sophie Corporation had net sales of $40,000. Management believes that 0.15 will be uncollectible. What is the journal entry to reflect the uncollectible amount? Management uses the Percent of sales method. 7. A customer of Sophie filed bankruptcy in 2019. What is the Journal entry on learning of the bankruptcy Step by Step Solution
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