..ooo Verizon 15:27 5796 1) The Largest current asset on Waverly Corporation's balance sheet is Short-Term Investments. The investments cost Waverly $8,660, and their market value is $9,000 Suppose Waverly holds the investments in the hope of selling at a profit within a few months. How will Waverly classify the investments? What will Waverly report on the balance sheet at December 31, 20X6? What will Waverly report on its 20X6 income statement? Show a T-account for short term investments 2) Superior Technical Resources (STR) balance sheet at December 31, 20X2, reported Account receivable S382 Allowance for doubtful accounts (52) STR uses both the percentage -of-sales approaches to account for uncollectible receivables. and the aging Required How much of the December 31, 20X2, balance of accounts receivables did STR expect to collect? Stated differently, what was the net realizable value of STR's receivables? a) b) Journalize, without explanation 20X3 entries for STR: estimated doubtful account expense of $40, based on the percent-of sales method, all during the year i) ii) Write offs of uncollectible accounts receivable totaling $58. Prepare T-account for allowance for doubtful accounts and post to this account. Show its unadjusted balance at December 31, 20X3 December 31, 20X3, aging of ii 1) Decenber 3, ZOAS,aging of receivables