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Please help! On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $210,000 in five years. The
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On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $210,000 in five years. The applicable effective interest rate is 8%. Note: Use appropriate factor(s) from the tables provided.(FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) What amount of sales revenue would Millipede recognize on April 19, 2024, for the Hartwood transaction? Note: Round your final answer to nearest whole dollar. Answer is complete but not entirely correct. The following information relates to a company's accounts receivable: gross accounts receivable balance at the beginning of the year, $480,000; allowance for uncollectible accounts at the beginning of the year, $37,000 (credit balance); credit sales during the year, $1,850,000; accounts receivable written off during the year, $28,000; cash collections from customers, $2,000,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance in the allowance for uncollectible accounts. Answer is complete but not entirely correctStep by Step Solution
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