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Please show your work, and thank you for your help. O'Tole Co. reports assigned accounts receivable of $190,000 that relate to an unpaid note payable
Please show your work, and thank you for your help.
O'Tole Co. reports assigned accounts receivable of $190,000 that relate to an unpaid note payable of $75,000. Correct balance sheet disclosure is Current assets: Accounts receivable assigned $190,000 Less: Note payable (75,000). Net realizable receivable assigned $115,000 Current assets: Net realizable receivable assigned $115,000 Current liabilities: Note payable $75,000 Less: Accounts receivable assigned (75,000). $-0- Current assets: Equity in accounts receivable $115,000 assigned Current assets: Accounts receivable assigned $190,000 Current liabilities: Note payable $75,000 Wholesale Stuff, Inc. sells to retailers on account. Sales for the year totaled $9,900,000. The company uses the aging method for determining bad debt expense. The aging report and related information includes: Time OutstandingStep by Step Solution
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