QUESTION 1

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $697. During the year, $369 of previously written off accounts were reinstated and accounts totaling $746 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below.

QUESTION 2

On January 1 of the current year, the Queen Corporation issued 8% bonds with a face value of $99,000. The bonds are sold for $96,030. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, five years from now. Queen records straight-line amortization of the bond discount. Determine the bond interest expense for the year ended December 31.

QUESTION 3

The following is the adjusted trial balance for Stockton Company.

Stockton Company Adjusted Trial Balance December 31
Cash	5,377
Accounts Receivable	2,284
Prepaid Expenses	695
Equipment	15,152
Accumulated Depreciation		7,785
Accounts Payable		1,578
Notes Payable		5,870
Common Stock		1,000
Retained Earnings		3,101
Dividends	955
Fees Earned		8,958
Wages Expense	2,248
Rent Expense	770
Utilities Expense	470
Depreciation Expense	246
Miscellaneous Expense	95
Totals	28,292	28,292

Determine the current assets.