Question 54

The maturity value of a $20,000, 6%, 4-month note receivable dated July 3, with interest due at maturity, is

$21,200.

$20,400.

$400.

$20,000.

Question 53

Under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $10,000. The unadjusted balance for the Allowance for Doubtful Accounts is $1,500 credit. What is the balance in the Allowance for Doubtful Accounts account after adjustment?

$1,500

$11,500

$10,000

$7,000

Question 59 Green Thumb Garden Supplies reported the following information for 2017 and 2018: 2018 2017 Assets Cash Accounts receivable Inventory Property, plant, and equipment Total assets S 50.000 S 45,000 35.000 25.000 25,000 20.000 240.000 210.000 $350.000 $300.000 Liabilities and Shareholders' Equity Current liabilities Non-current liabilities Shareholders' equitycommon Total liabilities and shareholders' equity S 65.000 S 60.000 110.000 90.000 175.000 150.000 $350.000 $300.000 Income statement for 2018 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income 595,000 45,000 50.000 15.000 35.000 5.000 $30.000 Share data for 2018 Weighted average number of common shares Market price per common share Dividends per share 6,000 $40 $0.90 What is the profit margin for 2018? o 8.6% 31.6% 10.0% o 17.1%