The president of Space Enterprises asks if you could indicate the impact certain transactions have on the
Question:
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1. Received $3,000 on cash sale. The cost of the goods sold was $1,800.
2. Recorded bad debts expense of $500 using allowance method.
3. Wrote off a $100 account receivable as uncollectible (Uses allowance method.)
4. Recorded $2,500 sales on account. The cost of the goods sold was $1,500.
Instructions
Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for SpaceEnterprises.
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Transaction Current Ratio 21 Receivables Turnover ...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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