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Coco Corp. has the following selected account balances as of 12/31/Year5:
Cash $13,500
Accounts receivable $128,000
Allowance for uncollectible accounts $12,000 (NORMAL, credit balance- a negative asset)
Inventory $38,000
The first transaction of Year6 is the write-off of a customers account of $10,000.
What is the net realizable value of accounts receivable after just that first transaction?
A. $106,000
B. $(2,000)
C. $128,000
D. $116,000
E. $118,000
Use the budgeted statement of cash flows prepared in Requirement 3 to determine the Cash balance.
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Journalize the annual adjusting entries that were made. - Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014, and an unclassified balance sheet at December 31.
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Prepare summary journal entries in all appropriate funds. Prepare alternative journal entries to re?ect how the transactions would be recorded in the township'sgovernment-wide statements.
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