Reference no: EM13824167
1. The 10,000 balance in long-term note payable account is the balance owing from 100,000, 6% note that requires quarterly payments of 5,000 plus accrued interest on the unpaid balance. The 5,000 payments, plus accrued interest from the previous quarter are made the first day of January, April, July and October of each year. Accrue the quarterly interest on the 10,000 6%, long-term notes payable.
2. Additional income taxes expense for the period total 2,520
3. The balance sheet (computer aging) method is used to estimate the balance of the Allowance for Doubtful Accounts account for the end of each quarter. The program has analyzed all accounts receivable and calculated the estimated balance of the account to be 2,190.50.
Balance of accounts receivable 30,178.40
Balance of allowance for doubtful accounts 1,440.00
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