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At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,150,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $30,000.
Determine
(1) The amount of the adjusting entry for uncollectible accounts;
(2) The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
(3) The net realizable value of accounts receivable.
Your firm has sales of $628,000 and cost of goods sold of $402,000. At the beginning of the year, your inventory was $31,000. At the end of the year, the inventory balance was $33,000. What is the inventory turnover rate? Show calculations.
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What is the appropriate balance for the Allowance for Doubtful Accounts at year-end and show how accounts receivable would be presented on the balance sheet.
question using these 2007 annual reports for the coca-cola company and pepsico inc. answer the subsequent questions.
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