On january 1 2010 kloppenberg company had accounts

Reference no: EM13599072

On January 1, 2010, Kloppenberg Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Sara Rogers Company. It is a 4-month, 12% note dated December 31, 2009. Kloppenberg Company prepares financial statements annually. During the year the following selected transactions occurred. Jan. 5 Sold $20,000 of merchandise to Dedonder Company, terms n/15. 20 Accepted Dedonder Company's $20,000, 3-month, 9% note for balance due. Feb. 18 Sold $8,000 of merchandise to Ludwig Company and accepted Ludwig's $8,000, 6-month, 9% note for the amount due. Apr. 20 Collected Dedonder Company note in full. 30 Received payment in full from Sara Rogers Company on the amount due. May 25 Accepted Jenks Inc.'s $4,000, 3-month, 7% note in settlement of a past-due balance on account. Aug. 18 Received payment in full from Ludwig Company on note due. 25 The Jenks Inc. note was dishonored. Jenks Inc. is not bankrupt; future payment is anticipated. Sept. 1 Sold $12,000 of merchandise to Lena Torme Company and accepted a $12,000, 6-month, 10% note for the amount due.

Reference no: EM13599072

Questions Cloud

Using a financial statements model like the one shown below : a partial amortization schedule for a ten-year note payable that muro co. issued on january 1 2012 is shown here

In addition to being an effective means of estimating : in addition to being an effective means of estimating uncollectible accounts the aging of ar is often used as a guide

Prepare an absorption costing income statement of the : a. debits credits cash 48000 accounts rec. 224000 inventory 60000 buildings and equ. 370000 accounts payable 93000

The controller of ruiz co believes that the yearly : the controller of ruiz co. believes that the yearly allowance for doubtful accounts for ruiz co. should be 2 of net

On january 1 2010 kloppenberg company had accounts : on january 1 2010 kloppenberg company had accounts receivable 139000 notes receivable 25000 and allowance for doubtful

During 2010 maverick inc became involved in a tax dispute : during 2010 maverick inc. became involved in a tax dispute with the irs. mavericks attorneys have indicated that they

The ledger of hixson company at the end of the current : the ledger of hixson company at the end of the current year shows accounts receivable 120000 sales 840000 and sales

A newly created design business called smart art is just : a newly created design business called smart art is just finishing up its first year of operations. during the year

On december 1 2009 lakeview company collected rent of 3600 : on december 1 2009 lakeview company collected rent of 3600 for office space rented to another business. the rent

User Account

All Pages