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1. The maker of a $6,000, 10%, 120-day note receivable failed to pay the note on the due date of April 30. What accounts should be debited and credited by the payee to record the dishonored note receivable?
2. The note receivable dishonored in Question 1 is paid on May 30 by the maker, plus interest for 30 days, 9%. What entry should be made to record the receipt of the payment?
3. Under what section should accounts receivable be reported on the balance sheet?
4. To reduce its bad debt expense, Adang Inc. decided to quit granting credit to customers. Is this a wise decision by Adang Inc.? Explain.
5. The accounts receivable turnover increased, while the number of days' sales in receivables decreased for the current year for Nackerud Co. Are changes for the current year good or bad? Explain.
Bailey Company sells 25,000 units at $15 per unit. Variable costs are $8 per unit, and fixed costs are $35,000. The contribution margin ratio and the unit contribution margin, (rounding to two decimal points) are:
during 2014 deluca company had net sales of 5700000. most of the sales were on credit. at the end of 2014 the balance
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discuss the evolution of the income statement found in the annual report of a firm to the forms that can be used in
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Use the systems development life cycle to accomplish the task.
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According to the OSHA and APWA Safety Colors chart, which of the following is a correct match?
Prepare all journal entries necessary to reflect the transactions above
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