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At the beginning of the current period, Elmer Corp had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.
a) Prepare the entries to record sales and collection during the period.b) Prepare the entry to record the write-off of uncollectible accounts during the period.c) Prepare the entries to record the recovery of the uncollectible account during the period.d) Prepare the entry to record bad debts expense for the period.e) Determine the ending balances in Accounts Receivable and Allowances for Doubtful Accounts.f) What is the net realizable value of the receivables at the end of the period?
Mercier Corporation's stock is selling for $95. It has just paid a dividend of $5 a share. The expected growth rate in dividends is 8 percent.
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A bank has a vault cash value of $1 million and $5 million in deposits held at its federal reserve sidtrict bank at 8% federal reserve ratio what dollar amount of deposits can the bank have?
You are cautiously bullish on the common stock of the Wildwood Corporation over the next several months. The current price of the stock is $50 per share. You want to establish a bullish money spread to help limit the cost of your option position. ..
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Fullerton Wine Company is a retailer which sells vintage wines. The company has established a policy of reordering inventory every 30 days. A recently employed MBA has considered Fullerton's inventory problem from the EOQ model viewpoint.
Either machine must be replaced at the end of its life with an equivalent machine. Which is the better machine for the firm? The discount rate is 10% and the tax rate is zero.
Suppose interest rate levels rise to the point where the preferred stock now yields 13 percent. What would be the value of Rolen's preferred stock? Round your answer to two decimal places.
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