Problem 7-2-1

# Problem 7-2-1 - BALANCE SHEET Assets = Liabilities +...

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Problem 7-2 Name: Section: General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information. 3. The completed exercise/problem may be printed or e-mailed per direction from your instructor. P7-2 Required uncollectible accounts on December 31 Aging Schedule: Estimated Estimated Percent Amount Category Amount UncollectibleUncollectible Current \$200,000 5% \$10,000 Past due: Less than one month 45,000 20% \$9,000 One to two months 25,000 40% \$10,000 Over two months 10,000 60% \$6,000 Totals \$280,000 \$35,000

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Unformatted text preview: BALANCE SHEET Assets = Liabilities + Stockholders' Equity Allowance for Doubtful A (22,700) 3. Show how accounts receivable would be presented on the December 31, 2007, balance shee Current Assets Accounts Receivable \$280,000 Allowance for Doubtful A (22,700) Net Realizable Value \$257,300 2. The blue cells are for data entry. Enter text in the T cells , formulas in the F cells, dollar/numbers in the \$ cells. uncollectible accounts at December 31, 2007. 31, 2007. INCOME STATEMENT + Revenues - Expenses Bad Debts Expense (22,700)...
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## This homework help was uploaded on 04/14/2008 for the course ACCT 1011 taught by Professor Lin during the Spring '08 term at Saint Joseph's University.

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Problem 7-2-1 - BALANCE SHEET Assets = Liabilities +...

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