Balance Sheet Ch5 - excersize solution

Balance Sheet Ch5 - excersize solution - $284,776 Current...

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(Current Assets and Current Liabilities)   The current assets and liabilities sections of the balance sheet of Agincourt Company appear as follows.  AGINCOURT COMPANY Balance Sheet (Partial) December 31, 2010 Cash   $40,000   Accounts payable $61,000 Accounts receivable $89,000     Notes payable 67,000    Less: Allowance for doubtful accounts 7,000 82,000     $128,000 Inventories   171,000       Prepaid expenses   9,000  
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Solution (a) AGINCOURT COMPANY   Balance Sheet (Partial)   As of December 31, 2010   Current assets             Cash   * $30,476         Accounts receivable ** $91,300                 Less:  Allowance for doubtful accounts 7,000 84,300
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        Inventories   *** 161,000          Prepaid expenses   9,000               Total  current assets
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Unformatted text preview: $284,776 Current liabilities Notes payable a 55,000 Accounts payable b $113,000 Total current liabilities $168,000 * Cash balance $40,000 Add: Cash disbursement after discount ($35,000 98%) 34,300 74,300 Less: Cash sales in January ($30,000 - $21,500) (8,500) Cash collected on account (23,324) Bank loan proceeds ($35,324 - $23,324) (12,000) Adjusted cash $30,476 ** Accounts receivable balance $89,000 Add: Accounts deducted from January collection ($23,324 98%) 23,800...
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This note was uploaded on 07/27/2011 for the course ACCT 303 taught by Professor N/a during the Spring '10 term at Strayer.

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Balance Sheet Ch5 - excersize solution - $284,776 Current...

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