Ch5 - E5-16 1 Trading Investment she plans to hold i t for...

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E5-16 1. Trading Investment; she plans to hold it for one month and then sell it for profit 2. 12/15 Short-Term Investments 55,000 Cash 55,000 Purchase Investment 12/31 Cash 8,000 Unrealized Gain on Investment 8,000 Received cash dividend 63,000 - 55,000 = 8,000 3. a. Balance Sheet: Current assets Short-term investments, at market value .......................... $63,000 b. Income Statement: Other revenue, gains, and losses Unrealized Gain on Investment .......................................... $8,000 E5-21 Accounts Receivable 100,000 Sales Revenue 100,000 Cash 94,000 Accounts Receivable 94,000 Allowance for Uncollectible Accounts 1,700 Accounts Receivable 1,700 Uncollectable Account Expense (100,000 x .02) 2,000 Allowance for Uncollectable Accounts 2,000 Accounts Receivable 40,000 94,000
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100,000 1,700 44,300 TOTAL Allowance for Uncollectible Accounts 1,700 3,000 2,000 TOTAL 3,300 Google expects to collect the newt accounts receivable, or (44,300 – 3,300) = 41,000 3. Balance Sheet: Current Assets: Accounts receivable, net of allowance for doubtful accounts of $33,000………..
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