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AC300_Unit_9_Cash_and_Receivables_Finley_Joey

AC300_Unit_9_Cash_and_Receivables_Finley_Joey - E7-11...

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E7-11 Receivables-Bad Debts (AICPA Adapted) At January 1, 2010, the credit balance in the Allowance for Doubtful Accounts of the Master Company was $400,000. For 2010, the provision for doubtful accounts is based on a percentage of net sales. Net sales for 2010 were $50,000,000. Based on the latest available facts, the 2010 provision for doubtful accounts is estimated to be 0.7% of net sales. During 2010, uncollectible receivables amounting to $410,000 were written off against the allowance for doubtful accounts. Required Prepare a schedule computing the balance in Master’s Allowance for Doubtful Accounts at December 31, 2010. Show supporting computations in good form.
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E7-11 Receivables-Bad Debts Name: Joey D. Finley An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required Prepare a schedule computing the balance in Master’s Allowance for Doubtful Accounts at
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