ACC 422 Week 2 Learning Team Assignment Assignments from the Text

ACC 422 Week 2 Learning Team Assignment Assignments from the Text

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Week 2 - Team Assignment Learning Team C Problem P7-10 (a) Connecticut Inc. Long-Term Receivables Section of Balance Sheet For the year ended December 31, 2007 9% note receivable from sale of division, due in annual installments of $600,000 to May 1, 2009, less current installment $600,000 Ref Calculation 1 8% note receivable from officer, due Dec. 31, 2009, collateralized by 10,000 shares of Connecticut, Inc., common stock with a fair value of $450,000 400,000 Zero-interest bearing note from sale of patent, net of 12% imputed interest, due April 1, 2009 173,746 Ref Calculation 2 Installment contract receivable, due in annual installments of $45,125 to July 1, 2011, less current installment 110,275 Ref Calculation 3 Total long-term receivables $1,284,021 (b) Connecticut Inc. Schedule for current portion of long-term receivables and accrued interest in Balance Sheet Balances For the year ended December 31, 2007 Current portion of long-term receivables:
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ACC 422 Week 2 Learning Team Assignment Assignments from the Text

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