ACCT 101 Homework 2 spring 2009

ACCT 101 Homework 2 - ACCT 101 Homework#2(Spring 2009 Please refer to Lance Inc.s.s 10-K for the fiscal year ended that is posted on webCaf when

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ACCT 101 Homework #2 (Spring 2009) Please refer to Lance, Inc.s.’s 10-K for the fiscal year ended December 27, 2008 that is posted on webCafé when answering these homework questions. Please answer all of your questions in thousands of dollars (which is how the numbers are reported in Lance’s 10K) unless otherwise indicated and be sure to omit comas and dollarsigns when entering your answer. You can take the homework as many times as you wish but only the final set of answers will be recorded and these answers will determine your grade for the assignment. 1. What is the amount of receivables that Lance, Inc. has written off against its allowance for doubtful accounts in 2008? $406 – from schedule II page 48. 2. The change in accounts receivable that Lance, Inc. reports in its 2008 cash flow statement reflects the: A. increase in net accounts receivable B. increase in gross accounts receivable C. decrease in net accounts receivable D. decrease in gross accounts receivable B. It represents the increase in gross accounts receivable. Gross receivables, because Lance, Inc. first adds back the bad debt expense to net income in its
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This note was uploaded on 02/02/2012 for the course ACCT 101 taught by Professor Armstrong during the Spring '09 term at UPenn.

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ACCT 101 Homework 2 - ACCT 101 Homework#2(Spring 2009 Please refer to Lance Inc.s.s 10-K for the fiscal year ended that is posted on webCaf when

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