10_15 Solution - which would have the beginning balance and...

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PROBLEM 10-15 SOLUTION (Transactions Worksheet) (000’s omitted) Assets = Liabilities and Net Assets Net Assets Tempo- Perma- Pledges Acc. Rec. Equip., Accounts Wages Notes rarily nently Cash Receivable Net Deposits net Payable Payable Payable Unrestricted Restricted Restricted 80 320 6 0 0 550 2 2 250 372 30 300 Transaction #1 Transaction #2 100 (100) Transaction #3 (20) 35 15 Transaction #4 (30) 30 Transaction #5 (50) (30) 80 Transaction #6 74 74 Transaction #7 (68) 5 (73) Wage expense Transaction #8 56 (3) 53 Sales revenue #8, continued (32) (32) Transaction #9 (134) (127) (7) Transaction #10 (60) (60) Transaction #11 (1) (1) Ending Balance $8 $220 $2 $3 $0 $570 $17 $7 $123 $326 $30 $300 Alternatively the “Accounts Receivable, Net” column could be split into two columns, one for “Accounts Receivable”
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Unformatted text preview: which would have the beginning balance and transaction 8, and one for Allowance for Uncollectible Accounts which would have transaction 11. The Accounts Receivable ending balance would be $3. The Allowance for Uncollectible Accounts would have an ending balance of ($1). On the balance sheet they would reported as a combined Accounts Receivable, Net amount of $2. Inventor y Beginning Balance Admission revenue Cost of goods sold Interest expense Depreciation expense Bad debt expense...
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This note was uploaded on 02/22/2012 for the course FINANCE 390:300:03 taught by Professor Palmon during the Fall '10 term at Rutgers.

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