MGT120H5 Midterm: MGT120H 2006 Summer Test and Test Solution.pdf
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MGT120H5 Full Course Notes
Verified Note
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Uncollectible accounts has a credit balance of . Uncollectible account expense to be reported on the income statement is: ,350, ,750, ,150, , the following information was derived from an analysis and aging of the accounts receivable of mackie corporation at december 31. 2: valdez co. borrowed ,000 on september 1, 2001 from the bank. The term of the loan is on nine months and the interest rate is 9%. The total liabilities reflected on the december 31, 2001 balance sheet concerning this loan would equal: ,450, ,000, ,350, ,550. State the effect on net income, total assets, total liabilities, and shareholders" equity if the following adjustments are omitted by completing the chart below. Use u = understated, o = overstated, or ne = no effect. Utilities expense incurred but not yet paid, . Service revenue earned, but not yet collected, ,500. For each of the following independent situations, compute net accounts receivable: accounts receivable has a balance of ,700.
