14.Before adjusting entries, Clark’s accounts receivable and allowance for doubtful accounts are $42,000 and $300 (credit balance), respectively. Clark determined that 0.4% of net sales would probably be uncollectible. Sales during the year were $500,000 and sales returns amounted to $6,000. Calculate the net realizable value of accounts receivable on Clark’s balance sheet at year-end.
15.If Behrend uses the aging schedule of accounts receivable to determine bad debts, determine the following:
A.Bad debts expense for the year ending December 31, 2010
B.Allowance for Doubtful Accounts balance at December 31, 2010
C.Net realizable value of accounts receivable on the 2010 financial statements
16.Calculate total current assets for Pines Company at December 31, 2010.
17.Calculate total current liabilities for Pines Company at December 31, 2010.
18.Calculate total working capital for Pines Company at December 31, 2010.
19.Calculate the current ratio for Pines Company at December 31, 2010.
20.Calculate the quick ratio for Pines Company at December 31, 2010.