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Ava Company sets bad debt expense at 3 percent of its sales. Ava reported total sales of $ 71,572. Before the adjustment, Ava had $655 credit balance in its allowance for doubtful accounts. How much bad debt expense did Ava report on its income statement? QUESTION 4 On March 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018 QUESTION 5 Hope Company's total assets were $5,530. Hope collected on $628 of account receivable that had previously been written off. After the collection, Hope's total assets will be $

Ava Company sets bad debt expense at 3 percent of its sales. Ava reported total sales of $ 71,572. Before the adjustment, Ava had $655 credit balance in its allowance for doubtful accounts. How much bad debt expense did Ava report on its income statement? QUESTION 4 On March 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018 QUESTION 5 Hope Company's total assets were $5,530. Hope collected on $628 of account receivable that had previously been written off. After the collection, Hope's total assets will be $

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...
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QUESTION 3 Ava Company sets bad debt expense at 3 percent of its sales. Ava reported total sales of $ 71,572. Before the adjustment, Ava had $655 credit balance in its allowance for doubtful accounts. How much bad debt expense did Ava report on its income statement? QUESTION 4 On March 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018 QUESTION 5 Hope Company's total assets were $5,530. Hope collected on $628 of account receivable that had previously been written off. After the collection, Hope's total assets will be S
Transcribed Image Text:QUESTION 3 Ava Company sets bad debt expense at 3 percent of its sales. Ava reported total sales of $ 71,572. Before the adjustment, Ava had $655 credit balance in its allowance for doubtful accounts. How much bad debt expense did Ava report on its income statement? QUESTION 4 On March 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018 QUESTION 5 Hope Company's total assets were $5,530. Hope collected on $628 of account receivable that had previously been written off. After the collection, Hope's total assets will be S
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