Acme had the following transactions during March 2025. 1. Acme performed $14,000 of services for A1...
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Acme had the following transactions during March 2025. 1. Acme performed $14,000 of services for A1 Enterprises, terms 2/10, n30. 2. A1 Enterprises also signed a contract for $4,600 of future services on the last day of the month. 3. Acme lent $1,000 to its company president, who promised to repay the loan on the 15th day of the next month. 4. Acme performed services for Ace Traders on 3/31. Ace Traders gave a $2,500 promissory note to Acme, agreeing to pay in 3 months.. 5. Other current assets totaled $50,000. Acme received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month-end. Acme had the following transactions during March 2025. 1. Acme performed $14,000 of services for A1 Enterprises, terms 2/10, n30. 2. A1 Enterprises also signed a contract for $4,600 of future services on the last day of the month. 3. Acme lent $1,000 to its company president, who promised to repay the loan on the 15th day of the next month. 4. Acme performed services for Ace Traders on 3/31. Ace Traders gave a $2,500 promissory note to Acme, agreeing to pay in 3 months.. 5. Other current assets totaled $50,000. Acme received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month-end.
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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