Question: please solve problem number 10 type answer, show all work and answer all parts. Thanks 10. The following information is available for Monroe Company: Allowance
please solve problem number 10 type answer, show all work and answer all parts. Thanks
10. The following information is available for Monroe Company: Allowance for doubtful accounts at December 31, 2017 Credit ealos during 2018 Accounts roceivablo deemed worthless and writton off during 2018 $24.000 1,200,000 27,000 As a result of a revisw and aging of accounts recevable in early January 2019, it has been datormined that an allowanoo for doubtful acounts of $16,000 is nooded at Decom ber 31, 2018. What amount will Monroe record as 'bad debt expense" for the yeer ended December 31, 2018? 11. Sun Inc. factors S6,000,000 of its accounts roceivables with rocou so for a finance charge of 3%. Tho finance company retains an amount equal to 10% of the accounts receivable for possble adjustmants. Sun estimatos the fair value af the rooourse liability at $300,000. What journal entry wil Sun make to record the gain (oss) on the transfer of receivables? 12. The Mateo Corporation's inventory at December 31, 2018, was $325,000 besed on a physical count priced at cost, and before any necessary adjustment for the following Merchandise coeting $30,000, shipped fo.b. shipping point from a vandor on Decomber 30, 2018, was recoived on January 5, 2019 Merchandise costing $22,000, shipped fo.b. destination from a vendor on December 28, 2018, wes received on January 3, 2019 Merchandise costing $38,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2019. Merchandise costing $12,000 was being held on consignment by Traynor Company, What amount should Mateo Corporation report as inventory in its December 31, 2018, balance sheet
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