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Question 1: Problem: At December 31, 2000, Arnold's Appliances reported accounts

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Question 1: Problem: At December 31, 2000, Arnold's Appliances reported accounts receivable of $311,000 and allowance for uncollectible accounts of $670, following a 2000 write-off of $6,750 in bad debts. An analysis of Arnold's December 31, 2000, accounts receivable suggests that the allowance for uncollectible accounts;should be 2% of accounts receivable. Bad debt expense for 2000 would be?;Question 2: Blaine Corporation adopted dollar-value LIFO on January 1, 2000, when the inventory value was $500,000 and the cost index was 1.0. On December 31, 2000, the inventory value at year-end costs was $535,000 and the cost index was 1.06. Blaine would;report a LIFO inventory of?;Question 3:Gyros for Clothes sells fad clothes which are subject to a great deal of price volatility. A recent item which cost $20 was marked up $15, marked down for a sale by $6, and then had a markdown cancellation of $3. The latest selling price is

 

Paper#25566 | Written in 18-Jul-2015

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