1. Lankton Company has the following account balances at year-end: Accounts receivable $190,000 Allowance for...
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Accounting
1. Lankton Company has the following account balances at year-end:
Accounts receivable $190,000
Allowance for doubtful accounts 9,800
Sales discounts 3,200
Lankton should report accounts receivable at a net amount of $?
2. Lawson Manufacturing Company has the following account balances at year end:
Office supplies $ 14,000
Raw materials 57,000
Work-in-process 89,000
Finished goods 145,000
Prepaid insurance 12,000
What amount should Lawson report as inventories in its balance sheet?
3. Morgan Manufacturing Company has the following account balances at year end:
Office supplies $ 14,000
Raw materials 37,000
Work-in-process 69,000
Finished goods 115,000
Prepaid insurance 26,000
What amount should Morgan report as inventories in its balance sheet?
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