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Intro. to Financial Final Review ACCOUNTS RECEIVABLE % of Net Sales Method The net credit...

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Intro. to Financial Final Review ACCOUNTS RECEIVABLE % of Net Sales Method The net credit sales for E&E International for the year are $800,000. Management estimates that the company usually does not collect 1% of its net credit sales. Assuming that after 1 year, management knows it will not receive $1,500 of the previously determined uncollectible accounts. % of Receivables Method The trial balance for Ryan Enterprises shows the Allowance account with a credit balance of $528 and the Company has determined that the Allowance account should have a balance of $2,228. The trial balance for Ryan Enterprises shows the Allowance account with a debit balance of $528 and the Company has determined that the Allowance account should have a balance of $2,228. Sales On 3/15/03, Jack Frost Co. sells goods worth $2,000 to Snowmen Inc. with terms of 4/10, n/30, how much would Snowmen Inc. owe Jack Frost Co. if: It paid it's bill on 4/10/03? It paid it's bill on 3/20/03

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