(1)Assume that Simple Co had credit sales of $252,000 and cost of goods sold of $152,000 for the per

(1)Assume that Simple Co had credit sales of $252,000 and cost of goods sold of $152,000 for the period Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,200 Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $270

What amount of Bad Debt Expense would the company record as an end-of-period adjustment?

(2) Nova Corporation hired a new product manager and agreed to provide her a $21,000 relocation loan on a six-month, 6 percent note

(a) The company loans the money on January 1 (b)The new employee pays Nova the interest owed on the maturity date

(c)The new employee pays Nova the full principal owed on the maturity date

Prepare journal entries to record the above transactions for Nova Corporation (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field Do not round intermediate calculations)

(3) Terracotta, Inc reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2013

Accounts Payable$740 Accounts Receivable 650 Accumulated Amortization 470 Accumulated Depreciation 810 Allowance for Doubtful Accounts 30 Cash and Cash Equivalents 850 Equipment 5,155 Income Taxes Payable 30 Notes Payable (long-term) 1,700 Notes Payable (short-term) 25 Notes Receivable (long-term) 230 Prepaid Rent 290 Retained Earnings 7,130 Service Revenue 470 Short-term Investments 2,540 Software 625 Unearned Revenue 800

Prepare the current assets section of its balance sheet The Allowance for Doubtful Accounts relates entirely to Accounts Receivable (Enter your answers in millions (ie, 10,000,000 should be entered as 10))

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