At the end of 2016, wildhorse co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. 1. on january 24, 2017, it is learned that the company's receivable from madonna inc. is not collectible and therefore management authorizes a write-off of $3,913. 2. on march 4, 2017, wildhorse co. receives payment of $3,913 in full from madonna inc.

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning econ

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?