E5-32B. (Learning Objective 5: Apply GAAP for uncollectible receivables) At December 31, 2024, Concord Travel Agency has an Accounts Receivable balance of \( \$ 87,000 \). Its net accounts receivable is \( \$ 86,120 \) before the year-end adjustment. Service revenue (all on account) for 2024 was \( \$ 800,000 \). Concord estimates that its bad debt expense for the year is \( 3 \% \) of service revenue. Requirêments 1. Calculate Concord's bad debt expense for 2024 . 2. How are Concord's balance sheet and income statement impacted by the adjustment to recognize bad debt expense for the year? 3. Calculate the net realizable value of accounts receivable as of December 31,2024 .

If you want to earn \( 4 \% \) annual simple interest on an investment, how much should you pay for a note that will be worth \( \$ 18,500 \) in 10 months? (Round your answer to two decimal places.) \( \$ \) Read It

If you borrow \( \$ 500 \) for 6 months at \( 2 \% \) annual simple interest, how much must you repay at the end of the 6 months?

On September 5, Zhu Company buys merchandise on account from Gao Company. The selling price of the goods is \( ¥ 15,000 \), and the cost to Gao Company was \( ¥ 8,000 \). On September 8 , Zhu returns defective goods with a selling price of \( ¥ 2,000 \) and the fair value of \( ¥ 300 \). Record the transactions on the books of Gao Company. Sept. 5 Sept. 5

E6-23A. (Learning Objective 2: Compare gross profit-FIFO versus LIFO-falling prices) Suppose a Walmart store in Fillmore, Missouri, ended January 2024 with 900,000 units of merchandise that cost \( \$ 5 \) each. Suppose the store then sold 50,000 units for \( \$ 510,000 \) during February. Further, assume the store made two large purchases during February as follows: Feb \( 10 \quad \begin{array}{rr}10,000 \text { units @ } \$ 3.10=\$ 31,000 \\ 21 & 25,000 \text { units @ } \$ 2.20=\$ 55,000\end{array} \) Requirements 1. Calculaté the store's gross profit under both FIFO and LIFO at February 28. 2. What caused the FIFO and LIFO gross profit figures to differ?

What amount, \( A \), will our account have after 5 years if it earns an annual rate of \( 5 \% \) compounded quarterly if we started with \( \$ 650 \). Round to the nearest cent. \( A=\$ \)