During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...

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During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected SHERIDAN COMPANY Balance Sheet (Partial) Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term

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Answer 1

Answer #1

SHERIDAN COMPANY
Balance Sheet (partial)
Current assets
Cash		95000
Account receivable	400000
Less:
Allowance for doubtful accounts	-25200	374800
Supplies		14000
Merchandise inventory		172000
Total Current assets		655800

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Answer 2

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During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...

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