LIBERTY CORPORATION Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents $ 2,450 $ 2,094 Accounts Receivable 1,813 1,611 Merchandise Inventory 1,324 1,060 1,709 2,120 Prepaid Expenses 7,296 6,885 Total Current Assets 18,500 15,737 Other Assets $ 25,796 $ 22,622 Total Assets Liabilities $ 7,230 $ 8,467 Current Liabilities 4,798 3,792 Long-term Liabilities Total Liabilities 12,028 12,259 Stockholders' Equity Common Stock, no par 6,568 4,363 Retained Earnings 7,200 6,000 Total Stockholders' Equity 13,768 10,363 Total Liabilities and Stockholders' Equity $ 25,796 $ 22,622 LIBERTY CORPORATION Income Statement Year Ended December 31, 2019 $ 20,941 Net Sales Revenue Cost of Goods Sold 7,055 13,886 Gross Profit 7,065 Operating Expenses 6,821 Operating Income 210 Interest Expense Income Before Income Taxes 6,611 2,563 Income Tax Expense $ 4,048 Net Income

On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…

The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)

As of January 1, 2021, Company had a credit balance of 535,000 in its allowance for uncollectible accounts. Based on experience, 2% of the company's gross accounts receivable have been uncollectibleDuring 2021, the company wrote off 665,000 of accounts receivable . The company's gross accounts receivable as December 31, 2021, is 18,750,000 In its December 31, 2021, balance sheet, what amount should the company report as allowance for uncollectible accounts?