During 2015, Davidson's First Year of Operations, the Following Transactions

question 22

Essay

During 2015, Davidson's first year of operations, the following transactions occurred:
∙ Credit sales of $2,000,000.
∙ Collections on account of $1,700,000.
∙ Accounts receivable written off during the year, $5,000.
∙ Estimated uncollectible accounts, $8,000.
∙ Accepted a $10,000, one-year, 12% note receivable on June 30.
Required:
Prepare the receivables portion of Davidson's first year operation's balance sheet as of December 31, 2015.

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Definitions:

Supervisory-level Managers

Individuals in an organization who have direct oversight and responsibility for front-line employees, focusing on day-to-day operations and performance.

Technical Skill

Refers to the ability to carry out tasks that require expertise in specific domains or industries, often relating to practical and mechanical operations.

Human Skill

The ability to work well with others, often considered essential for effective leadership, involving communication, empathy, and conflict resolution skills.

Conceptual Skill

The ability to understand complex situations and to develop creative and effective solutions.