Finney Had the Following Transactions During March 2012

question 81

Essay

Finney had the following transactions during March 2012.
1. Finney sold and delivered $14,000 of merchandise to LJ Enterprises, terms 2/10, n30.
2. LJ Enterprises also ordered an additional $5,000 worth of goods on the last day of the month.
3. Finney lent $1,000 to its company president who promised to repay the loan on the 15^th day of the next month.
4. Finney sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2,500 promissory note to Finney agreeing to pay for the sheds in 3 months.
5. Other current assets totaled $50,000.
Finney received no cash arising from the above transactions during March. Based only on the above transactions, and ingnoring beginning balances, compute the percentage Accounts Receivable is of the total current assets as of month end.

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Definitions:

Recessive Gene

A gene that produces its characteristic phenotype only when its allele is identical, as opposed to a dominant gene which can express its phenotype over a different allele.

Albinism

A genetic condition characterized by the absence of melanin pigment in the skin, hair, and eyes, resulting in light coloring and increased sensitivity to sunlight.

Recessive

A type of gene that generally does not manifest in the presence of a dominant gene; it requires two copies (one from each parent) for the trait to be expressed.

Homozygous

Having two identical alleles for a particular gene or genes, contributing to specific traits or conditions.