Practical Accounting

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Practical Accounting
William Henry Dennis
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44 57, 296. 87 * 46 Insurance $1, 432. 30 Dividend 1, 000. 00 Notes Discounted $6, 250. 00 Loans 32, 000. 00 Notes Payable 61, 000. 00 Rates and Taxes 412. 50 Sundry Creditors 8, 824. 00 Depreciation Machinery and Tools 489. 54 Depreciation Horses, Wagons and Harness. . 235. 19 Reserve for Bad Debts 181. 25 Depreciation Furniture and Fixtures 90- 9 7 Reserve for Raw Material. 640. 93 Accrued Interest 50-33 Discount Lost Reserve 181. 25 $443, 992. 10 $443, 992. 10 Silas Wilcox fails to meet his ...notes and Burt & Conant call a meeting of their creditors. Prepare a statement of affairs on the following basis: Customers' accounts, $5, 500, is uncollectable ; $7, 300 doubtful, but expected to realize $3, 300; the balance is good; Missouri Pacific stock is quoted at 96; Leasehold interest can be sold for $1, 200; Horses, Wagons and Harness, $1, 200; Real Estate, $100, 000; Inven- tory, $20, 000; Machinery and Tools, $5, 000; Furniture and Fixtures, $200; Wages accrued, $500; Taxes, $412. 50; Discounted note of Mark ' Lane not expected to be paid, $2, 500.

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