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    Info Financial Statements

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    Problems (also attached):

    2. What are some common types of receivables other than accounts receivable and notes receivable?

    10. An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Why are companies selling their receivables?

    29. How is a gain or loss on the sale of a plant asset computed?

    34. What are natural resources, and what are their distinguishing characteristics?

    35. Explain what depletion is and how it is computed.

    BE1-2 Record the following transactions on the books of Essex Co.
    (a) On July 1, Essex Co. sold merchandise on account to Harrard Inc. for $16,000, terms 2/10, n/30.
    (b) On July 8, Harrard Inc. returned merchandise worth $3,800 to Essex Co.
    (c) On July 11, Harrard Inc. paid for the merchandise.

    BE1-15 Graig Mabasa Company acquires a delivery truck at a cost of $30,000. The truck is expected to have a salvage value of $2,000 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method.

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