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iv milanis italian catering began business on january 1 2015 for each of the followi 3611147

IV. Milanis Italian Catering began business on January 1,2015. For each of the following items, determine the effect on 2015 income before taxes and on cash flows. Your answers should include both a sign and an amount. If an item has no effect write NA. Before Taxes Cash Flow Income a. Purchased a portable grill on 1/1/2015 for S12,000. The grill has a 5-year useful life. b. Billed commercial customers S225.000 under the terms 2/10, n/30. S15,000 was for Hawkeye Rose Bowl parties on January 1, 2016. c. Collected $198,400 on accounts receivable. Forty percent of the accounts were collected within 10 days of the sale. d. An accounts receivable aging at 12/31/15 showed $50,000 to be current, $35.000 to be past due by 30 days or less and S15,000 to be past due by more than 30 days. Milani estimates 1%. 10% and 25% of those balances to be uncollectable respectively. e. Wrote off S4.500 of accounts receivable f Collected S5,500 on a disputed note receivable from the February 2015. The original note was for$14,000, but 50% was written off as uncollectable in June 2015.

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Milani’s Italian Catering began business on January 1, 2015. For each of the following items, determine the effect on 2015 income before taxes and on cash flows. Your answers should include both a sign and an amount. If an item has no effect write “NA.”

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