Required: 1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.) Sales Costs and expenses 2022 2023 2024 $ 477,855 $ 698,040 $1,009,900 329,070 Profit from continuing operations $ 314,935 Gain (loss) on discontinued operations 83,160 (110,075) Profit (loss) $ 155,994 $ 535,700 Information on Common Shares for Ace Group Inc." Shares outstanding on December 31, 2021 34,300 Purchase and retirement of shares on March 1, 2022 3,980 Sale of shares on June 1, 2022 14,680 Share dividend of 5% on August 1, 2022 Shares outstanding on December 31, 2022 Sale of shares on February 1, 2023 6,860

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.