Sage Hill had the following transactions during March, 2025. Sage Hill performed $14,000 of services for A1 Enterprises, terms 2/10,n30. A1 Enterprises also signed a contract for $4,100 of future services on the last day of the month. Sage Hill lent $940 to its company president, who promised to repay the loan on the 15th day of the next month. 1. 2. 3. Sage Hill performed services for Ace Traders on 3/31. Ace Traders gave a $3,000 promissory note to Sage Hill, agreeing to pay in 3 months. 5. Other current assets totaled $49,000. 4. Sage Hill received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month-end. (Round answer to O decimal places, e.g. 25%) Accounts Receivable 22.22 %

Sage Hill had the following transactions during March, 2025. Sage Hill performed $14,000 of services for A1 Enterprises, terms 2/10,n30. A1 Enterprises also signed a contract for $4,100 of future services on the last day of the month. Sage Hill lent $940 to its company president, who promised to repay the loan on the 15th day of the next month. 1. 2. 3. Sage Hill performed services for Ace Traders on 3/31. Ace Traders gave a $3,000 promissory note to Sage Hill, agreeing to pay in 3 months. 5. Other current assets totaled $49,000. 4. Sage Hill received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month-end. (Round answer to O decimal places, e.g. 25%) Accounts Receivable 22.22 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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