Marina inc. sells and services sailboats. on april 1, marina financed the purchase of its entire inventory with ace finance company. ace required marina to execute a security agreement and a ucc-1 financing statement covering the inventory and proceeds. on april 4, ace properly filed the ucc-1 financing statement covering the inventory, proceeds and after-acquired inventory. on april 27, marina sold one of the sailboats to wally for use in his charter business for $100,000 ($50,000 cash and $50,000 on credit). wally, who had once worked for marina, knew that marina regularly financed its inventory with ace. marina defaults on its obligations to ace.

can ace repossess the sailboat purchased by wally?

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?