The Soft Company Has Provided the Following Information After Year-End

question 91

Multiple Choice

The Soft Company has provided the following information after year-end adjustments: • Allowance for doubtful accounts was $11,000 at the beginning of the year and $30,000 at the end of the year.
• Accounts receivable were $80,000 at the beginning of the year and $420,000 at the end of the year.
• Accounts written off as uncollectible totaled $20,000.
• Net sales totaled $2,700,000.
• Sales discounts were $100,000.
What was the amount of Soft's bad debt expense for the year?

• A)$39,000.
• B)$1,000.
• C)$19,000.
• D)$20,000.

Identify the key elements of sustainability, especially in the context of energy usage.

Recognize the potential of Earth's geothermal energy as a clean energy source.

Understand the operational fundamentals of different types of heat pumps and their environmental benefits.

Analyze the efficiency of various heating systems, including oil furnaces and wood stoves.

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Definitions:

Federal Income Tax

A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.

Withholding Allowances

The exemptions claimed by an employee on their W-4 form to determine how much of their income is withheld for taxes.

Accounting Period

A specific time range for which financial statements are prepared, often quarterly or annually, to present the financial status and performance of a company.

Note Payable

A written agreement where one party promises to pay another party a certain amount of money, often including interest, at a future date or on demand.