In 2022, the Golic Co

question 174

Multiple Choice

In 2022, the Golic Co.had net credit sales of $900,000.On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $22,500.During 2022, $36,000 of uncollectible accounts receivable were written off.Past experience indicates that the allowance should be 10% of the balance in receivables (percentage-of-receivables basis) .If the accounts receivable balance at December 31 was $240,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2022?

• A)$24,000.
• B)$37,500.
• C)$46,500.
• D)$36,000.

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Definitions:

Conflicts

Internal or external struggles resulting from opposing needs, desires, or demands.

Polarities

Dualities or opposing forces that create tension and dynamics within various contexts, such as personality, politics, or physics.

Perceiving

The process of becoming aware of or understanding sensations and information through the senses.

Entropy

In thermodynamics, it is a measure of the disorder or randomness in a system; in information theory, it represents the uncertainty or diversity of information.