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.

Recognize the effects of economic perceptions and uncertainties on investment spending and aggregate demand.

Identify causes and effects of fluctuations in real GDP.

Analyze the impact of technological progress and expectations on price levels and production.

Understand the relationship between aggregate supply, aggregate demand, and economic equilibrium.

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Definitions:

Colonial Government

The governing structures established by colonial powers in territories they controlled, often prior to the territories gaining independence.

Angry Mob

A large, disorderly, and often violent crowd of people typically expressing or intending to cause harm or chaos.

Colonists

Individuals who settle in a new territory or colony, often leaving their homeland to form a new community or society.

Colonial Protesters

Individuals in a colony who demonstrate or agitate against the established rule or policies, often seeking independence or change.