At the Beginning of 2017, Elixir, Inc

question 90

Multiple Choice

At the beginning of 2017, Elixir, Inc. has the following account balances: Accounts Receivable $42,000 (debit balance)
Allowance for Bad Debts $7,000 (credit balance)
Bad Debts Expense $0
During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $770,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance in the Allowance for Bad Debts is ________.

• A) $7,000
• B) $2,000
• C) $8,250
• D) $9,000

Understand the role of photosynthetic organisms in carbon fixation.

Identify the biogeochemical cycle most affected by human interference in relation to climate change.

Recognize ecosystems with high rates of primary productivity and factors driving ocean surface circulation patterns.

Understand the sensory capabilities of infants from birth, including hearing, taste, smell, and touch.

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Definitions:

Tori Busshi

A renowned Japanese sculptor from the Asuka period, credited with creating the iconic Buddhist statue Shaka Nyorai.

Shingon Buddhism

A major school of Japanese Buddhism, characterized by esoteric teachings, rituals, and practices aimed at achieving enlightenment.

Taizokai Mandara

A complex and symbolic diagram or cosmic map in Esoteric Buddhism, representing the Womb World and the principle of the physical universe.

Kamakura Period

A period in Japanese history from 1185 to 1333, known for the rise of the samurai class and the establishment of a military-led government.