Dorman Company Had the Following Items to Report on Its

question 62

Multiple Choice

Dorman Company had the following items to report on its balance sheet: $\begin{array}{lr}\text { Employee advances } & \$ 1,580 \\\text { Amounts owed by customers for the sale of services (due in } 30 \text { days) } & 3,050 \\\text { Refundable income taxes } & 1,120 \\\text { Interest receivable } & 950 \\\text { Accepted a formal instrument of credit for services (due in } 18 \text { months) } & 2,220 \\\text { A loan to company president } & 10,000\end{array}$ Based on this information what amount should appear in the "Other Receivables" category?

• A)$20300
• B)$13650
• C)$15030
• D)$17250

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Definitions:

Retirement Savings

Money that has been set aside or invested with the intention of providing income or financial support during retirement.

Contributions Credit

A tax credit that may be received for certain contributions made to retirement accounts or charitable organizations, aimed at reducing the taxpayer's overall tax liability.

IRA

Individual Retirement Account, a saving tool for individuals to allocate funds for retirement with tax advantages.

American Opportunity Tax Credit

A rebate on legitimate educational expenditures for a qualifying student throughout the first four years of their university or college education.