The Following Information Was Presented in the Balance Sheet of Gloria

question 149

Multiple Choice

The following information was presented in the balance sheet of Gloria Company as of December 31, 2016: $$\begin{array}{l}\text {Trade accounts receivable, net of allowance for }\\\text { uncollectibles of \$ 100,000 }&\$1,600,000\\\end{array}$$ ? Which one of the following statements is true?

• A) Gloria expects that $1,700,000 of accounts receivable will be collected after year end.
• B) The balance in the Accounts Receivable account in Gloria's general ledger is $1,600,000.
• C) The net realizable value of Gloria's accounts receivable is $1,600,000.
• D) Gloria expects to collect only $1,500,000 from its customers.

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Definitions:

Shy

Characterized by feeling nervous or timid in the presence of others, often leading to avoidance of social interactions.

Emotionally Expressive

The ability or tendency to outwardly display emotions or feelings through facial expressions, gestures, or speech.

Risky Vocations

Occupations that involve a high degree of danger or risk to the individual performing them.

Sensation Seekers

Individuals who have a heightened preference for experiences and activities that are stimulating or novel.