The Data Presented Below for Lynx Corp -See the Data for Lynx Corp

question 164

Multiple Choice

The data presented below for Lynx Corp.is for the year ended December 31, 2016: $$\begin{array} { l r } \text { Sales (100\% on credit) } & \$ 1,000,000 \\\text { Sales returns } & 30,000 \\\text { Accounts Receivable (December 31,2016) } & 170,000 \\\text { Allowance for Doubtful Accounts [Cr. B alance] } & \\\quad \text { (Before adjustment at December 31, 2016) } & 1,300 \\\text { Estimated amount of uncollectible accounts based on aging analysis } & 14,000\end{array}$$
-See the data for Lynx Corp. If Lynx Corp.estimates its bad debts at 1% of net credit sales, what amount will be reported as bad debt expense for 2016?

• A) $9,560
• B) $9,700
• C) $1,700
• D) None of these choices

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Definitions:

Catalysts

Substances that increase the rate of chemical reactions without being consumed in the process.

Enzymes

Biomolecules that substantially increase the pace of nearly all chemical processes happening within cellular structures.

Concentration

is the measure of the amount of a subcomponent (especially solute) in a solution.

Cyanide Compounds

Toxic chemicals that can inhibit cellular respiration by preventing cells from using oxygen, potentially leading to death.