Exhibit 34-8 
Refer to Exhibit 34-8. Assume that the current price of sugar in the United States is $300 per ton (which includes a $100 per ton tariff on sugar imports) . The government collects tariff revenues on sugar imports in the amount of __________ million.
Definitions:
Credit Policy
Guidelines a company utilizes to determine to whom to extend credit and under what terms, impacting its risk and customer relations.
Bad Debt Expense
An expense reported on the income statement, reflecting the cost of accounts receivable that a company does not expect to collect due to customer defaults.
Allowance for Doubtful Accounts
A contra-asset account that represents an estimate of accounts receivable that may not be collected.
Percentage of Sales Basis
A method used to forecast future financial outcomes by assuming that certain expenses, net income, and balance sheet items change in direct proportion to changes in sales.
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