Accounts Receivable Written Off During the Year Totaled $61,500 While

question 1

Multiple Choice

Accounts receivable written off during the year totaled $61,500 while the beginning and ending balance of Allowance for Doubtful Accounts were $51,300 and $55,700,respectively.The amount of uncollectible accounts expense for the period was:

• A)$57,100
• B)$65,900
• C)$61,500
• D)cannot be determined from the information given

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Definitions:

Comparative Balance Sheets

Financial reports that compare the balance sheets of a company at two or more different points in time, to analyze trends or changes in financial position.

Cash Flows

The total amount of money being transferred in and out of a business, especially as affecting liquidity.

Equipment

Tangible, long-term assets used in the operation of a business, not intended for resale, such as machinery, office furniture, and computers.

Hedging Reserve

A financial reserve established to offset potential losses or gains due to future price or currency fluctuations, often related to commodity or foreign exchange hedging.