The Following Information Was Presented in the Balance Sheet of Acworth

question 87

Multiple Choice

The following information was presented in the balance sheet of Acworth Pools as of December 31, 2013: Select the incorrect statement from the following.

• A)The company expects to actually collect $1,700,000 of its receivables.
• B)The balance in the Accounts Receivable account in the company's general ledger is $1,700,000.
• C)The net realizable value of the company's receivables is $1,700,000.
• D)The company expects uncollectibles to total $200,000.

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Definitions:

P(B)

In probability, represents the likelihood or chance of a particular event B occurring.

Conditional Probability

The conditional probability of an event happening after it's established that another event has occurred.

P(B|A)

The likelihood that event B happens after event A has already taken place.

Mutually Exclusive

Two events that cannot happen at the same time, meaning the occurrence of one event means the other cannot occur.