Use This Information to Answer the Following Question

question 90

Multiple Choice

Use this information to answer the following question.
The general ledger account for Accounts Receivable shows a debit balance of $100,000.Allowance for Uncollectible Accounts has a credit balance of $2,000.Net sales for the year were $930,000.In the past,2 percent of sales have proved uncollectible,and an aging of accounts receivable accounts results in an estimate of $27,000 of uncollectible accounts.
Using the percentage of net sales method,the Allowance for Uncollectible Accounts balance (after adjustment) would be

• A)$16,600.
• B)$18,600.
• C)$20,600.
• D)$2,000.

Recognize the usage and application of a refractometer.

Identify the process and importance of centrifugation in urine analysis.

Comprehend the purpose and scope of urine examination.

Understand the process and significance of collecting a 24-hour urine specimen for analysis.

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Definitions:

Audited Company

An audited company is one that has undergone a formal examination of its financial accounts and statements by an independent auditor.

GAAP And GAAS

GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used in the U.S., while GAAS (Generally Accepted Auditing Standards) are guidelines for auditors in executing audit engagements.

Prima Facie Evidence

Evidence that, on its face, is sufficient to prove a particular proposition or fact unless refuted by contrary evidence.

Negligence

A failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.