A Company Reports Net Accounts Receivable of $107,460 on Its

question 68

Multiple Choice

A company reports Net accounts receivable of $107,460 on its December 31,2013 balance sheet.The Allowance for uncollectible accounts has a credit balance of $3,200.What is the balance in Accounts receivable?

• A) $104,260
• B) $107,460
• C) $105,860
• D) $110,660

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Definitions:

Implied Misrepresentation

A false statement or omission made indirectly or through implication that leads others into error.

Rescind

To retract, cancel, or annul a contract or agreement, reverting the parties to their respective positions prior to the agreement.

Petition

A formal written request, often to a court or a governmental institution, seeking a particular legal remedy or governmental action.

Damages

The monetary compensation awarded to a person as a result of a lawsuit or legal claim for harm or injury.