At the Beginning of 2014, Mark's Sales Had the Following

question 21

Multiple Choice

At the beginning of 2014, Mark's sales had the following ledger balances: During the year there were $450,000 of credit sales, $460,000 of collections, and $3,700 of write-offs. At the end of the year, Mark's adjusted for uncollectible account expense using the percent-of-sales method, and applied a rate, based on past history, of 1.2%. At the end of the year, what was the balance in the Accounts receivable?

• A)$10,300
• B)$3,700
• C)$14,000
• D)$21,300

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Definitions:

Corporate Interests

The objectives or priorities of businesses and corporations, often focused on profit-making, market expansion, and shareholder value.

Edward Herman

An American economist, media analyst, and co-author of the "Manufacturing Consent," known for his work on media and propaganda.

Normalizes Inequality

The process by which societal norms and practices make disparities in income, wealth, and power seem natural or unavoidable.

Mass Media

The various forms of media that reach large audiences via broadcasting, publishing, and the Internet, used to disseminate information or entertainment.