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

question 39

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 Allowance account?

• A)$2,300
• B)$1,700
• C)$6,400
• D)$2,700

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Definitions:

Lagged Measurements

Metrics or data collected after a significant delay, used to assess outcomes or effects over time.

Social Media Marketers

Professionals who use social media platforms to promote a product, service, or brand to a wider audience.

Return on Investment Model

A performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of several different investments.

BVI

An abbreviation often denoting the British Virgin Islands, but it can have other meanings in different contexts; without specific context, its definition is not clear.