At January 1, Davidson Services Has the Following Balances

question 162

Multiple Choice

At January 1, Davidson Services has the following balances: During the year, Davidson has $104,000 of credit sales, collections of $100,000, and write-offs of $1,400.
Davidson records Uncollectible account expense at the end of the year using the percent-of-sales method, and applies a rate of 1.1%, based on past history.
After the year-end entry to adjust the Uncollectible accounts expense, what is the ending balance in the Allowance for uncollectible accounts?

• A)Debit of $1,400
• B)Credit of $1,944
• C)Debit of $1,144
• D)Credit of $544

Comprehend basic résumé structure and the significance of starting experience descriptions with strong verbs.

Identify the purpose and utility of a career summary for experienced professionals.

Differentiate between résumés and curricula vitae and understand the context of use for each.

Understand the importance of privacy and professional presentation on social media.

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Definitions:

LIFO

Last In, First Out, an inventory valuation method where the goods last added to inventory are the first to be sold.

Periodic

Pertaining to or occurring at regular intervals.

Perpetual Basis

An approach or method without a predetermined end date, continuing indefinitely.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year, calculated by dividing current assets by current liabilities.