At January 1, Everbright Sales Has the Following Balances

question 32

Multiple Choice

At January 1, Everbright Sales has the following balances: During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records Uncollectible account expense at the end of the year using the aging method. At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.
After the year-end entry to adjust the Uncollectible accounts expense is made, what is the final balance in the Allowance for uncollectible accounts?

• A)Debit of $1,800
• B)Credit of $4,200
• C)Credit of $1,900
• D)Debit of $3,000

Distinguish between different types of logical fallacies and reasoning in persuasive texts.

Appreciate the significance of avoiding logical fallacies for maintaining the credibility of arguments.

Understand key features of self-actualized personalities according to Abraham Maslow.

Grasp the distinction between various personality theories (e.g., humanistic, psychodynamic).

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Definitions:

Variable Costing

A financial recording approach that incorporates only variable manufacturing expenses, such as raw materials, direct workforce, and fluctuating production overheads, into the costs of goods produced.

Net Operating Income

A financial term representing the profit made from a company’s operations, after subtracting operating expenses from operating income.

Absorption Costing

The product cost determination method under this accounting strategy includes the expenses for direct materials, direct labor, and all manufacturing overhead, whether it is variable or fixed.

Gross Margin

A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.