A Company Reports Net Accounts Receivable of $152,000 on Its

question 50

Multiple Choice

A company reports net accounts receivable of $152,000 on its December 31, 2019 balance sheet. The Allowance for Bad Debts has a credit balance of $19,000. What is the balance of Accounts Receivable?

• A) $157,000
• B) $152,000
• C) $171,000
• D) $133,000

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Definitions:

Adjustment

Adjustment refers to a small alteration or movement made to achieve a desired fit, appearance, or result.

Liability

Legal responsibility or obligation for actions, debts, or losses, possibly subjecting a person or entity to legal penalties.

Adjustment Refusal

A response or decision not to modify or change a position, policy, or approach despite requests or suggestions to do so.

General Plan

A comprehensive layout or blueprint guiding the overall objectives and strategies of an endeavor.