After the December 31,2019 Adjusting Journal Entries Have Been Posted,Sinclair

question 6

Multiple Choice

After the December 31,2019 adjusting journal entries have been posted,Sinclair Enterprises has the following account balances (all accounts have normal balances) : $$\begin{array} { | l | l | } \hline \text { Account Title } & \text { Account Balance } \\\hline \text { Accounts Receivable } & \$ 154,000 \\\hline \text { Allowance for Bad Debts } & \$ 4700 \\\hline \text { Bad Debts Expense } & \$ 8000 \\\hline\end{array}$$ What is the net realizable as of December 21,2019?

• A) $158,700
• B) $146,000
• C) $141,300
• D) $149,300

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Definitions:

Infant-Industry

An economic rationale for trade protectionism arguing that new industries need to be shielded from international competition to allow them to grow and become competitive.

Infant-Industry Argument

The justification for protective tariffs to shield emerging domestic industries from international competition until they become competitive.

Free Trade

The policy of allowing goods and services to be traded between countries with few or no restrictions or tariffs.

General Agreement

A broad consensus or mutual understanding among parties on a specific set of terms or conditions in various contexts.