Modern Designs Is a New Business

question 56

Multiple Choice

Modern Designs is a new business.During its first year of operations,credit sales were $43,000 and collections of credit sales were $34,000.One account,$625,was written off.Management uses the percent-of-sales method to account for bad debts expense and estimates 3% of credit sales to be uncollectible.Bad debts expense for the first year of operations is ________.

• A) $665
• B) $1290
• C) $625
• D) $2310

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Definitions:

Phenotype

The traits or features that can be seen in an organism, which emerge from how its genetic makeup interacts with environmental factors.

Identical Twins

Twins that develop from a single fertilized egg, resulting in two genetically identical individuals.

Genotype

The genetic makeup of an organism determining its characteristics.

Phenotype

The set of observable characteristics or traits of an organism resulting from the interaction of its genotype with the environment.