Accelerated Solutions the Following Data Are from the Company's Records

question 83

Multiple Choice

Accelerated Solutions The following data are from the company's records for 2012:
$\begin{array}{ll}\text { Accounts receivable-J anuary 1, 2012 } & \$ 350,000 \\\text { Credit sales during 2012 } & 1,200,000 \\\text { Collections from cre dit customers during 2012 } & 850,000 \\\text { Customer accounts written off as uncollected during 2012 } & 10,000 \\\text { Allowance for doubtul accounts-Jamuaty 1, 2012 } & 35,000 \\\text { Estimated uncollected accounts bassed on an aging analysis } & 50,000\end{array}$
-Refer to Accelerated Solutions.What is the balance of Accounts Receivable at December 31,2012?

• A)$700,000
• B)$340,000
• C)$690,000
• D)$710,000

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Definitions:

Unfair Business Practices

Actions undertaken by businesses that are deceptive, misleading, or unethical, often to gain an advantage over consumers or competitors.

Penalties

Fines or other forms of punishment imposed on individuals or organizations for breaking laws or regulations.

Sale Of Goods Act

Legislation that regulates the sale of goods, ensuring certain standards of quality and fitness for purpose among other sales rights and duties.

Consumer Protection Legislation

Laws and regulations designed to ensure the rights of consumers are protected and to promote fair trade, competition, and accurate information in the marketplace.