Using the Percentage of Net Sales Method,uncollectible Accounts Expense for the Year

question 103

Multiple Choice

Using the percentage of net sales method,uncollectible accounts expense for the year is estimated to be $44,000.If the balance of the Allowance for Uncollectible Accounts is a $9,000 credit before adjustment,what is the balance after adjustment?

• A)$9,000
• B)$35,000
• C)$44,000
• D)$53,000

Recognize the significance of the Uniform Commercial Code (UCC) in modifying common law rules regarding contracts.

Analyze the role of nominal consideration in contracts and its impact on the enforceability of agreements.

Understand the legal implications of promises made with moral considerations or in societal interest without conventional consideration.

Explore the concept of promissory estoppel as an exception to the consideration requirement.

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Definitions:

Rectifier

An electrical device that converts alternating current (AC) to direct current (DC), allowing the flow of charge in one direction only.

Variable Torque

Refers to motors or drives designed to manage varying load torque demands in applications like fans or pumps.

Mechanical Loads

Forces, torques, or loads applied to a mechanical system, influencing its performance and structural integrity.

Torque Loading

The process or state of applying a rotational force to a shaft or system, affecting its speed and performance.