The Following Information Pertains to Lightning,Inc

question 138

Multiple Choice

The following information pertains to Lightning,Inc.at the end of December:
Lightning uses the aging method and estimates it will not collect 2% of accounts receivable not yet due,10% of receivables less than 30 days past due,and 40% of receivables greater than 30 days past due.The accounts receivable balance of $7,000 consists of $3,500 not yet due,$2,000 less than 30 days past due,and $1,500 greater than 30 days past due.What is the appropriate amount of Bad Debt Expense?

• A)$400.
• B)$470.
• C)$870.
• D)$1,270.

Appreciate the necessity of overcoming functional fixedness to enhance problem-solving abilities.

Understand the concept and key aspects of intelligence, including its adaptive nature.

Identify and differentiate between various theories and models of intelligence (e.g., Gardner’s multiple intelligences, Sternberg’s triarchic theory).

Recognize the history and evolution of intelligence testing and its implications.

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Definitions:

Statement Of Financial Position

A financial statement that shows the assets, liabilities, and equity of an entity at a specific point in time, providing a snapshot of its financial condition.

Net Debt

A financial metric calculated by subtracting total cash and cash equivalents from total debt, indicating a company's ability to pay off its debts if they were all due immediately.

Non-Business Organization

An entity that operates for purposes other than making a profit, such as charities, educational institutions, and government agencies.

Restrictive Funds

Funds that are designated for a specific purpose by donor requirements or legal obligations, restricting general use by the recipient.