Prowler Reports Net Income of $250,000

question 65

Multiple Choice

Prowler reports net income of $250,000.The return on assets for the year is 20%.What is Prowler's average total assets for the year?

• A)$1,250,000
• B)$1,000,000
• C)$1,500,000

Understand the influence of ethnic and cultural factors on the development of personal identity in adolescents.

Identify strategies and programs effective in reducing juvenile delinquency.

Understand adolescent identity development and issues related to identity formation.

Recognize the role of family structure and parental involvement in adolescent behavior and development.

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Definitions:

Accounts Receivable

Monies owed to a company by customers for products or services that have been delivered or used but not yet paid for.

Aging the Accounts

The process of categorizing and reviewing accounts receivable based on the length of time an invoice has been outstanding.

Adjusting Entry

A journal entry made in accounting records to update the balances of accounts at the end of an accounting period.

Bad Debt Expense

An estimate of receivables that a company does not expect to collect, recognized as an expense in the income statement.