On December 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollectible Accounts. If an accounts receivable aging method analysis indicated that an estimated $6,400 of December 31 receivables are uncollectible, for what amount would the adjusting entry for uncollectible accounts be recorded? (Show your work.)


$7,200 ($6,400 + $800)

Business

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Indicate whether the statement is true or false

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Risks that can result in a system or process that will NOT work are known as

A. Schedule risks. B. Technical risks. C. Unnecessary risks. D. Cost risks. E. Funding risks.

Business

The optimal number of regular products to produce is ________, and the optimal number of super products to produce is ________, for total profits of ________

Fill in the blank with correct word.

Business

As of December 31, Year 1, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $18,000. The company uses a perpetual inventory system and sells merchandise for more than it cost. On January 1, Year 2, Gant collected $5,200 of accounts receivable. As a result of this transaction, Gant's working capital will:

A. Remain the same. B. Increase. C. Decrease. D. Cannot be determined.

Business