Profile Corporation The following data concern Profile Corporation for 2012. Accounts receivable--January 1, 2012 $ 250,000 Credit sales during 2012 1,000,000 Collections from credit customers during 2012 750,000 Allowance for bad debts--January 1, 2012 20,000 Estimated uncollected accounts based on an aging analysis 45,000 Refer to the data provided for Profile Corporation. If the aging approach
is used to estimate bad debts, find the balance in the Allowance for Bad Debts after the bad debt expense adjustment for 2012.
A) $20,000
B) $15,000
C) $25,000
D) $45,000
D
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Baker Corp sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10; credit terms were 1/10, n/30 . Which one of the following statements is true?
a. The customer can take a $10 discount if the invoice is paid on June 30. b. The customer should pay $1,000 if the invoice is paid on July 9. c. The customer must pay a $10 penalty if payment is made after July 9. d. The customer must pay $1,010 if payment is made after June 20.
According to the hierarchy-of-effects model, which of the following corresponds to the behavioral stage that a buyer passes through?
A) awareness B) knowledge C) purchase D) preference E) conviction
The reporting format of financial accounting information is based on generally accepted accounting principles
Indicate whether the statement is true or false
Which of the following is not a verbal barrier to communication?
A) inadequate understanding B) differences in interpretation C) specific, concrete words D) inappropriate use of expressions E) language differences