Natural resources, such as coal mines and oil wells, are always classified on the balance sheet as:
a. property, plant, and equipment.
b. investments.
c. intangible assets.
d. none of these are correct.
d
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At the beginning of 2017, Yummy Cupcakes, Inc has the following ledger balances
Accounts Receivable $40,000 (Debit) Allowance for Bad Debts $7,000 (Credit) During the year, credit sales amounted to $810,000. Cash collected on credit sales amounted to $760,000, and $16,000 has been written off. Yummy Cupcakes uses the aging-of-receivables method to record bad debts expense. The estimate of uncollectible accounts was $26,000. The ending balance in the Allowance for Bad Debts is ________. A) $35,000 B) $16,000 C) $26,000 D) $19,000
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Indicate whether the statement is true or false