The following information is from the 2020 records of R & S Commercial Plumbing Company:
Bad debts expense is estimated by the percent-of-sales method. Management estimates that 6% of net credit sales will be uncollectible. Calculate the amount of bad debts expense for 2020.
A) $10,800
B) $8220
C) $12,360
D) $9300
A) $10,800
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Consider the following statements. Which one of them is phrased in a negative way?
A) Please clarify your request. B) Your copier will be repaired next week. C) Your payment is late. D) Thank you for sharing your concerns about your shopping experience. E) Please verify the enclosed statement and provide a correct copy.
Valley Farm Supply started the period with $80,000 cash. Cash receipts for January expected to total $350,000. Cash disbursements for January were expected to be $290,000. What is the expected cash balance at the end of January?
A. $140,000 B. $290,000 C. $350,000 D. $80,000
The income summary account appears on the income statement at the end of the accounting period
Indicate whether the statement is true or false
Which of the following is untrue regarding the contracts of intoxicated persons?
a. If an intoxicated person is unable to understand the nature and consequences of his act, then the contract is voidable. b. The effect of intoxication is generally the same as that given to contracts that are voidable because of incompetency. c. Slight intoxication will destroy one's contractual capacity. d. To make a contract voidable, a person need not be so drunk that he is totally without reason or understanding.