A company using the percentage of sales method for estimating bad debts has sales of $350,000 and estimates that 1.0% of its sales are uncollectible. The unadjusted balance in Allowance for Doubtful Accounts is a $300 credit. The estimated amount of bad debts expense is $3,200
Answer the following statement true (T) or false (F)
False
$350,000 × 0.01 = $3,500 (existing balance in Allowance for Doubtful Accounts is ignored.)
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A. the World Bank. B. the World Trade Organization. C. the International Monetary Fund. D. APEC. E. GATT.
Which concept is the reason the dollar is used in the preparation of financial statements?
a. Going concern b. Legal entity c. Consistency d. None of these choices.
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A. empowering B. consultative C. autocratic D. participative
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A. middle-income and creditworthy poor nations. B. countries whose income levels make them not creditworthy. C. private individuals in developing nations whose entrepreneurial efforts support development. D. private-sector development-focused firms.