Horton Company reports the following: Contributed Capital $ 200 Total Revenues $ 800 Total Liabilities $1,200 Beginning Retained Earnings ($ 100) Total Expenses $ 500 Dividends $ 0 What are Total Assets?
a. $2,600
b. $1,600
c. $1,400
d. $1,000
e. $800
B
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On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $100,000; Allowance for Doubtful Accounts, credit balance of $600; credit sales of $420,000. What amount should be debited to Bad Debts Expense, assuming 1% of credit sales are estimated to be uncollectible?
A. $3,600. B. $4,200. C. $5,660. D. $4,800. E. $5,770.