13 Accelerated Solutions has the following data for the year ended December 31, Year 1 Accounts receivable (January 1, Year 1) $ 350,000 Credit sales 1,200,000 Collections from credit customers 850,000 Customer accounts written off as uncollected 10,000 Allowance for doubtful accounts (January 1, Year 1) 35,000 Estimated uncollected accounts based on an aging analysis (December 31, Year 1) 50,000 Refer to Accelerated Solutions If the aging approach is used to estimate bad debts, what is the balance in the allowance for doubtful accounts after the bad debt expense adjustment a $10,000 b $15,000 c $25,000 d $50,000 14 MicroScan Technologies reported the following information Interest receivable, December 31, Year 2 $8,000 Interest receivable, December 31, Year 1 11,500 Interest revenue for Year 2 16,000 Refer to MicroScan Technologies How much cash was received for interest during Year 2 a $3,500 b $8,000 c $12,500 d $19,500 15 AT U Company has the following data for the year ended December 31, Year 1 Sales (credit) $2,500,000 Sales returns and allowances 50,000 Accounts receivable (December 31, Year 1) 640,000 Allowance for doubtful accounts (before adjustment at December 31, Year 1) 20,000 Estimated amount of uncollected accounts based on aging analysis (December 31, Year 1) 45,000 Refer to AT U Company If the company estimates its bad debt to be 2 of net credit sales, what will be the balance in the allowance for doubtful accounts after the adjustment for bad debt expense a $44,500 b $45,000 c $49,000 d $69,000 16 Finicky Freight purchased a truck at the beginning of Year 1 for $80,000 The company decided to depreciate the truck over a five year period using the double declining balance method The company estimated the equipments salvage value at $8,000 Refer to Finicky Freight What is the amount of depreciation expense to be recorded for Year 1 a $14,400 b $16,000 c $28,800 d $32,000

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Question: 13. Accelerated Solutions has the following data for the year ended December 31, Year 1: Accounts receivable (January 1, Year 1) $ 350,000 Credit sales

13. Accelerated Solutions has the following data for the year ended December 31, Year 1:

Accounts receivable (January 1, Year 1)	$ 350,000
Credit sales	1,200,000
Collections from credit customers	850,000
Customer accounts written off as uncollected	10,000
Allowance for doubtful accounts (January 1, Year 1)	35,000
Estimated uncollected accounts based on an aging analysis (December 31, Year 1)	50,000

Refer to Accelerated Solutions. If the aging approach is used to estimate bad debts, what is the balance in the allowance for doubtful accounts after the bad debt expense adjustment?

	a.	$10,000
	b.	$15,000
	c.	$25,000
	d.	$50,000

14. MicroScan Technologies reported the following information:

Interest receivable, December 31, Year 2	$8,000
Interest receivable, December 31, Year 1	11,500
Interest revenue for Year 2	16,000

Refer to MicroScan Technologies. How much cash was received for interest during Year 2?

	a.	$3,500
	b.	$8,000
	c.	$12,500
	d.	$19,500

15. AT&U Company has the following data for the year ended December 31, Year 1:

Sales (credit)	$2,500,000
Sales returns and allowances	50,000
Accounts receivable (December 31, Year 1)	640,000
Allowance for doubtful accounts
(before adjustment at December 31, Year 1)	20,000
Estimated amount of uncollected accounts based on aging analysis (December 31, Year 1)	45,000

Refer to AT&U Company. If the company estimates its bad debt to be 2% of net credit sales, what will be the balance in the allowance for doubtful accounts after the adjustment for bad debt expense?

	a.	$44,500
	b.	$45,000
	c.	$49,000
	d.	$69,000

16.Finicky Freight purchased a truck at the beginning of Year 1 for $80,000. The company decided to depreciate the truck over a five-year period using the double-declining-balance method. The company estimated the equipments salvage value at $8,000.

Refer to Finicky Freight. What is the amount of depreciation expense to be recorded for Year 1?

	a.	$14,400
	b.	$16,000
	c.	$28,800
	d.	$32,000

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