57) In the Allowance Method when we write off a receivable A) It depends B) Assets increase, Net Income increases C) Assets decrease, Net Income decreases D) Assets stay the same, Net Income stays the same. 58) ABC had the following final balances after the first year of operations: assets, $55,000 stockholders' equity, $25,000, dividends, $3,000, and net income, 510,000. What is the amount o ABC's liabilities? A) $30,000. B) S13,000. C) $7,000. D) S55,000. 59) ABC has the following information: D oo o Net credit sales $400,000 Net income- $100,000 Average total assets- $80,000 Average accounts receivable $20,000 What is ABC's average collection period (rounded to the nearest whole day)? A)9 days B) 5 days 8 days. D) 73 days 60) Given the information below about ABC, what was the amount of dividends the company paid in the current period? Be eginning retained earnings Ending retained carnings Decrease in cash Net income Change in stockholders' equity $54,000 $110,000 $10,000 $84,000 $15,000 1O DD D A) S13,000. B) S18,000. C) SI 10,000. $28,000. 61) Which of the following is possible for a particular business transaction? A) Increase assets; Decrease liabilities B) Decrease assets; Increase assets C) Decrease assets; Increase stockholders' equity D) Decrease liabilities; Increase expenses 62) On March 3, ABC purchased a desk for $450 on account. On March 22, ABC purchased another desk for $500 also on account, and then on March 24, ABC paid $400 on account. At the end of March, what amount should ABC report for desks (assuming these two desks were the only desks had)? A) $950. B) S50 C) $450. D) S500