1. A company has the following receivables:

Advances to employees	$ 1,280
Accounts receivables	3,500
Income taxes refundable	1,120
Interest receivable	950
Note receivable issued by its largest customer	2,220
A loan to the company president	8,000

Based on this information, what is the company's trade receivables?

a) $4,670

b) $4,780

c) $5,720

d) $3,350

e) $4,290

2. At the start of the year, Winston Companys Allowance for Doubtful Accounts had a credit balance of $14,000. During the year, it had credit sales of $1,500,000. It also wrote-off $60,000 of uncollectible accounts receivable during the year. Past experience indicates that the allowance should be 3% of the balance in receivables. If the accounts receivable balance at December 31 was $300,000, what is the required adjustment to the Allowance for Doubtful Accounts that is needed at year-end?

a) 37,000

b) $9,000

c) $45,000

d) $69,000

e) $55,000