1. Which amount on a company's balance sheet represents the amount that the company truly expects to collect from customers? a. Allowance for doubtful accounts b. Accounts payable Gross accounts receivable d. Net accounts receivable c. 2. Kit-Kat Company had an accounts receivable balance of $51,000 on December 31, 2020. Kit-Kat estimated that $2,500 of this balance would be uncollectible. When Kit-Kat records this year-end estimate, how will the income statement be impacted? a. Net income increases. b. Net income decreases. c. Total assets decrease. d. There is no impact to the income statement. 3. Kit-Kat Company had an accounts receivable balance of $51,000 on December 31, 2020. Kit Kat estimated that $2,500 of this balance would be uncollectible. Calculate net accounts receivable for Kit Kat Company on December 31, 2020. a. $51,000 b. $53,500 C. $48,500 d. $46,000 4. Kit-Kat Company writes off the $650 accounts receivable balance of Andy Bernard. How will this write-off affect Kit-Kat Company's total assets? a. Total assets increase b. Total assets decrease. This transaction does not change Kit-Kat Company's total assets. C