1. Which of the following statements is true regarding the balance sheet presentation of the allowance for doubtful accounts?

A. It is a liability account that will appear in the current liabilities section.

B. It is a contra asset account that will appear in the current asset section.

C. It is added to the Account Receivable balance to derive the net realizable value of the receivables.

D. All of the above

E. None of the above

2. What is the maturity value of a 60-day, 10%, $5,000 note? (Round your answer to the nearest whole dollar)

A. $5,000

B. $5,083

C. $5,500

D. $5,400

E. None of the above

3. What is the total interest (360-day year) on a $1,500, 12%, 120-day note? (Round your answer to the nearest whole dollar)

A. $6.00

B. $60.00

C. $180.00

D. $1680.00

E. None of the above