15. Conan Corporation had the following transactions in its first year of operations: Sales (90 percent collected in the first year) .. Disbursements for costs and expenses Purchases of equipment for cash Proceeds from issuance of conmon stock Payments on short-term borrowings Proceeds from Bhort-term borrowings . . . . . . . . . . . . . . Depreciation on equipment Disbursements for income taxes... $900, 000 600,000 200,000 250,000 25,000 50,000 40,000 45, 000 30,000 Bad debt write-offs .. What is the cash balance at December 31 of the first year? a. $170,000 b. $240,000 c. $290,000 d. $200,000 -16. The following information is available for Closer Company relative to 2014 operations: . Accounts receivable, January 1, 2014 Accounts receivable collected during 2014 Cash sales during 2014 Inventory, January 1, 2014 Inventory, December 31, 2014 Purchases of inventory during 2014 Gross margin on sales S 40,000 84,000 20,000 48,000 44,000 80,000 42,000 What is Closer Company's accounts receivable balance at December 31, 2014? a. $82,000 b. $20,000 ce $62.000 d. $146,000 17. The following information is from the records of Sumter, Inc. for the year ended December 31, 2014 Allowance for Doubtful Accounts, January 1, 2014 Sales, 2014 Sales Returns and Allowances, 2014 6,000 (er) 2,920,000 32,000 If the basis for 2014 is a. $34,880 b. $23,200. c. $22,800 d. $28,880 for estimating bad debts is 1 percent of net sales, the correct amount of doubtful accounts expense