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24. The following information is related to December 31,2013 balances Accounts receivable .Allowance for doubtful accounts (credit) $700,000 (60,000) 640,000 Cash realizable value During 2014 sales on account were $195,000 and collections on account were $115,000. Also, during 2014 the company wrote off $11,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $72,000. Bad debt expense for 2014 is: A) S 1,000 B) $23,000. C) $12,000. D) $72,000. 25. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue earned Accounts receivable Expenses incurred Accounts payable (related to expenses) Supplies purchased with cash $16,000 16 3,000 7,250 AoO 750 7,2So 1,800 1290 0 A) $11,000 B) $6,500 C) $9,200 D) $8,750 26. At May 1,2014, Heineken Company had beginning inventory consisting of 200 units with a unit cost of S7. During May, the company purchased inventory as follows: 400 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Heineken uses the average cost method. The value of Heineken's inventory at May 31, 2014 is A) $9,000 B) $1,600 C) $1,400 D) $1,500 have a selling price of Bonds with a face value of $300,000 and a quoted price of 97 A) $291,006. B) $292,500. C) $291,075. 27. D) $291,750