39. Sales taxes collected by a company on behalf of the state and local government are recorded by: a. A debit to an expense account. b. A credit to a revenue account. c. A debit to a revenue account. d. A credit to a liability account. 40. If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible,a contingent liability should be a. Disclosed, but not reported as a liability. b. Disclosed and reported as a liability. c. Neither disclosed nor reported as a liability. d. Reported as a liability, but not disclosed. 41) A company has the following accounts receivable and estimates of uncollectible accounts: 1, Accounts not yet due-$60,000; estimated uncollectible-396. 2. Accounts 1-30 days past due-: $20,000; estimated uncollectible-2096. 3. Accounts more than 30 days past due-$10,000; estimated uncollectible s 50%. Compute the total estimated uncollectible accounts, including showing your work for each calculation. 42) Calculate the missing amount for each of the following notes receivable. Annual Fraction Face Interest of the rate Value Year Interest $15,000| $25,000| | 8 months! 4% (a) 8% $30,000 (c) 4 months 696 $500 $500 6 months | $600