7. During 2016,the accounts receivable turmover rate for Toadstool Company increased from.10 to 14 times per year. Which of the following statements is the most likely explanation for the change? a) The company's credit department has followed up with customers whose account balances are past due in order to generate quicker collections. b. The company has extended the amount of time that customers are required to pay their accounts before they are considered past due. s Company management decided to decrease sales to only the most credit worthy customens In an effort to boost sales, the company has extended credit to more risky customers who often are difficult to collect from. On December 31, 2016 Daisy Corp. had an Accounts Receivable balance of $290,700 and an Allowance for Doubtfiul Accounts balance of $42,200. On January 1. 2017-Daisy Corp. specifically wrote off a customer's accounts receivable of $4,600 What is the net realizable value of the accounts receivablefter the write off on January 1, 2017. Assume Daisy Corp. uses the Atlowance Method for write-ofts. a. $243,900 8. 290,n00 $286,100 c. $239,300 d. $248,500 4ib00 Mario and Luigi Inc. used the percentage of credit sales method to estimate uncollectible. Net credit sales for the current year amount to $6,250,000. And management estim uncollectible. Allowance for Doubtful Accounts pri $18,200 ates 3,5% will be or to adjustment has a normal balance of b 9. The amount of expense reported on the income statement and the balance in the Allowance for Doubtful Accounts, respectively, will be: a, $280,700 and $18,200 b s218,750 and $236,950 c. $280,700 and $262,500 d. $262,500 and $244,300