8 The balance in accounts receivable at the beginning of 2018 was $700. During 2018, $2,000 of credit sales were recorded. If the ending balance in accounts receivable was $50 and $200 in accounts receivable were written off during the year, the amount of cash collected from customers during 2018 was: Multiple Choice points O $2,700 $2,650 $2,450. 0 $2,000. $2,000. Ireland Corporation obtained a $48,000 note receivable from a customer on June 30, 2018. The note, along with interest at 5%, is due on June 30, 2019. On September 30, 2018, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 9%. What amount of cash did Ireland receive from Cloverdale Bank? Multiple Choice $43,680. $48,600. $46,998. $44,598. As of December 31, 2017, Gill Co. reported accounts receivable of $229,000 and an allowance for uncollectible accounts of $9,300. During 2018, accounts receivable increased by $23,500, (that change includes $7,200 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2018, accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for 2018 would be: Multiple Choice 0 $2,950 0 $7,200 0 $5,050. 0 None of these answer choices are correct. As of January 1, 2018, Farley Co. had a credit balance of $537,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $644,000 of accounts receivable. Credit sales for 2018 were $18,200,000. In its December 31, 2018, balance sheet, what amount should Farley report as allowance for uncollectible accounts? Multiple Choice 0 $182,000. 0 $289,000 0 $719,000 0 $75,000 Cinnamon Buns Co. (CBC) started 2018 with $52,600 of merchandise on hand. During 2018, $289,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made fo.b. shipping point. CBC paid freight charges of $9,400. Merchandise with an invoice amount of $2,400 was returned for credit. Cost of goods sold for the year was $299,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method? Multiple Choice 1 0 $340,002 0 $321,202 0 $348,600. 0 $351,000. Cinnamon Buns Co. (CBC) started 2018 with $53,000 of merchandise on hand. During 2018, $293,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made fo.b. shipping point. CBC paid freight charges of $10,100. Merchandise with an invoice amount of $2,500 was returned for credit. Cost of goods sold for the year was $299,000. CBC uses a perpetual inventory system. Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice 0 $45,810 0 $35,785. 0 $45,885. 0 $54,600