A company receives a 10%, three-month note for $2,500. The total interest due on the maturity date is: $50.00. $37.50. $75.00. $62.50. $150.00. A company has $85,000 in outstanding accounts receivable, and it uses the allowance method (balance sheet method) to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is an $1,800 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: $4,400 $3,600 $2,450 $2,800 $3,568 A company borrowed $10,000 by signing a six-month promissory note at 8%. The amount of cash to be collected at its maturity date is: $10,400 $10,450 $10,300 $10,075 $10,800 The useful life of a fixed asset is: Never related to its physical life. Determined by the FASB. The length of time it is productively used in a company's operations. Its productive life, but not to exceed one year. Determined by law