a misc account that is used to record cash shortage or revenue

57. A company had net sales of $2,300,000 and average A. 0.95 B.0.11 C. 8.95 D. 7.95 turmover for the perog acconts receivable of $257.000. company had an accounts receivable turnover of 8.92 for the current year and a turnover of 5.65 in the prior year. These A. Sampson C B. Sampson C C. Sampson Company's turnover is improving D. There is no change in the collection of receivables from the prior year. results indicate that: ompany should be collecting its receivables twice as fast. ompany is collecting receivables slower than the prior year 59. If the allowance for doubtful accounts has a debit balance then: A. An error has occurred. B. Write-offs during the current year exceed the estimate made in the prior year. C. Write-offs during the current year are less than the estimate made in the prior year D. The company is collecting receivables too slowly. 6 0. During the current year a company determined that a customer could not pay it account receivable balance of $5,500 and should be written off. What effect will the write-off of th account have on the company's net income and total assets assuming the company uses the allowance method to account for bad debts? A. Increase in net income; no effect on total assets B. No effect on net income; increase in total assets C. No effect on net income; no effect on total asset:s D. Decrease in net income; Decrease in total assets 6 1. Which of the following is not one of the methods used to estimate bad debt expens A. Percentage of accounts receivable method B. Percentage of credit sales method C.Aging of accounts receivable method D. Percent of total assets method