a. Which of the following statements is/are correct under the allowance method for recording uncollectibles?

i. Writing off accounts receivable reduces total assets

ii.Writing off accounts receivable does not affect gross receivables

iii.Writing off accounts receivable does not affect net income

a) i

b)i and iii

c)ii and iii

d)None of the above

b. Which of the following statements about a notes receivable recorded at a discount is/are correct?

i. Amortization of discount increases the discount balance

ii. Amortization of discount does not affect stockholders' equity

iii Amortization of discount has no effect on the amount of total assets

a)i

b)i and ii

c)i,ii,and iii

d)None of the above

c. Which of the following circumstances would result in a change in net income?

(i). Factoring receivables without recourse

(ii) Writing off receivables under the direct write-off method

(iii) Collecting previously written off receivables under the allowance method

(iv) Writing off receivables under the allowance method

a. i and ii

b. ii and iii

c. i, ii, iii

d. Iii and iv

d. of the following conditions, which is the only one that is not required if the transfer of receivables is to be accounted for as a sale?

a. The transferor is obligated to make an effort to identify the receivables that are uncollectible

b. The transferee has the right to pledge the transferred receivables

c. The transferee cannot require the transferor to repurchase the receivables

d. The transferor's creditors have no claim on the transferred receivables

e. Lewandowski Co.'s accounts receivable show the following balances by age:

Age of Receivable: Balance

0-30 days $600,000

31-60 days 175,000

61-120 days 70,000

More than 120 days 10,000

Before the adjusting journal entry, the Allowance for Uncollectibles has a credit balance of $8,500. Lewandowski Co. uses the following percentages to compute the estimated amounts of receivables that will eventually prove uncollectible: 0-30 days, 0.7%; 31-60 days, 1.2%; 61-120 days, 11%; and more than 120 days, 65%. The adjusting journal entry:

a. Reduces taxable income by $8,500

B. Reduces net realizable value of receivables by $20,500

C. Reduces taxable income by $20,500

D. Reduces net realizable value of receivables by $12,000

please show all work