During the year Rose reported net sales of $960,000. The company had accounts receivable of $75,000 at the beginning of the year and $120,000 at the end of the year Compute Rose's average collection period (assume 365 days a year.) a. 28.5 days b. 37.2 days. 45.7 days. d. 74.2 days. C. Star Inc. assigns $6,000,000 of its accounts receivables as collateral for a $2 million 8% loan with a bank. Star Inc. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables? a. Loss of $60,000. b. Loss of $480,000. Loss of $540,000. d. $0. C. Chomp Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $40,000. During 2020, it wrote off $28,800 of accounts and collected $8,400 on accounts previously written off. The balance in Accounts Receivable was $800,000 at 1/1 and $960,000 at 12/31. At 12/31/20, Chomp estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? a. $8,000. b. $28,400. C. $36,800. d. $48,000. Rocky Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $21,000. During 2020, it wrote off $15,120 of accounts and collected $4,410 on accounts previously written off. The balance in Accounts Receivable was $420,000 at 1/1 and $504,000 at 12/31. At 12/31/20, Rocky estimates that 5% of accounts receivable will prove to be uncollectible. What should Rocky report as its Allowance for Doubtful Accounts at 12/31/20? a. $10,080. b. $10,290. c. $14,490. d. $25,200. Petunia Company has the following account balances at year-end: Accounts receivable $140,000 Allowance for doubtful accounts 7,200 Sales discounts 4,800 Petunia should report accounts receivable at a net amount of a. $128,000. b. $132,800. C. $135,200. d. $140,000