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On December 31, 2003 AG Inc. had a workingcapital ratio (current ratio) of 2, and reported the following accounts; Cash$13,000Accounts Payable$2,000Accounts Receivable$4,000Wages Payable$5,500Allowance for Uncollectible
On December 31, 2003 AG Inc. had a workingcapital ratio (current ratio) of 2, and reported the following accounts;
Cash$13,000Accounts Payable$2,000Accounts Receivable$4,000Wages Payable$5,500Allowance for Uncollectible Accounts?Utilities Payable$500Inventory$6,600Interest Payable$4,000Prepaid Insurance$600Bonds Payable$13,000Equipment (net)$24,000Retained Earnings$3,600
Therefore, the balancein the Allowance for Uncollectible Accountswas:
A.$200
B.None of the other alternatives are correct
C.$0
D.$300
E.$600
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