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FA Co. currently has Accounts Receivable of $67,900 and Allowance for Doubtful Accounts of $2,500. Management of FA Co. then prepared an aging schedule in which total estimated uncollectible accounts was $5,300. Based on this information, how much should bad debt expense be adjusted for? a) $2,500 b) $5,300 c) $2,800 Assume the following information for X Inc: Current Year $770,000 $375,000 Prior Year $690,000 $310,000 Net Sales Cost of Goods Sold Operating Income Net Income $230,000 $148.000 $200,000 $123,000 Which of the following statements is true? a) X Inc. became more profitable on the mark-up of their goods sold. b) Increases in operating expenses as a percentage of sales, may have caused gross profit margin to decline from the prior year to the current year. c) X Inc. may have had to lower selling prices, which could have resulted in a lower gross profit margin from the prior year to the current year