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2% 10) A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Accounts Est. Percent Days Outstanding Receivable Uncollectible 1-30 days $62,000 31-60 days $40,000 4% 61-90 days $23,000 11% Over 90 days $9000 50% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1000. Under the aging-of-receivables method, the Uncollectible-Account Expense at year-end is: A) $8870. B) $1240. C) $9870. D) $10,870. 11) Kolonas, Inc., sold equipment for $5400 cash. The equipment cost $73,400 and had accumulated depreciation through the date of sale of $72,000. At the date of sale, the journal entry to record the sale will have: A) a Gain on Sale of Equipment for $1400. B) a Loss on Sale of Equipment for $1400. C) a Gain on Sale of Equipment for $4000. D) a Loss on Sale of Equipment for $4000. 13) The exclusive right to produce and sell an invention such as a smart phone requires a: A) trademark. B) copyright C) license. D) patent 14) At the end of the year, a company makes a journal entry to accrue the interest expense on a short-term note payable. As a result of this transaction: A) current liabilities increase and current assets increase. B) current liabilities increase and stockholders' equity increases. C) current liabilities decrease and stockholders' equity decreases. D) current liabilities increase and stockholders' equity decreases 15) The following account balances were extracted from the accounting records of Thomas Corporation the end of the year: Accounts Receivable $1,104,000 Allowance for Uncollectible Accounts (Credit) $39,000 Uncollectible-Account Expense $63,000 What is the net realizable value of the accounts receivable? A) $1,143,000 B) $1,065,000 C) $1,104,000 D) $1,167,000 16) At January 1, 2019, the Estimated Warranty Payable is $1100. During 2019, the company recorded Warranty Expense of $19,500. During 2019, the company replaced defective products in accordance with product warranties at a cost of $12,000. What is the Estimated Warranty Payable at December 31, 2019? A) $8600 B) $7500 C) $20,600 D) $19,500 17) Potential liabilities that depend on future events arising out of past events are called: A) long-term liabilities. B) estimated liabilities. C) contingent liabilities. D) current liabilities