Question 17 4 pts Slow Trucking owned a truck which cost $30,000 when it was purchased on January 1, 2018. Slow estimated the truck would have a residual value of $3,000 and last a total of three years. Slow uses straight-line depreciation. Slow sold the truck for $22,500 cash on January 1, 2020. The amount of gain (loss) on the sale of the truck was $10,500 gain O $7.500 loss $19.500 gain $1,500 loss O none of the above 4 pts Question 18 Wild Pair Company accounts for possible bad debts using the Allowance Method. When an actual account is determined to be uncollectible and written off, what effect does it have on the accounting equation? increases assets and increases stockholders' equity decreases assets and decreases stockholders' equity O decreases assets and decreases liabilities no effect on the accounting equation O none of the above Question 16 4 pts Hilde Company reported accounts receivable of $40,000 at the beginning of 2020. It reported a balance of $28,000 at the end of 2020. Also, no accounts receivable were written off during 2020. From this information, it is possible to determine that during 2020. credit sales were higher than cash collected from customers the firm was doing a poor job of collecting its receivables credit sales were less than cash collected from customers credit sales decreased from the prior year none of the above