QUESTION 42 Allowance for Uncollectible Accounts is An expense account. A contra asset account. A contra revenue account. OA liability account. QUESTION 43 At the end of 2015, Murray State Lenders had a balance in its accounts receivables of $100,000 and Allowance for Uncollectible Accounts of $4,500 (credit) before any adjustment. The company estimated that 12% of accounts receivables is uncollectible. Murray State's adjustment on December 31, 2015, to record its estimated uncollectible accounts included a: Credit to Allowance for Uncollectible Accounts of $12,000. Debit to Bad Debt Expense of $7,500. Credit to Allowance for Uncollectible Accounts of $7,500. Debit to Bad Debt Expense of $7,500; credit to Allowance for Uncollectible Accounts of $7,500. QUESTION 44 Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet and answer the fill-in-the-blanks questions Accounts Payable $28,000 Accounts Receivable $150,000 Equipment $220,000 Cost of Goods Sold $400,000 Supplies $36,000 Notes Payable (Due in 2years) $40,000 Rent Expense $12,000 Interest Expense $6,000 Sales Revenue $545,000 Sales Discount $45,000 Accumulated Depreciation $20,000 Depreciation Expense $10,000 Buildings $65,000 Income Tax Expense $8,000 Salaries Expenses $25,000 Cash $12,000 In addition, the company has common stock of $250,000 at the beginning of the year and issued additional shares for $50,000. The company also had retained earnings of $60,000 at the beginning of the year and paid dividend of $4,000 during the year. Operating Income Net Income Ending balance of common stock Ending balance of retained earnings Ending total stockholders' equity Total current assets Total long-term assets Total assets Total liabilities Total liabilities and stockholders' equity