Questions 11 - 13 are based on the following information: The bookkeeper of the Pragma Corp, has asked you to assist him with the preparation of Information about the company's accounts receivable for presentation in the financial statements at December 31, 2020, the end of the company's fiscal year. The following details were extracted from the company's files. Debit Credit Accounts Receivable, January 1, 2020 $250,000 Allowance for Doubtful Accounts, January 1, 2020 $17.500 Total sales for 2020 are $850,000, of which $150,000 were cash sales and the remainder on account. During 2020, the company collected $400,000 in cash from customers that purchased merchandise on account and a total of $20,000 of accounts receivable was written om Pragma uses the aging of accounts receivable method to estimate the net amount of accounts receivable at year end Assume that Pragma treats all of its accounts receivables as having the same age and it estimates that 6% of the ending balance of its accounts receivable may not be collected in the future: Marie OLE LIVE The balance of Accounts Receivable at December 31, 2020 equals. Select one O $350 000 1.1330.000 540,000 a $20.000 Notes The journal entry to record the write off of accounts receivable during the year 2020 should incude Select one A credit to Account Recebe for 521.000 bA to Accounts Receivable for $20.000 c. A credit to Accounts Recent for $20.000 O. A Dobit to Allowance for Doubtful Accounts for 519.800 The inventory turnover ratio is equal to: Select one O. 122 Ob 105 OC 0.61 Od 082 Notes Marks The fixed asset turnover ratio is equal to: Select one 007 1.00 O 036 Notes o Marie The receivables turnover ratio is equal to: Select one 0185 0.127 Notes o Marks Which of the following is NOT true? Saldo The recevables turnoverio would be useful for management to delermine an adequate sales discount policy OU A turnt would tawy have a high liventory turnover ratio Open and produit are excided from the calculation of the fored asset turnover ratio