The Miller Company earned $105.000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1. Miller collected $73,000 of cash from its recelvables accounts. The company estimates that it will be unable to collect 39 of its sales on account What is the amount of uncollectible accounts expense that will be recognized on the Year Income statement 31 Multiple Choice $960 $2.190 $32,000 $3150 The Miller Company earned $105,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1 Miller collected $73.000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account What is the net realizable value of Miller's receivables at the end of Year 13 Multiple Choice $35150 528.850 0 $29 B10 532.000 On June 1. mar 2Carolina Comary collected a 534.000 not receivstile wat nad teensted on June 1ere carried mere at One Year 2.e come wit reagerer me amount of 51440 Tree True Foice Singleton Company's perpetual inventory records included the following information: bate January 1 March 4 September 28 Beginning inventory Purchase Purchase Number of units and unitycosti 300 units @ $12 250 units @ $18 550 units @ $14 Total cost $3,600 $4,500 37,200 Number of units sold during the year: 820 If Singleton uses the FIFO cost flow method, its cost of goods sold would be $11.770. True or False True False On December 31. Year 1. the Loudoun Corporation estimated that 3% of its credit sales of $112.500 would be uncollectible Loudoun uses the allowance method On February 15, Year 2 one of Loudoun's customers failed to pay his $1050 account and the account was written off on April 4 Year 2. this customer paid Loudoun the $1050 Which of the following correctly states the effect of the adjusting entry, dated December 31, Year 1 on the elements of the financial statements of the Loudoun Corporation! . Assets A. (3,375) B. (3,375) C. 2,375 D. NA Liab. 3,375 NA NA NA Stk. Equity TA (3,375) 3,375 NA Rev. NA NA NA NA Exp. NA 3,375 63,375) NA Net Inc. NA (3,375) 3,375 NA 5tmt of Cash Flous NA NA 3,375 OA NA Multiple Choice O Option O Otson O Option Ootion