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amount could Bavel sell s a $20,000 receivable corp hasdthe market interest rate i Bave. Corpbletthe market interest due i,-, For eetiods interst Rate Eacter 0.9246 0.8573 Periods Intereat Rate 8% 1.8861 1.7833 8% A. $17,146 B. $10,604 C $11,215 D. $18,492 thefollowing a foll Questions 8-10 are based on information 100.000 el.(Assume these are On January 1, 2018, Millennium, Inc, hact bal accounts receivable and allowance for doubtful accounts respectively. (Assume these are normal balances). During 2018 sales on cred nces of $100,000 and $11,000 in its totaled $2,000,000, collections were was written off and $9,000 was recovered. $1.300,000, $17,000 of accounts receivable Millennium uses the percentage of sales method to estimate bad debt expense. 2 % of credit sales is estimated as uncollectible. 8. What is the bad debt expense Millennium Inc. should report in its 2018 income statement? A. 23,000 B. 34,000 C. 40,000 D. 43,000 9, What is the balance of accounts receivable Millennium Inc. should report in its 2018 balance sheet (before considering any allowance for doubtful accounts)? A. 727,000 B. 783,000 C. 792,000 D. 801,000 10. What is the balance of allowance for doubtful accounts Millennium Inc. should report in its 2018 balance sheet? A. 13,000 B. 12,000 C. 40,000 D. 43,000
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