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GSU ACCT 2101 - M. Cornett is a corporation

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M. Cornett is a corporation that sells breakfastcereal.Based on the accounts listed below, what are M.Cornett’s total trade receivables?Income tax refund due $500Advance due to the company from the company president $3003-month note due from M. Cornett’s main customer $2,000 Interest due this month on the above note $100Due and unpaid from this month’s sales $7,000Due and unpaid from last month’s sales $1,000a.$8,000b.$10,000c. $9,000d.$10,900In 2018 the Golic Co. had net credit sales of$600,000. On January 1, 2018, the Allowancefor Doubtful Accounts had a credit balance of$15,000. During 2018, $24,000 of uncollectibleaccounts receivable were written off. Pastexperience indicates that the allowance shouldbe 10% of the balance in receivables(percentage-of-receivables basis). If theaccounts receivable balance at December 31was $160,000 what is the required adjustment tothe Allowance for Doubtful Accounts atDecember 31, 2018?a.$16,000.b.$25,000.c. $31,000.d.$24,000.A 90-day note dated August 31, 2018, would mature on:a.November 30, 2018.b.November 27, 2018.c. November 28, 2018.d.November 29,


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GSU ACCT 2101 - M. Cornett is a corporation

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