Reference no: EM132789954
Problem 1: Which of the following statements is true regarding dividend income?
a.Dividend income is recognized by companies that own debt securities.
b.Dividend income is reported on the income statement.
c.Dividend income is accrued at year-end.
d.Dividend income appears in the Stockholders' Equity section of the balance sheet.
Lynx Corp.
The data presented below for Lynx Corp. are for the year ended December 31, 2017:
Sales (100% on credit) $1,000,000
Sales returns $30,000
Accounts receivable (December 31, 2017) $170,000
Allowance for doubtful accounts (credit balance) $1,300
(before adjustment at December 31, 2017)
Estimated amount of uncollectible accounts based on aging analysis $14,000
Problem 2: If Lynx Corp. uses the aging of accounts receivable approach to estimate its bad debts, what will be the net realizable value of its accounts receivable after the adjustment for bad debts expense?
a.$184,000
b.$167,000
c.$140,000
d.$156,000
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