The accounts receivable balance decreased by $10,000 during 2008. Rounded to two decimal places, what is Falcon”s accounts receivable turnover rate for 2008? A. 7.59 b. 10.32 c. 10.67 d. 11.03 ____ 11. The Allowance for Doubtful Accounts represents: a. Cash set aside to make up for bad debt losses b. The amount of uncollectible accounts written off to date c. The difference between total sales made on credit and the amount collected from those credit sales d. The difference between the face value of accounts receivable and the net realizable value of accounts receivable ____ 12. Which of the following statements is true regarding the two allowance methods used to account for bad debts? A. b. c. d. The percentage of net credit sales approach takes into account the existing balance in the Allowance for Doubtful Accounts account.
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