1. At the beginning of the year, Jones Corp. had receivables of $500,000 and an allowance for doubtful accounts of $40,000 (their Net Receivables on the balance sheet was $460,000). During the year, they had Sales of $4,000,000 and collected $3,900,000 from customers. They estimate that 2% of their Sales will not be collected. During the year, they wrote off a total of $50,000 worth of specific receivables as Uncollectible. What is their Net Receivables at the end of the year?
A. $440,000
B. $480,000
C. $540,000
D. $600,000
2. You are planning to invest $3,000 in an account earning 13?% per year for retirement.
a. If you put the $3,000 in an account at age? 23, and withdraw it 40 years? later, how much will you? have?
b. If you wait 10 years before making the? deposit, so that it stays in the account for only 30 ?years, how much will you have at the? end?