What was the net income for the period for this general accounting question? Bright view Solutions had revenue on account amounting to $6,500.Cash collections of accounts receivable totalled $3,100. Expenses forthe period were $2,800, and the company paid dividends of $500.What was the net income for the period?A. $3,700.B. $2,800.C. $3,000.D. $3,200.

Step 1: Define Net IncomeNet Income is the amount of earnings left after deducting all expenses,…

Answered: Bright view Solutions had revenue on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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sanju
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.

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Bright view Solutions had revenue on account amounting to $6,500. Cash collections of accounts receivable totalled $3,100. Expenses for the period were $2,800, and the company paid dividends of $500. What was the net income for the period? A. $3,700. B. $2,800. C. $3,000. D. $3,200.