PROGRESS CHECK
3. A customer of Fruit Packing, Inc. is no longer able to pay its bills. The amount
to be written off as a loss is $1.9 million. What will the new
ACCOUNTS RECEIVABLE amount be?
_____ a) 25.6
_____ b) 21.8
_____ c) 17.6
_____ d) 20.5
_____ e) 5.5
4. This event will also affect an account on the other side of the Balance Sheet. What is
this account?
_____ a) Accounts Payable - Fruit
_____ b) Notes Payable
_____ c) Long-term Debt
_____ d) Preferred Stock
_____ e) Retained Earnings
5. What will the new amount of this account be?
_____ a) 1.3
_____ b) 21.1
_____ c) 43.2
_____ d) 5.9
_____ e) 42.2
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