The account "allowance for uncollectible accounts" is classified as a(n):
a. expense in the income statement.
b. contra asset to accounts receivable in the balance sheet.
c. contra revenue to credit sales in the income statement.
d. liability account in the balance sheet.

The correct option is B. The account  "Allowance for Uncollectible Accounts" is classified as a(n)  contra asset to accounts receivable in the balance sheet.

Explanation

Customers often pay for a specific product through credit. If the customer does not pay the bill or doesn't have money in the account, then the company enters this amount as uncollectible. This is often referred to as allowance for uncollectible accounts. It is a contra asset account that shows the amount of money a company does not expect to get, on a balance sheet. It is also referred as Allowance for doubtful accounts.

answera public company has access to more capital;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.