ABC has decided that a customer owing them $200 is not going to pay them. What is the impact of writing off this worthless account on the financial statements? Group of answer choices Total assets go down. Net income goes down Net income goes up. No effect on total assets or net income

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter12: Money, Banking And The Financial System
Section: Chapter Questions
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ABC has decided that a customer owing them $200 is not going to pay them.  What is the impact of writing off this worthless account on the financial statements?
Group of answer choices
Total assets go down.
Net income goes down
Net income goes up.
No effect on total assets or net income
 
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