17 Required information (The following information applies to the questions displayed below. Part 1 of 4 On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $73,200 and $3,400, respectively. During Year 2, Kincaid reported $201,000 of credit sales, wrote off $1,900 of receivables as uncollectible, and collected cash from receivables amounting to $246,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. 02:28:57 Print 17 What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement? Part 1 of 4 Multiple Choice 02:28:49 $2,467 Print $732 $1,900 $2.010 18 Which of the following describes the effects of writing off the uncollectible accounts? Part 2 of 4 Multiple Choice 8 02:28:43 O Does not affect assets or stockholders' equity Print Increase assets and stockholders' equity Increase assets and decrease stockholders' equity Decrease assets and stockholders' equity 19 What effect will recognizing the uncollectible accounts expense for Year 2 have on the elements of the financial statements? Part 3 of 4 Multiple Choice 02:28:36 Increase total assets and retained earnings Print Increase total assets and decrease net income Decrease total assets and increase retained earnings Decrease total assets and net income 20 What is the net realizable value of receivables that will be reported on Kincaid's Year 2 balance sheet? Part 4 of 4 Multiple Choice 02:28:32 $22,090 Print $25,600 $23,590 $27.500