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As of January 1, 2022, Sandoval Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Sandoval's
As of January 1, 2022, Sandoval Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Sandoval's gross accounts receivable have been uncollectible. During 2022, Sandoval wrote off $650,000 of accounts receivable. Sandoval's gross accounts receivable as December 31, 2022 is $18,000,000. In its December 31, 2022, balance sheet, what amount should Sandoval report as allowance for uncollectible accounts?
Group of answer choices
$880,000.
$230,000.
$490,000.
$360,000.
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