Question
At January 1, 20x1, Judy Co. had a credit balance of 260,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Judy
At January 1, 20x1, Judy Co. had a credit balance of 260,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Judy 's credit sales have been uncollectible. During 20x1, Judy wrote off 325,000 of uncollectible accounts. Credit sales for 20x1 were 9,000,000. In its December 31, 20x1, balance sheet, what amount should Judy report as allowance for uncollectible accounts?
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Financial Reporting and Analysis Using Financial Accounting Information
Authors: Charles H. Gibson
13th edition
1285401603, 1133188796, 9781285401607, 978-1133188797
