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Finland Inc has the following Accounts Receivable Aging on March 31 Aging Bucket Current 1-90 days 91-180 days 181-365 days 366+ days Amount Outstanding 300,000
Finland Inc has the following Accounts Receivable Aging on March 31
Aging Bucket | Current | 1-90 days | 91-180 days | 181-365 days | 366+ days |
Amount Outstanding | 300,000 | 180,000 | 100,000 | 50,000 | 15,000 |
March sales were $320,000
February ending balance in Allowance for Doubtful Accounts was $30,000 Credit
Finland uses the Percentage of Receivables Method and a 5% reserve rate. What is the required reserve at the end of March?
Group of answer choices
32,250
3,200
15,000
3,000
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