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No written work: show all steps 15. Alma Inc. has the following balances in its 2014 year-end financial statement: Account Receivable Allowance for doubtful accounts
No written work: show all steps
15. Alma Inc. has the following balances in its 2014 year-end financial statement: Account Receivable Allowance for doubtful accounts $1,200,000 $60,000 During 2015, the company had the following transactions related to its AR balance: 1. Sales on account of $5,600,000. 2. Wrote-off $80,000 of its accounts receivable. 3. Bad Debt expenses are $50,000. Assume the company is using the balance sheet method to account for allowance for doubtful accounts, with constant historical rate that has not changed during 2014-2015. What is the company's accounts receivable collection during 2015Step by Step Solution
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