On January 1, 2016, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $67,600 and $2,200, respectively. During the year Kincaid reported $173,000 of credit sales. Kincaid wrote off $1,500 of receivables as uncollectible in 2016. Cash collections of receivables amounted to $197,900. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. 16. Required information The amount of uncollectible accounts expense recognized in the 2016 income statement will be: $1,730. $1,979. $676. $1,500. 17. Required information Kincaid's entry to recognize the write-off of the uncollectible accounts will not affect total assets or total equity. increase total assets and decrease total equity. increase total assets and total equity. decrease total assets and total equity. 18. Required information Kincaid's entry required to recognize the uncollectible accounts expense for 2016 willrev: 12_02_2016_QC_CS-71484 decrease total assets and increase retained earnings. increase total assets and decrease net income. increase total assets and retained earnings. decrease total assets and net income. 19. Required information The net realizable value of receivables appearing on Kincaid's 2016 balance sheet will amount to: $41,200. $42,700. $39,470. $38,770.