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Adjusting Allowance for Doubtful Accounts and Bad Debts Expense Merck \& Company reported the following from its 2016 financial statements. a. Compute accounts receivable gross for each year. b. Determine the percentage of allowance to gross account receivables for each year. Round answers to two decimal places (ex: 0.02345=2.35% ). c. Assume that we want to reformulate the balance sheet and income statement to reflect a co Adjustments 5.2 and assume a tax rate of 35%. Four-year average of percentage of allowance to gross accounts receivables. Round answer to two decimal places (ex: 0.02345=2.35% ) % Reformulate the balance sheet and income statements. - Use rounded answer above for computations, then round answers to one decimal place. - Use negative signs with answers to indicate the adjustment decreases an account