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please show all work The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $350,000; allowance for
please show all work
The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance): credit sales during the year, $1,200,000; accounts receivable written off during the year, S15,000, cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable 1. Calculate the year-end balance in the allowance for uncollectible accounts. 2. Calculate bad debt expense for the year. 1. Ending balance 2. Bad debt expense Step by Step Solution
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