RNE Manufacturing Company sells its products offering 30 days credit to its customers. During 2018, its first year of operations, the following events occurred:

Sales on credit	2,400,000
Cash collections from credit customers	1,405,000
Accounts receivable, end of year	$995,000

$30,000 of accounts were deemed uncollectible in 2018. The company anticipates that $48,000 worth of ARs will ultimately become uncollectible. Which of the following is not true regarding RNEs 2018 financial statements?

A. RNE reports bad debt expense of $48,000.

B. RNE reports net Accounts Receivables of $947,000.

C. RNE reports gross Accounts Receivables of $965,000.

D. RNE reports Allowance for doubtful accounts of $48,000.