) Schermerhorn Co. estimates uncollectible accounts based on 4% of net credit sales during the company's fiscal year. nformation available for the current year is provided below. Allowance for uncollectible accounts, 1/1 $116,000 Collection from customers whose accounts were Customer accounts written off as uncollectible Credit sales during the current year previously written off 14,000 105,000 3,250,000 42,000 during the current year Sales returns and allowances during the current year REQUIRED: Determine the balance in the Allowance for Uncollectible Accounts at December 31st of the current year. 2) The Pacific Company lists the following accounts on its year-end trial balance: Credit 245,000 Accounts receivable Allowance for uncollectible accounts Sales Sales returns and allowances 1,600 920,000 37,500 The allowance for uncollectible accounts is estimated, at year end, at 5% of outstanding accounts receivable. (a) REQUIRED: Determine the bad debt expense reported on the year-end income statement REQUIRED: 1.5% of net sales. Determine the bad debt expense reported on the year-end income statement b) Assume the Pacific Company estimates its uncollectible accounts at