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Sheffield Corporation operates in an industry that has a high rate of bad debts. Before any year - end adjustments, the balance in Sheffield's Accounts

Sheffield Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in
Sheffield's Accounts Receivable account was $593,900 and Allowance for Doubtful Accounts had a credit balance of $40,480. The
year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown
below.
(a)
What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
Balance for allowance for doubtful accounts
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