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The following information relates to Kay Company's accounts receivable for 20X1. Accounts receivable 1/1/X1 Credit sales for 20x1 Sales returns during 20X1 Accounts written off

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The following information relates to Kay Company's accounts receivable for 20X1. Accounts receivable 1/1/X1 Credit sales for 20x1 Sales returns during 20X1 Accounts written off during 20X1 Collections from customers during 20x1 Estimated future sales returns at 12/31/X1 Estimated uncollectible accounts at 12/31/X1 $ 425,000 3,265,000 29,000 18,500 3,348,000 40,000 90,000 Required: a. Determine the amount should Kay report as gross accounts receivable at December 31, 20X1. b. Determine the amount should Kay report as net accounts receivable at December 31, 20X1

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