Business, 17.06.2021 21:20 deehunchoo
Flyer Company has provided the following information prior to any year-end bad debt adjustment:
Cash sales, $150,000
Credit sales, $450,000
Selling and administrative expenses, $110,000
Sales returns and allowances, $30,000
Gross profit, $490,000
Accounts receivable, $110,000
Sales discounts, $14,000
Allowance for doubtful accounts credit balance, $1,200
Flyer prepares an aging of accounts receivable and the result shows that 5% of accounts receivable is estimated to be uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded?
A. $5,500.
B. $6,700.
C. $4,240.
D. $4,300.
Answers: 3
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Flyer Company has provided the following information prior to any year-end bad debt adjustment:
Cas...
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