Business, 09.07.2021 17:20 kasier4600

Fullerton Company, which has been in business for three years, makes all of its sales on account and does not offer cash discounts. The firm's credit sales, collections from customers, and write-offs of uncollectible accounts for the three-year period are summarized below: Year Sales Colleciton Acoount written off
2015 $300,000 $287,000 $2200
2016 385,000 390,000 3350
2017 430,000 407,000 3650

If Fullerton Company had used the allowance method of recognizing credit losses and had provided for such losses at the rate of 1.2 percent of credit sales, what amounts in accounts receivable and the allowance for doubtful accounts would appear on the firm's balance sheet at the end of 2017? What total amount of bad debts expense would have appeared or the firm's income statement during the three year period?

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Fullerton Company, which has been in business for three years, makes all of its sales on account and...

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