During its first year of operations, O'Hara Automotive Supply Co. had net sales of $4,050,000, wrote off

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During its first year of operations, O'Hara Automotive Supply Co. had net sales of $4,050,000, wrote off $112,350 of accounts as uncollectible using the direct write-off method, and reported net income of $212,800. If the allowance method of accounting for uncollectibles had been used, 21/2% of net sales would have been estimated as uncollectible. Determine what the net income would have been if the allowance method had been used.

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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