Black Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $21,000. The balance in
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Black Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $21,000. The balance in Accounts Receivable was $420,000 at 1/1 and $504,000 at 12/31. At 12/31/20, Black estimates that 7% of accounts receivable will prove to be uncollectible.
What should Black report as its Allowance for Doubtful Accounts at 12/31/20?
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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