Question: QUESTION 2 Use the following information to answer the next 3 questions: On December 31, 2015, a company reported the following information on its balance

QUESTION 2 Use the following information to answer the next 3 questions: On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 Determine the ending accounts receivable balance on December 31, 2016. A. $1,094,500 QUESTION 3 Using the information from above... If the company estimates 3% of credit sales will not be collected, the balance in the allowance for doubtful accounts (after adjustment) on December 31, 2016 would be A $97.900 B. 590,000 C.$111,100 D.$104,500 E. None of the above QUESTION 4 Using the information from above... Now assume, if the company estimates 4% of receivables to be uncollected, the bad debt expense for 2016 would be A. $35,330 B. $22,680 C. 543780 D. $33,520 E. None of the above

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