On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement? Multiple Choice $710 $1,900 $2,277

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement? Multiple Choice $710 $1,900 $2,277

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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