Business, 10.04.2020 15:25 caro70

At the end of the current year (before adjusting entries), Spring Corporation had a balance of $76,000 in Accounts Receivable and a credit balance of $7,000 in Allowance for Uncollectible Accounts. Service revenue (all on credit) for the year totaled $480,000. Read the requirements. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expense if Spring Corporation estimates its uncollectible-account expense using a rate of 2% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? Spring Corporation has $ of uncollectible-account expense using the percent-of-sales method. The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario. Now assume that Spring Corporation uses the aging-of-receivables method. Spring Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance of $22,000. Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? Spring Corporation has $ of uncollectible-account expense using the aging-of-receivables method. The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario.

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At the end of the current year (before adjusting entries), Spring Corporation had a balance of $76,0...

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