Business, 06.04.2021 01:00 estefanlionel8678
As of January 1, 2021, Farley Co. had a credit balance of $540,000 in its allowance for uncollectible accounts. Based on experience, 4% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $641,000 of accounts receivable. Credit sales for 2021 were $18,600,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?
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As of January 1, 2021, Farley Co. had a credit balance of $540,000 in its allowance for uncollectibl...
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