On January 1, Year 2 Grande Company had a $11,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $58,000 of service on account. The company collected $54,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account.What is the amount of uncollectible accounts expense recognized on the Year 2 income statement?
A. $220
B. $1160
C. $1090
D. $2000
Answer: B
You might also like to view...
A ________ is the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment
A) sales budget B) company sales forecast C) sales quota D) company sales potential E) market potential
Because of long-run effects, decisions about which of the Four Ps are often harder to change than decisions about the others?
A. Price B. Place C. Product D. Promotion
Pluto Inc. is a small agency that employs writers, artists, and other innovative personnel. It is a specialized agency and does not deal with research, account planning, or television and radio space buying. In this scenario, Pluto Inc. is an example of a(n)
A. media procurement specialist. B. account services organization. C. content management specialist. D. creative boutique. E. media specialist company.
The first step of database design is to define a table for each ________
Fill in the blank(s) with correct word