[The following information applies to the questions displayed below.]The Miller Company earned $190,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $136,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.What is the amount of uncollectible accounts expense that will be recognized on the Year 1 income statement?
A. $4,080
B. $1,320
C. $54,000
D. $5,700
Answer: D
You might also like to view...
An idealistic vision can arouse employee enthusiasm and therefore is a good vision.
Answer the following statement true (T) or false (F)
After a Falcon's Lair customer injures himself while rock climbing, the firm should handle the situation by ________
A) waiting to respond to Internet stories B) concealing specific details from connectors C) paying the customer's medical bills D) blaming the equipment manufacturer E) swiftly communicating with stakeholders
A loss due to a discontinued operation should be reported in the income statement
A) above income from continuing operations. B) without related tax affect. C) below income from continuing operations. D) as an operating expense.
Product recalls can be managed by which system(s)?
a. RMS b. WMS c. RMS and WMS d. Neither RMS nor WMS