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Ward Co. estimates that 2% of credit sales will be uncollect…
Ward Co. estimates that 2% of credit sales will be uncollectible. Ward’s credit sales for the current year were $1 million. During the year, Ward wrote off $18,000 of accounts receivable. Ward’s allowance for doubtful accounts had a $15,000 balance on January 1. In its December 31 income statement, what amount should Ward report as bad debt expense?
Ward Co. estimates that 2% of credit sales will be uncollect…
Questions
Wаrd Cо. estimаtes thаt 2% оf credit sales will be uncоllectible. Ward's credit sales for the current year were $1 million. During the year, Ward wrote off $18,000 of accounts receivable. Ward's allowance for doubtful accounts had a $15,000 balance on January 1. In its December 31 income statement, what amount should Ward report as bad debt expense?