On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement? Multiple Choice $710 $1,900 $2,277
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement? Multiple Choice $710 $1,900 $2,277
College Accounting, Chapters 1-27
23rd Edition
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Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
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Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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What is the amount of uncollectible accounts expense that will be reported on the year 2 income statement
![29
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and
$2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected
cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement?
Multiple Choice
$710
$1,900
$2,277
www
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04fed8df-2897-4d7c-8ebc-718f084eaa19%2F542c4669-d266-4088-a956-8dc12fbeb552%2Fppworoq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:29
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and
$2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected
cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement?
Multiple Choice
$710
$1,900
$2,277
www
Next >
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