Charles company used the percent of sales method to determine its bad debts exp ense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts Receivable $245,000 debit Allowance for doubtful Accounts $300 credit Net Credit Sales $900,000 Based on past experience, the company estimates 0.5% of credit sales to be uncollectible. What amount would be reported in the Balance Sheet under Accounts Receivable, net of doubtful accounts?
A) $245,000
B) $244,700
C) $240,200
D) $240,500
E) $240,800
Answer: C) $240,200
Business
You might also like to view...
Discussing the expansion of the global network of theaters that can house Broadway-type shows and its benefit to touring plays falls under which category of the global marketing mix?
a. Product b. Promotion c. Place d. Price
Business
You ask Louise to gather some important statistical information for your report. Louise is being passive-aggressive when she responds, "What do I look like, an office temp? Go get the information yourself."
Indicate whether the statement is true or false
Business