Milo Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $120,000, and management estimates 4% will be uncollectible. Milo Company's balance of Allowance for Uncollectible Accounts after adjustments, was $4,400. The following year, Milo Company wrote off $2,400 of old receivables as uncollectible. What is the balance in the Allowance account now?

Milo Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $120,000, and management estimates 4% will be uncollectible. Milo Company's balance of Allowance for Uncollectible Accounts after adjustments, was $4,400. The following year, Milo Company wrote off $2,400 of old receivables as uncollectible. What is the balance in the Allowance account now?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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