On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $64,800 and $1,600, respectively. During Year 2, Kincaid reported $159,000 of credit sales, wrote off $1,300 of receivables as uncollectible, and collected cash from receivables amounting to $173,500. 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 O O O O $1,590 $648 $1,300 $1,735

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $64,800 and $1,600, respectively. During Year 2, Kincaid reported $159,000 of credit sales, wrote off $1,300 of receivables as uncollectible, and collected cash from receivables amounting to $173,500. 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 O O O O $1,590 $648 $1,300 $1,735

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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