Business, 15.04.2020 02:37, naydiag

As of January 1, 2021, Farley Co. had a credit balance of $524,000 in its allowance for uncollectible accounts. Based on experience, 3% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $634,000 of accounts receivable. Credit sales for 2021 were $18,000,000.
In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

a) $430,000. b) $540,000. c) $650,000. d) $1,064,000

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As of January 1, 2021, Farley Co. had a credit balance of $524,000 in its allowance for uncollectibl...