Business, 30.03.2021 05:30, 1andonlyrob

As of January 1, 2021, Farley Co. had a credit balance of $530,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $646,000 of accounts receivable. Credit sales for 2021 were $18,800,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts

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As of January 1, 2021, Farley Co. had a credit balance of $530,000 in its allowance for uncollectibl...