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Elina [12.6K]
3 years ago
10

Swifty Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $35500. During 2020, it wrote off $23000 of ac

counts and collected $8000 on accounts previously written off. The balance in Accounts Receivable was $780000 at 1/1 and $960000 at 12/31. At 12/31/20, Swifty estimates that 5% of accounts receivable will prove to be uncollectible. What should Swifty report as its Allowance for Doubtful Accounts at 12/31/20
Business
1 answer:
JulsSmile [24]3 years ago
4 0

Answer:

$48,000

Explanation:

<em>What should Swifty report as its Allowance for Doubtful Accounts at 12/31/20?</em>

<em />

Allowance for Doubtful Accounts 12/31/20 = Accounts receivable at 12/31 * Uncollectible percentage of Accounts receivable

Allowance for Doubtful Accounts 12/31/20 = $960,000 * 5%

Allowance for Doubtful Accounts 12/31/20 = $48,000

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