Winston Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on...
Winston Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $10 million. There is also a credit balance of $15,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year?
Options:
A. 600,000
B. 255,000
C. 585,000
D. 270,000
Homework Answers
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Bad debt expense recognized for the year = (10,000,000*6%) - Credit balance in Allowance for Doubtful Accounts 15,000 = 600,000 - 15,000 = 585,000 |
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Winston Corp. has outstanding accounts receivable totaling $6.5
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