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At january 1 2011 farley co had a credit balance of 520000

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At January 1, 2011, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on past experience, 2 percent of Farley's credit sales have been uncollectible. During 2011, Farley wrote off $650,000 of accounts receivable. Credit sales for 2011 were $18,000,000. In its December 31, 2011 balance sheet, what amount should Farley report as allowance for uncollectible accounts?

Reference no: EM13597347

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