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In 2013, The Finnish Furniture Store has sales of $1,500,000, of which $500,000 are cash sales. At the beginning of the year, it had a $4,500 credit in the Allowance for Doubtful Accounts. In previous years, the bad debt expense was approximately 0.5% of credit sales. During the year, there were $3,000 of write-offs. At the end of the year, the company had Accounts Receivable of $172,500 that was aged as follows:
0-30 Days Since Sale31-60 Days60+ DaysAmount ($)150,00015,0007,500Estimated %
Uncollectible2%10%20%
Using the Percentage of Credit Sales, what would be the company's ending balance for Allowance for Doubtful Accounts in 2013?
Group of answer choices
$2,500
$3,000
$4,500
$5,000
$6,000
$6,500
$9,500
Financial Statement Analysis and Preparation
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