Reference no: EM132585000
As an interim measure, Rickard Manufacturing Inc. calculates its allowance for doubtful accounts based on 3% of credit sales on a monthly basis. It then uses the balance sheet approach to estimate the required year-end allowance for doubtful accounts. The following data are available for the 11 months ending November 30, 20X5:
Total sales for the 11 months ending November 30 20X5 $4,000,000
Credit sales as a percentage of total sales 80%
Allowance for doubtful accounts January 1, 20X5 $60,000 CR
Collection of accounts written of in prior years $9,000
Customer accounts written off as uncollectable between January 1 and November 30, 20X5 $35,000
Question 1: What is the balance of the allowance for doubtful accounts for Rickard as at November 30, 20X5?
a) $ 96,000
b) $121,000
c) $130,000
d) $154,000
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