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How uses the income statement approach

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Reference no: EM132496413

Dynamic, Inc. had credit sales of $665,000 for March. Accounts receivable of $13,000 were determined to be worthless and were written off during March. Accounts receivable total $548,000 at March 31. Management feels that based on past experience, approximately 3% of net credit sales will prove to be noncollectable.

Question 1: Assuming Dynamic, Inc. uses the income statement approach (an allowance method) to account for uncollectible accounts, uncollectible accounts expense for March is:

A.16440

B.29440

C.32950

D.19950

Reference no: EM132496413

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