Illustrate what amount should farley report as allowance

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Reference no: EM13123503

a corporation has 10 par value common stock with 1,000,000 shares authorized and a value of 7,000,000 before purchasing 3,000 shares of common stock. the resulting number oAt January 1, 2009, 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 2009, Farley wrote off $650,000 of accounts receivable. Credit sales for 2009 were $18,000,000. In its December 31, 2009 balance sheet, what amount should Farley report as allowance for uncollectible accounts? f common shares issued and outstanding is?

Reference no: EM13123503

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Illustrate what amount should farley report as allowance : During 2009, Farley wrote off $650,000 of accounts receivable. Credit sales for 2009 were $18,000,000. In its December 31, 2009 balance sheet, illustrate what amount should Farley report as allowance for uncollectible accounts? f common shares is..

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