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Problem - Effect of Doubtful Accounts on Net Income

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Problem - Effect of Doubtful Accounts on Net Income

During its first year of operations, Fisher Plumbing Supply Co. had sales of $2,780,000, wrote off $16,000 of accounts as uncollectible using the direct write-off method, and reported net income of $120,000. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1% of sales would be uncollectible.

Reference no: EM132709564

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