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What amount of uncollectible accounts expense be reported

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Reference no: EM132751871

Question - Michael Company provided the following information about accounts receivable on December 31, 2020:

0-60 days outstanding 6,000,000 5% uncollectible

61-120 days outstanding 4,500,000 10% uncollectible

Over 120 days outstanding 5,000,000 1,250,000 uncollectible

During 2020, the entity wrote off 700,000 in accounts receivable and recovered 300,000 that had been written off in prior years. On January 1, 2020, the allowance for uncollectible accounts was 500,000.

Under the aging method, what amount of uncollectible accounts expense should be reported for 2020?

Reference no: EM132751871

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