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What amount should be reported as allowance

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Reference no: EM132562633

Question - Company provided the following information for the current year:

Allowance for Doubtful Accounts - January 1 200,000

Sales - all on credit 9,500,000

Sales discount 1,000,000

Sales returns and allowances 500,000

Accounts written-off as uncollectible 100,000

Recovery of accounts written-off 50,000

The entity recorded doubtful account expense at the rate of 5% of net credit sales.

Required - What amount should be reported as allowance for doubtful accounts on December 31?

Reference no: EM132562633

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