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What amount should be reported as allowance for doubtful

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Reference no: EM132837290

Marga 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 accounts expense at the rate of 5% of net credit sales.

Problem 1: What amount should be reported as allowance for doubtful accounts on December 31?

a. 450,000

b. 625,000

c. 600,000

d. 550,000

Reference no: EM132837290

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