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What amount should farley report as allowance

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Problem 1: As of January 1, 2021, Farley Co. had a credit balance of $536,000 in its allowance for uncollectible accounts. Based on experience, 3% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $639,000 of accounts receivable. Credit sales for 2021 were $18,100,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

Reference no: EM132943433

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