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What is the allowance for doubtful accounts

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Question - Winter Gear, Inc. business on January 1, 20X1. The company used the actual write-off of the receivable for the recorded bad debt expense in the below income statement.

Credit sales $678,000

Bad debt expense as a percentage of sales 2%

Write-off of accounts receivable $1,000

Tax rate 30%

Estimated tax payment $31,000

Incorrect income statement, for the year ended December 31 Sales $678,000

Expenses 549,200

Bad debt expense 1,000

Pretax income 127,800

Tax expense 38,340

Net income 89,460

Required - What is the allowance for doubtful accounts in 20X1?

Reference no: EM132587161

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