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Question - Tamarisk Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Tamarisk's Accounts Receivable account was $591,800 and Allowance for Doubtful Accounts had a credit balance of $43,510. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of Collection
Less than 16 days
$313,000
0.96
Between 16 and 30 days
115,300
0.90
Between 31 and 45 days
82,800
0.85
Between 46 and 60 days
43,600
0.81
Between 61 and 75 days
20,700
0.55
Over 75 days (to be written off)
16,400
0.00
Required - What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
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