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What is the balance in the allowance for sales returns

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Question - False Value Hardware began 2018 with a credit balance of $31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were $630,000 and $590,000, respectively. False Value estimates that 4% of all sales will be returned. During 2018, customers returned merchandise for credit of $23,000 to their accounts.

Required - What is the balance in the allowance for sales returns account at the end of 2018?

a. $8,600.

b. $25,200.

c. $48,200.

d. $33,800.

Reference no: EM132560946

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