What is the net amount expected to be collected

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Problem - Cactus Corporation had net sales (all on account) in 202X of $8,295,884. At December 31, 202X, before adjusting entries, the balances in selected accounts were:

Accounts Receivable: $2,987,275 debit

Allowance for Doubtful Accounts: $5,343 debit

Cactus estimates that 3% of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statements at December 31, 2020?

Reference no: EM132862410

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