What should black report as its allowance for doubtful

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Reference no: EM13141421

Black Corporation had a 1/1/12 balance in the Allowance for Doubtful Accounts of $18,000. During 2012, it wrote off $12,960 of accounts and collected $3,780 on accounts previously written off. The balance in Accounts Receivable was $360,000 at 1/1 and $432,000 at 12/31. At 12/31/12, Black estimates that 5% of accounts receivable will prove to be uncollectible. What should Black report as its Allowance for Doubtful Accounts at 12/31/12?

Reference no: EM13141421

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