What was cash collections for the year

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Question 1: The balance sheet method is used to estimate Bad Debt Expense (indirectly); the estimate is that 4% of accounts receivable will be uncollectible. The beginning balance in accounts receivable was $280,000, credit sales were $8,000,000, the Allowance for Bad Debts account had a beginning balance of $33,500, and $248,000 of accounts was written off during the year. The bad debt expense for the year was $250,000. What was cash collections for the year?

Reference no: EM132596920

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