A company has sales of $350,000, and estimates that 0.7% of its sales are uncollectible. The estimated amount of bad debt expense is $2,450. ( )
举一反三
- Graham Company uses the percent-of-sales method to estimate uncollectible. Net credit sales for the current year amount to $130,000 and management estimates 3% will be uncollectible. Allowance for doubtful accounts prior to adjustment has a credit balance of $2,000. The amount of expense to report on the income statement will be
- Graham Company uses the percent-of-sales method to estimate uncollectible. Net credit sales for the current year amount to $130,000 and management estimates 3% will be uncollectible. Allowance for doubtful accounts prior to adjustment has a credit balance
- Which of the following is not one of the five classes of transactions included in the sales and collection cycle? （ ） A: Interest Income B: Sales returns and allowances C: Bad debt expense D: Write-off of uncollectible accounts
- Bad debt expense is recorded when an account is determined to be uncollectible.
- The percentage of sales a company has in a particular market is its _________.