Effect of Doubtful Accounts on Net Income During its first year of operations, Mack’s Plumbing Supply...
Effect of Doubtful Accounts on Net Income
During its first year of operations, Mack’s Plumbing Supply Co.
had sales of $250,000, wrote off $4,000 of accounts as
uncollectible using the direct write-off method, and reported net
income of $27,500. Determine what the net income would have been if
the allowance method had been used, and the company estimated that
1 3/4% of sales would be uncollectible.
$
Homework Answers
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Net income if allowance method is used = Net income + written off amount - Allowance = 27,500 + 4,000 - (250,000*1.75%) = 27,125 Comment if you face any issues |
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Effect of Doubtful Accounts on Net Income
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