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The Manda Panda Company uses the allowance method to account for-(Answered)

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The Manda Panda Company uses the allowance method to account for bad debts.? At the beginning of 2013, the allowance account had a credit balance of $96,950.? Credit sales for 2013 totaled, $3,150,000 and the year-end accounts receivable balance was $537,500.? During this year, $94,250 in receivables were determined to be uncollectible.? Manda Panda anticipates that 3% of all credit sales will uttimately become uncollectible.? The fiscal year ends on December 31.

 

Paper#9256338 | Written in 27-Jul-2016

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