The Allowance for Uncollectible Accounts Currently Has a Credit Balance

question 84

Multiple Choice

The Allowance for uncollectible accounts currently has a credit balance of $200.The company's management estimates that 2.5% of net credit sales will be uncollectible.Net credit sales are $115,000.What will be the balance of the Allowance for uncollectible accounts reported on the balance sheet?

• A) $3,275
• B) $3,075
• C) $2,675
• D) $2,875

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Definitions:

Dominant Strategy

A strategy in game theory that yields the best outcome for a player, regardless of what strategies other players may choose.

Wealth

The accumulation of significant monetary assets or tangible properties that are easily transferrable into a usable form for trade or transactions.

Contribute

To give or supply in common with others; providing a portion towards a common end, such as in a project or a pool of resources.

Benefit

An advantage or profit gained from something.