Solution-Determine what the net income would have been

Determine what the net income would have been

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Problem - Effect of doubtful accounts on net income - During its first year of operations, Filippi's Plumbing Supply Co. had net sales of $4,800,000, wrote off $65,000 of accounts as uncollectible using the direct write-off method, and reported net income of $375,000. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1⁄2% of net sales would be uncollectible.

Reference no: EM132877287

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Determine what the net income would have been

Reference no: EM132877287

Reference no: EM132877287

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