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Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $601,400 and the Allowance for Doubtful Accounts had a credit balance of $41,500. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of Collection
00
1.What is the appropriate balance for Allowance for Doubtful Accounts at year-end
2. Show how accounts receivable would be presented on the balance sheet.
3. What is the dollar effect of the year-end bad debt adjustment on the before-tax income
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