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Question - On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $75,200 and $3,800, respectively. During Year 2, Kincaid reported $211,000 of credit sales, wrote off $2,050 of receivables as uncollectible, and collected cash from receivables amounting to $264,300. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
1. What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement?
2. Which of the following describes the effects of writing off the uncollectible accounts?
3. What is the net realizable value of receivables that will be reported on Kincaid's Year 2 balance sheet?
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