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As of January 1, 2016, Farley Co. had a credit balance of $520,000 in its...

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Accounting

As of January 1, 2016, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2016, Farley wrote off $650,000 of accounts receivable. Credit sales for 2016 were $18,000,000. In its December 31, 2016, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

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