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Effect of Doubtful Accounts on Net Income During its first year of operations, Master Plumbing...

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Accounting

Effect of Doubtful Accounts on Net Income

During its first year of operations, Master Plumbing Supply Co. had net sales of $360,000, wrote off $5,800 of accounts as uncollectible using the direct write-off method, and reported net income of $39,600. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/4% of net sales would be uncollectible. $

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