False Value Hardware offers an unlimited, no questions asked right of return on all products....
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False Value Hardware offers an unlimited, no questions asked right of return on all products. False Value Hardware began 2023 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2023, customers returned merchandise for credit of $28,000 to their accounts.
Required: What is the balance in the allowance for sales returns account at the end of 2023?
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