Abbot Safe & Lock
The following information was obtained from the company's records for Year 1:
$\begin{array}{lr}
\text { Credit sales during the year } & \$ 3,200,000 \
\text { Accounts receivable-December 31, Year 1 } & 325,000 \
\text { Allowance for doubtful accounts-December 31, Year 1 } & 35,000 \
\text { Bad debt expense for the year } & 20,000
\end{array}$

-Refer to the figure A Better Mousetrap.What amount should the company recognize as interest revenue on December 31,Year 1?

Question

Abbot Safe & Lock
The following information was obtained from the company's records for Year 1:
$\begin{array}{lr}
\text { Credit sales during the year } & \$ 3,200,000 \
\text { Accounts receivable-December 31, Year 1 } & 325,000 \
\text { Allowance for doubtful accounts-December 31, Year 1 } & 35,000 \
\text { Bad debt expense for the year } & 20,000
\end{array}$
 
-Refer to the figure A Better Mousetrap.What amount should the company recognize as interest revenue on December 31,Year 1?

Quizplus · Accepted Answer

The Answer of Abbot Safe & Lock
The following information was obtained from the company's records for Year 1:
$\begin{array}{lr}
\text { Credit sales during the year } & \$ 3,200,000 \
\text { Accounts receivable-December 31, Year 1 } & 325,000 \
\text { Allowance for doubtful accounts-December 31, Year 1 } & 35,000 \
\text { Bad debt expense for the year } & 20,000
\end{array}$
 
-Refer to the figure A Better Mousetrap.What amount should the company recognize as interest revenue on December 31,Year 1?

Abbot Safe & Lock the Following Information Was Obtained from the Company's

Abbot Safe & Lock
the Following Information Was Obtained from the Company's