Business, 24.04.2020 18:33 ijohnh14

Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Domino began 2016 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $76,500 and $5,800, respectively. During the year, the company wrote off $4,640 in uncollectible accounts. In preparation for the company's 2016 estimate, Domino prepared the following aging schedule:

Number of Days Past Due Receivables Amount % Likely to be Uncollectible
Current $ 104,000 1%
0-30 45,000 5%
31-60 9,920 10%
61-90 4,440 25%
Over 90 3,800 50%
Total $ 167,160

What will Domino record as Uncollectible Accounts Expense for 2016?
a. $6,132
b. $1,512
c. $7,292
d. $4,640

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