# Question FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2017, the company's credit sales amounted to $259,000 and cash collected amounted to$242,000. Determine the balance of accounts receivables on January 1, 2017, if accounts receivable written off during the year were $1050 and if the allowance account had a balance of$1,550 on December 31, 2017? a. $17,000 b.$77,500 c. $16,500 d.$15,450

Transcribed Image Text: FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2017, the company's credit sales amounted to $259,000 and cash collected amounted to$242,000. Determine the balance of accounts receivables on January 1, 2017, if accounts receivable written off during the year were $1050 and if the allowance account had a balance of$1,550 on December 31, 2017? a. $17,000 b.$77,500 c. $16,500 d.$15,450
Transcribed Image Text: FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2017, the company's credit sales amounted to $259,000 and cash collected amounted to$242,000. Determine the balance of accounts receivables on January 1, 2017, if accounts receivable written off during the year were $1050 and if the allowance account had a balance of$1,550 on December 31, 2017? a. $17,000 b.$77,500 c. $16,500 d.$15,450