00:58: 44 Question 1/18 Ann, Inc. uses the percentage of sales basis to estimate its bad debts, For the year ended December 31, 2020, Ann Co. total sales are €700,000. Management of the company...

Extracted text: 00:58: 44 Question 1/18 Ann, Inc. uses the percentage of sales basis to estimate its bad debts, For the year ended December 31, 2020, Ann Co. total sales are €700,000. Management of the company estimates that 1% of credit sales will Allowances for Doubtful Accounts is a debit balance of €1,250. The Accounts Receivable bal realizable value of Accounts Receivable reported on the statement of financial position at December 31. 2020 is ollectible. The existing balance in the 31. 2020 is €68,400. The cash 1. O€75.400 2 O€61,250. 3.N0€60,150. 4.D€62,650. Next