Solved: What amount should turnip report as allowance for, Accounting Basics

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What amount should turnip report as allowance for

MK, Please explain how you are coming up with answer "a" 115,000

At January 1, 2015, Turnip Co. had a credit balance of $260,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Turnip's credit sales have been uncollectible. During 2015 Turnip wrote off $325,000 of uncollectible accounts. Credit sales for 2015 were $9,000,000. On its December 31, 2015 balance sheet, what amount should Turnip report as allowance for uncollectible accounts?

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