RNE Manufacturing Company sells its products offering 30 days' credit to its customers. During 2018, its first year of operations, the following events occurred: Sales on credit 2,400,000 Cash collections from credit customers 1,405,000 Accounts receivable, end of year $995,000 $30,000 of accounts were deemed uncollectible in 2018. The company anticipates that $48,000 worth of ARs will ultimately become uncollectible. Which of the following is not true regarding RNE's 2018 financial statements?
A. RNE reports bad debt expense of $48,000.
B. RNE reports net Accounts Receivables of $947,000.
C. RNE reports gross Accounts Receivables of $965,000.
D. RNE reports Allowance for doubtful accounts of $48,000.
Please explain the answer.