[Solved] Use the Following to Answer Questions
Use the following to answer questions
The following note disclosure is taken from the 2016 annual report to shareholders of Winchester International Corporation.
NOTE 5: ALLOWANCE FOR LOAN LOSSES
The allowance for loan loss is maintained at a level to absorb probable losses inherent in the loan portfolio.This allowance is increased by provisions charged to operating expense and by recoveries on loans previously charged off,and reduced by charge-offs on loans.
The following is a summary of the changes in the allowances for loan losses for three years:
Winchester also reported (in thousands)in its comparative balance sheet that it held Loans receivable,net,of $6,869,911 and $6,819,209 at December 31,2016,and December 31,2015,respectively.
-What kind of account is the Allowance for Loan Losses in Winchester's financial statements?
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