The realizable value refers to the accounts receivable amount expected to be received. T/F
The realizable value refers to the accounts receivable amount expected to be received. T/F
Homework Answers
Answer:
True
Explanation:
Realisable value or Net Realisable Value ( NRV ) is the amount in cash that is expected to be received. This is often associated with accounts receivable and inventory.
With reference to accounts receivable , realisable value is the amount on debit side of Accounts Receivable Ledger less balance in credit side of Allowance for Debts Account, i.e., the amount expected to be received.
So the statement is True.
Add Answer to:
The realizable value refers to the accounts receivable amount
expected to be received. T/F
The net realizable value of accounts receivable is the difference between gross accounts receivable and
The net realizable value of accounts receivable is the difference between gross accounts receivable and
Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade...
Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade value Book value If a customer dishonors a note receivable: The note should be converted to an account receivable The principle shall remain in the notes receivable account The company should send the customer a fruit basket Cash will be received at the due date Florence Company had a debit balance of $1,500 in the Allowance for Doubtful Accounts account and a debit balance...
Explain net realizable value of accounts receivable
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Using the information provided for 2017, calculate the net realizable value of accounts receivable at December...
Using the information provided for 2017, calculate the net
realizable value of accounts receivable at December 31, 2016, and
prepare the appropriate balance sheet presentation for Carr Co., as
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Cash realizable value is determined by subtracting Allowance for Doubtful Accounts from Accounts Receivable. Select one:...
Cash realizable value is determined by subtracting Allowance for Doubtful Accounts from Accounts Receivable. Select one: a. True b. False
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Calculation of Net Realizable Value L. R. Updike owns a department store that has a $50,000 balance in Accounts Receivable and a $2,500 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable. 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off. Calculation of Net Realizable Value L. R. Updike owns a...
Accounts receivable $410,000 Unadjusted Allowance for doubtful accounts $10,200 Sales (all on credit) 910,000 a) Prepare...
Accounts receivable $410,000 Unadjusted Allowance for doubtful accounts $10,200 Sales (all on credit) 910,000 a) Prepare the year end adjusting journal entry for bad debt expense assuming that doubtful accounts are estimated to be 3% of gross accounts receivable. b) Prepare the year end adjusting journal entry for estimated bad debt expense assuming that 6% of credit sales are not expected to be collected. c) Compute net realizable value of accounts receivable under the % of receivables approach (after the...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $900,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $4,050,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 20,250 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
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Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade value Book value If a customer dishonors a note receivable: The note should be converted to an account receivable The principle shall remain in the notes receivable account The company should send the customer a fruit basket Cash will be received at the due date Florence Company had a debit balance of $1,500 in the Allowance for Doubtful Accounts account and a debit balance...
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Using the information provided for 2017, calculate the net
realizable value of accounts receivable at December 31, 2016, and
prepare the appropriate balance sheet presentation for Carr Co., as
of that point in time
A portion of the current assets section of the December 31, 2017, balance sheet tor Carr Co. is presented here: $ 100,000 Accounts receivable Less. Allowance for bad debts (14,000) 6,000 The company's accounting records revealed the following information for the year ended December 31, 2017:...
Cash realizable value is determined by subtracting Allowance for Doubtful Accounts from Accounts Receivable. Select one: a. True b. False
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