Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...

Question

Question

Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...

Beginning accounts receivable	164,000
Beginning allowance for doubtful accounts	5,400
Sales	2,000,000
Collections on account	1,720,000
Accounts written off	11,800
Collections of accounts previously written off	1,100
Current balance of bad debt expense	0
Uncollectible accounts as a percentage of receivables	4.00%

Using the balance sheet approach, what is the net realizable value of accounts receivable?

EB A/R

(EB Allowance for doubtful accounts) - calculated as EB A/R times the "Uncollectible Accounts as a Percentage of A/R"

Net Realizable Value of A/R

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ending balance of account receivable = 164000+2000000-1720000-11800 = 432200

Ending balance of Allowance for doubtful accounts = 432200*4% = 17288

Net realizable value = 432200-17288 = 414912

Add a comment

Answer 2

Similar Homework Help Questions

Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...

Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000 Accounts written off 11,800 Collections of accounts previously written off 1,100 Current balance of bad debt expense 0 Uncollectible accounts as a percentage of receivables 4.00% Using the balance sheet approach, what is the ending balance of bad debt expense?
Questions 4 and 5 use the following information. Problem 3, Question 5. Beginning accounts receivable 164,000...

Questions 4 and 5 use the following information. Problem 3, Question 5. Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000 Accounts written off 11,800 Collections of accounts previously written off 1.100 Current balance of bad debt expense Uncollectible accounts as a percentage of receivables 4.00% 5) Using the balance sheet approach, what is the net realizable value of accounts receivable? Numeric Response
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were...

At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at December 31,...

At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance...

At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts...

Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 950,000 Collections 902,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. a) Prepare the entries to record sales and collections during the period, a separate entry to record the write-off of uncollectible accounts during the period, and another separate entry...
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful...

QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at...

On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of...

On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...

At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
Accounts Receivable (beginning balance) - $139,000 Allowance for doubtful accounts (beginning balance) - $11,480 Net Credit...

Accounts Receivable (beginning balance) - $139,000 Allowance for doubtful accounts (beginning balance) - $11,480 Net Credit Sales - $950,000 Collections - $915,000 Write Offs of Accounts Receivable - $5,500 Collections of accounts previously written off - $2,200 Uncollectible Accounts are expected to be 6% of the ending balance in accounts receivable. Attempts: 1 of 8 used (b) Your answer is partially correct. Try again. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles...

Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable...

Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the...

Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...

Homework Answers