The following information is available from the accounting records of Elvis Corporation for 2020. Credit sales...
The following information is available from the accounting records of Elvis Corporation for 2020. Credit sales during the year $700,000 Accounts Receivable (12/31/2020) $365,000 Allowance for Doubtful Accounts (12/31/2020) $47,000 Bad debt expense for the year $27,000 What amount will Elvis Corporation show on its year-end balance sheet for the net realizable value of its accounts receivable? $261,000 $318,000 $338,000 $288,000
Homework Answers
Answer is $318000
Calculated as
net realizable value = Ending accounts receivable - Allowances for doubtful accounts
= $365000-$47000
= $318000
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The following information is available from the accounting
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