A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:
A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:
| Accounts receivable | $ | 20,400 | |||
| Less: Allowance for bad debts | (2,900 | ) | $ | 17,500 | |
The company’s accounting records revealed the following information for the year ended December 31, 2020:
| Sales (all on account) | $ | 169,500 |
| Cash collections from customers | 143,000 | |
| Accounts written off | 4,100 | |
| Bad debts expense (accrued at 12/31/20) | 5,200 | |
Required:
Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)
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A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:
A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs...
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