Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 7) lithotech, inc. had net sales in 2018 of $800,0

7) Lithotech, Inc. had net sales in 2018 of $800,000. At December 31, 2018, before...

70.2K

Verified Solution

Question

Accounting

image

7) Lithotech, Inc. had net sales in 2018 of $800,000. At December 31, 2018, before adjusting entries, the balances in selected accounts were: accounts receivable $122,000 debit, and allowance for doubtful accounts $1,200 credit. Lithotech estimates that 2% of its receivables will prove to be uncollectible. What is the net realizable value of the receivables reported on the statement of financial position at December 31, 2018 after adjusting entries? A) $119,560 B) $120,760 C) $122,000 D) $118,360

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Marisa Gale, a 25-year-old personal loan officer at Second National Bank, understands the importance of starting...

Basic Math
1.2K views

In this problem, we use your critical values table to explore the significance of r based...

General Management
1.2K views

What are the similarities and differences of basic and applied research reports?

Physics
1.2K views

5 A beam of light coming from a rarer medium is partially reflected from the...

Calculus
1.2K views

HomeworkC3S2 Question 4 of 8 1 point Question Use the function below to answer the...

Calculus
1.2K views

Find the following integral Note that you can check your answer by differentiation S 6e4...

Accounting
1.2K views

(1) Write a regression explaining number of Dotor visits for vriabesfemale, hukids, married, self, educ2,...

Accounting
1.2K views

dont copy from any where please attempet if you sure Explain supplier selection...

Accounting
1.2K views

Wow Advertising Company's trial balance at December 31 shows Supplies 7,609 and Supplies Expense EO....

Accounting
1.2K views

The cost function y = 1,000 + 5X (Points : 5) A.) represents a fixed...

Accounting
1.2K views

Product Cost Markup Percentage Greenhouse Garden Tools Inc. produces and sells home and garden tools...

Finance
1.2K views

Which one of these is a money market security? A repurchase agreement or a mutual...