Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016,...
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Accounting
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $630,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $33,000 at the beginning of 2016 and $21,500 in receivables were written off during the year as uncollectible. Also, $1,300 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.
1. What is the accounts receivable (net) in the 2016 year-end balance sheet?
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