Hawky Dawky Ltd. began operations on July 1, 2020 and had the following sales and...
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Hawky Dawky Ltd. began operations on July 1, 2020 and had the following sales and collection activities during 2020: Sale to Customer 1 on August 1, 2020 $ 190000 Collections from Customer 1 during the year 92000 Sale to Customer 2 on November 1, 2020 110000 Collections from Customer 2 during the year 40000 Sale to Customer 3 on November 15, 2020 120000 Collections from Customer 3 during the year 55000 There were no other transactions during the year. Hawky Dawky Ltd. offers its customers terms of 2/10 net 30. Assume that any amounts customers paid was after the 10-day discount period. Hawky Dawky estimates that the likelihood of not being able to collect an accounts receivable is as follows Accounts not yet due 3 % Accounts overdue but less than 60 days overdue 5% Accounts overdue more than 60 days 16 % Calculate the net balance of accounts receivable at the end of the year (December 31, 2020). Your
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