Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2009 the accounts receivable and the

On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances...

90.2K

Verified Solution

Question

Accounting

On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009 balance sheet:

$14,155

$14,250

$745

$695

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

Chemistry
1.2K views

Q.N.2) A portion of a specicific DNA molecule consists of the following sequence of nucleotide triplets: TAC   GAA    CTT  CGG What...

Physics
1.2K views

charged particle is having drift veld 5 x 104 m s1 in an electric fi...

Physics
1.2K views

In a 2 d flow V jand p kat where t pare time s density...

Statistics
1.2K views

A store is selling signs that read Happy Holidays The signs come in two sizes...

Calculus
1.2K views

Determine the total number of subsets of the set of letters from the English alphabet...

Algebra
1.2K views

12 If an 8 hour workday includes a total break time of 16 how many...

Algebra
1.2K views

2 3x x 6 a b C

Accounting
1.2K views

Question 10 4 pts When there are two closing entries, the...

Accounting
1.2K views

Which of the following is not a correct statement about noncontrolling interest? a. Noncontrolling interest...

Accounting
1.2K views

Common Size Common Size Common Size XYZ Plumbing - Income Statement 2019E Revenue CGS Gross...

Accounting
1.2K views

please help!! Required information The following information applies to the questions displayed...

Finance
1.2K views

Netflix common stock has a beta, b, of 1.4. The risk-free rate is Cost...