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Problem 5-29 (Algo) Analysis of accounts receivable and allowance for bad debts-determine beginning balances LO...

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Problem 5-29 (Algo) Analysis of accounts receivable and allowance for bad debts-determine beginning balances LO 5 A portion of the current assets section of the December 31, 2020, balance sheet for Carr Co. is presented here: Accounts receivable Less: Allowance for bad debts $44,000 (6,400) $37,600 The company's accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 397,000 410,000 12,500 14,800 Required: Using the information provided for 2020, calculate the net realizable value of accounts receivable at December 31, 2019, and prepare the appropriate balance sheet presentation for Carr Co., as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts. Remember that you are solving for the beginning balance of each account.) At December 31, 2019 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 0

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