The Miller Company earned $115,000 of revenue on account during Year 1. There was no...
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Accounting
The Miller Company earned $115,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $78,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.
What is the net realizable value of Miller's receivables at the end of Year 1?
Multiple Choice
$34,660
$37,000
$33,550
$40,450
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