Wilson Corporation uses an income statement approach to estimate credit losses. Its gross Accounts Receivable...
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Wilson Corporation uses an income statement approach to estimate credit losses. Its gross Accounts Receivable of &5,000,000 at the beginning of the period had a net realizable value of $4925000.During the period the company wrote off actual accounts receivable of $100000 and collected $7835000 from customers. Credit sale for the year amounted to $9000000. Of its credit sales, 1 per cent was estimated to eventually be in collectible. Determine the net realiZable value of the companys accounts receivable at the end of the period.
Wilson Corporation uses an income statement approach to estimate credit losses. Its gross Accounts Receivable of &5,000,000 at the beginning of the period had a net realizable value of $4925000.During the period the company wrote off actual accounts receivable of $100000 and collected $7835000 from customers. Credit sale for the year amounted to $9000000. Of its credit sales, 1 per cent was estimated to eventually be in collectible.
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