Hancock Medical Supply Co.. which had no beginning balance In its Accounts Receivable and Allowance for Doubtful
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Question:
Hancock Medical Supply Co.. which had no beginning balance In its Accounts Receivable and Allowance for Doubtful Accounts, earned $86,000 of revenue on account during 2016. During 2016. Hancock collected $68,200 of cash from its receivables accounts. The company estimates that it will be unable to collect 1% of revenue on account. The amount of net realizable value of receivables on the December 31, 2016 balance sheet would be:
1. $17,118.
2. $16,940.
3. $17,800.
4. $17.622.
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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