shows the calculations On January 1, 2014 the accounts receivable and the allowance for doubtful accounts carried

shows the calculations

 

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On January 1, 2014 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 during the year. Cash collections of receivables amounted to $74,550. If the company estimates uncollectible accounts to be 4% of accounts receivable, determine the net realizable value of receivables appearing on the 2014 balance sheet: $14,354 $14,950 $14,304 $14,352 On January 1, 2014 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 during the year. Cash collections of receivables amounted to $74,550. If the company estimates uncollectible accounts to be 4% of accounts receivable, determine the net realizable value of receivables appearing on the 2014 balance sheet: $14,354 $14,950 $14,304 $14,352

Answer rating: 100% (QA)

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