The following balances were drawn from the accounts of Stripling Company as of December 31, Year 1. Accounts Receivable $ 60,000 Allowance for Doubtful Accounts $ 9,000 During Year 2 Stripling earned $700,000 of revenue on account and collected $710,000 cash from accounts receivable. Also, the company wrote off $8,000 of accounts receivable that were classified as uncollectible during Year 2. If Stripling estimates uncollectible accounts expense to be 1% of revenue, the net realizable value of receivables as of December 31, Year 2 will be.

$50,000.

$32,000.

$34,000.

$42,000.

Answer rating: 100% (QA)

T Account Accounts Receivable opening 60000 cash 710000 sales ... View the full answer