Maguire Co. reported accounts receivable of $15,000 and an allowance for uncollectible accounts of $1,500 on its December 31, 2009, Balance Sheet. During 2010, credit sales totaled $450,000; collections on account totaled $420,000; and write-offs totaled $2,400. After aging its accounts receivable, Maguire estimated that 10 percent of its accounts receivable at December 31, 2010, will be uncollectible.

What is the balance in Accounts Receivable on December 31, 2010?

a. $41,100

b. $41,700

c. $42,600

d. $43,500

Answer rating: 100% (QA)

If net realizable value was 450000 and accounts receivable was 420000 ... View the full answer