On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $68,200 and $2,300, respectively. During the year Kincaid reported $176,000 of credit sales. Kincaid wrote off $1,550 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $203,300. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to:
a. 36,840
b 40900
c. 37590
d. 39350
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date: