Sankara Auto Sales has an accounts receivable balance after posting collections from customers for 2019 of $180,000.
Fantastic news! We've Found the answer you've been seeking!
Question:
Sankara Auto Sales has an accounts receivable balance after posting collections from customers for 2019 of $180,000. Sankara's customers took advantage of sales discounts of $15,000 for the period. Management performed an aging of the accounts receivable and estimated loss percentages as follows: $90,000 Current at 2%, $50,000 1-30 days past due 5%, $30,000 31-60 days past due 10%, $10,000 60 plus days past due 25%. The amount of accounts receivable expected to be collected is:
- A. $170,200
- B. $180,000
- C. $173,200
- D. $172,700
Related Book For
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
Posted Date: