Larsen Company began the current year with balances in accounts receivable and aliowance for doubtful accounts of
Fantastic news! We've Found the answer you've been seeking!
Question:
Larsen Company began the current year with balances in accounts receivable and aliowance for doubtful accounts of $54,700 and $4,620, respectively. The company reported credit sales of $479,750 during the year, coliected $516,200, and wrote off $4,400 of uncollectible accounts. Larsen Company estimates that 10% of its accounts receivable balance will be uncollectible.
Required:
a. Compute Larsen Company's uncollectible accounts expense for the current year.
b. Determine Larsen's net realizable value of accounts receivable as of the end of the current year.
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date: