On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $74,600 and $3,700, respectively. During the year Kincaid reported $208,000 of credit sales. Kincaid wrote off $2,000 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $258,900. 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:
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Ответ:
Explanation:
Accounts Receivable = $ (74,600+ 208,000 - 2,000 - 258,900) = $ 21,700
Allowance for Dobtful Accounts = $ ( 3,700 - 2,000 + 208) = $ 1908
Net realizable value of receivables that Kincaid would report = $ ( 21,700- 1908) = $ 19,792
Ответ:
Net accounts receivables in balance sheet $ 19,620
Explanation:
Computation of Net carrying value of receivables
Opening balance - Accounts Receivables $ 74,600
Add: Sales made on credit during year 2 $ 208,000
Less: Collections of receivables $ ( 258,900)
Less; Account receivables written off $ ( 2,000)
Account Receivables balance Year 2 $ 21,700
Allowance for doubtful accounts year 2
1 % of credit sales $ ( 2,080)
Net accounts receivables in balance sheet $ 19,620
The amounts written off are reduced from the accounts receivable accounts by debiting the allowance account.
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