genyjoannerubiera
04.09.2019 •
Business
Schreiber industries estimates bad debts at 2% of sales. schreiber began the year with $270,000 of accounts receivable and $38,600 of allowance for bad debts. during the year, schreiber had sales of $920,000, wrote off bad debts of $26,000, and received cash on account of $905,000. what amount of accounts receivable, net of allowance for bad debts, should appear on the year-end balance sheet?
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Ответ:
The total amount of account receivable it's $246.400
Explanation:
At the beginning the company had $270.000 in the account receivable and $38.600 of allowance for bad debt, when the company wrote off bad debt, it entry a credit in the Account Receivable and a Debit in hte Allowance for bad debt.
The new balance are $244.400 in the accounts receivables and $12.600 as credit in the allowance for bad debt, with the new sales the company generate an extra account receivable of $15.000, so the net value of Accounts Receivable it's $246.400.
Ответ: