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24. Noreen Company provided the following information for 2020: Accounts receivable - January 1 2,000,000 Credit sales 10,000,000 8,000,000 Collection from customers, excluding the recovery of accounts written off Accounts written off 100,000 Sales returns 500,000 Recovery of accounts written off Estimated future sales returns on 50,000 150,000 December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 3,400,000 O 3,100,000 O 2,950,000 2,900,000

24. Noreen Company provided the following information for 2020: Accounts receivable - January 1 2,000,000 Credit sales 10,000,000 8,000,000 Collection from customers, excluding the recovery of accounts written off Accounts written off 100,000 Sales returns 500,000 Recovery of accounts written off Estimated future sales returns on 50,000 150,000 December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 3,400,000 O 3,100,000 O 2,950,000 2,900,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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24. Noreen Company provided the following information for 2020: Accounts receivable – January 1 Credit sales Collection from customers, excluding the recovery of accounts written off Accounts written off 2,000,000 10,000,000 8,000,000 100,000 500,000 Sales returns Recovery of accounts written off 50,000 150,000 Estimated future sales returns on December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 3,400,000 3,100,000 2,950,000 2,900,000
Transcribed Image Text:24. Noreen Company provided the following information for 2020: Accounts receivable – January 1 Credit sales Collection from customers, excluding the recovery of accounts written off Accounts written off 2,000,000 10,000,000 8,000,000 100,000 500,000 Sales returns Recovery of accounts written off 50,000 150,000 Estimated future sales returns on December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 3,400,000 3,100,000 2,950,000 2,900,000
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