Provide correct net realizable value of accounts receivable? After the accounts are adjusted and closed at the endof the year, accounts receivable have a final balanceof $340,000 and an estimate of $51,000 is estimatedfor doubtful accounts.What is the net realizable value of accountsreceivable?a. $391,000b. $289,000c. $340,000d. $51,000

Step 1: Define Accounts ReceivableThe accrual basis suggests that when revenue is earned but not…

Answered: After the accounts are adjusted and…

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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Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200
What is the net realizable value of accounts receivable at the end of year, given the following information:Balance in Accounts Receivable at end of year, $104,000Balance in Allowance for Doubtful Accounts, beginning of year, $2,000 debitWrite-offs during year, $5,000Bad debt expense for year, $9,000Recoveries during year of accounts previously written-off, $2,000
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Total doubtful accounts at the end of the year are estimated to be $27,000 based on an aging of accounts receivable. If the balance in the Allowance for Doubtful Accounts is a $8,200 debit before adjustment, what is current year's Bad Debt Expense? Multiple Choice $35,200. $18,800. $8,200. $27,000.
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If the Net Realisable Value of Accounts Receivable = $35,000 and the balance of Accounts Receivable = %3D $42,300, then the balance of Allowance for Doubtful Debts must be: Select one: a. $12,900 O b. $13,100 O c. $7,300 O d. $12,400
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Teeter Company began 2022 with accounts receivable of $400,000 and an allowance for uncollectible accounts of $26,000 (credit balance). Bad debt expense for the year was $39,000 and the ending balance in the allowance for uncollectible accounts account was $12,000. What was the amount of accounts receivable written off during the year? A. $53,000 B. $414,000 C. $14,000 D. $453,000

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After the accounts are adjusted and closed at the end of the year, accounts receivable have a final balance of $340,000 and an estimate of $51,000 is estimated for doubtful accounts. What is the net realizable value of accounts receivable? a. $391,000 b. $289,000 c. $340,000 d. $51,000