Hancock Medical Supply Company earned $83,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $66,200 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1? Multiple Choice $15,970 $16.138 $16,800 4

Hancock Medical Supply Company earned $83,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $66,200 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1? Multiple Choice $15,970 $16.138 $16,800 4

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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