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Jay Company provided the following data relating to accounts receivable for the current year:               Accounts receivable, January 1     650,000 Credit Sales     2,700,000 Sales returns     75,000 Accounts written off     40,000 Collections from customers     2,150,000 Estimated future sales returns at December 31     50,000 Estimated uncollectible accounts at 12/31 per aging     110,000         What is the amortized cost of accounts receivable on December 31?         a. 1,200,000       b. 1,125,000       c. 1,085,000       d. 925,000

Jay Company provided the following data relating to accounts receivable for the current year:               Accounts receivable, January 1     650,000 Credit Sales     2,700,000 Sales returns     75,000 Accounts written off     40,000 Collections from customers     2,150,000 Estimated future sales returns at December 31     50,000 Estimated uncollectible accounts at 12/31 per aging     110,000         What is the amortized cost of accounts receivable on December 31?         a. 1,200,000       b. 1,125,000       c. 1,085,000       d. 925,000

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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Jay Company provided the following data relating to accounts receivable for the current year:
      
       
Accounts receivable, January 1
     650,000
Credit Sales
     2,700,000
Sales returns
     75,000
Accounts written off
     40,000
Collections from customers
     2,150,000
Estimated future sales returns at December 31
     50,000
Estimated uncollectible accounts at 12/31 per aging
     110,000
       
What is the amortized cost of accounts receivable on December 31?
      
  a. 1,200,000    
  b. 1,125,000    
  c. 1,085,000    
  d. 925,000    
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