Lithotech, Inc. had net sales in 2022 of $900,000 At December 31, 2022, before adjusting entries, the balances in selected accounts were: accounts receivable $128,000 debit, and allowance for doubtful accounts $1,600 credit. Lithotech estimates that 4% of its receivables will prove to be uncollectible. What is the net realizable value of the receivables reported on the statement of financial position at December 31, 2022 after adjusting entries? A. $124,480 B. $121,280 C. $128,000 D. $122,880

Lithotech, Inc. had net sales in 2022 of $900,000 At December 31, 2022, before adjusting entries, the balances in selected accounts were: accounts receivable $128,000 debit, and allowance for doubtful accounts $1,600 credit. Lithotech estimates that 4% of its receivables will prove to be uncollectible. What is the net realizable value of the receivables reported on the statement of financial position at December 31, 2022 after adjusting entries? A. $124,480 B. $121,280 C. $128,000 D. $122,880

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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