On December 31 of Swift Co's first year, $61,000 of accounts receivable is not yet collected. Swift estimates that $3,100 of its accounts receivable is uncollectible and records the year-end adjusting entry (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. (2) On January 1 of Swift's second year, it writes off a customer's account for $500. Compute the realizable value of accounts receivable on January 1 after the write-off. Before Write Off After Write Off Realizable value of accounts receivable

On December 31 of Swift Co's first year, $61,000 of accounts receivable is not yet collected. Swift estimates that $3,100 of its accounts receivable is uncollectible and records the year-end adjusting entry (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. (2) On January 1 of Swift's second year, it writes off a customer's account for $500. Compute the realizable value of accounts receivable on January 1 after the write-off. Before Write Off After Write Off Realizable value of accounts receivable

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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