Pharoah Ltd. prepared an aging of its accounts receivable at December 31, 2023 and determined that the net realizable value of the receivables was $324800. Additional information for calendar 2023 follows: Allowance for expected credit losses, beginning $38080 Uncollectible account written off during year 25760 Accounts receivable, ending 358400 Uncollectible accounts recovered during year 5600 For the year ended December 31, 2023, Pharoah's loss on impairment should be $20000. $15680. ○ $17920. $25760.
Pharoah Ltd. prepared an aging of its accounts receivable at December 31, 2023 and determined that the net realizable value of the receivables was $324800. Additional information for calendar 2023 follows: Allowance for expected credit losses, beginning $38080 Uncollectible account written off during year 25760 Accounts receivable, ending 358400 Uncollectible accounts recovered during year 5600 For the year ended December 31, 2023, Pharoah's loss on impairment should be $20000. $15680. ○ $17920. $25760.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pharoah Ltd. prepared an aging of its accounts receivable at December 31, 2023 and determined that the net realizable value of the
receivables was $324800. Additional information for calendar 2023 follows:
Allowance for expected credit losses, beginning
$38080
Uncollectible account written off during year
25760
Accounts receivable, ending
358400
Uncollectible accounts recovered during year
5600
For the year ended December 31, 2023, Pharoah's loss on impairment should be
$20000.
$15680.
○ $17920.
$25760.
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