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Problem 5 The following data were taken from the records of Shiera Company for the year ended December 31, 2006: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be worthless Purchase on account Payments to creditors Discount allowed by creditors Merchandise returned by customers Collections received to settle accounts Notes given to creditors in settlement of accounts Merchandise returned to suppliers Payments on notes payable Discounts taken by customers 3,600,000 400,000 90,000 25,000 3,900,000 3,200,000 260,000 15,000 2,450,000 250,000 70,000 100,000 40,000 180,000 1. What is the net realizable value of accounts receivable on December 31, 2006? Collections received in settlement of notes

Problem 5 The following data were taken from the records of Shiera Company for the year ended December 31, 2006: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be worthless Purchase on account Payments to creditors Discount allowed by creditors Merchandise returned by customers Collections received to settle accounts Notes given to creditors in settlement of accounts Merchandise returned to suppliers Payments on notes payable Discounts taken by customers 3,600,000 400,000 90,000 25,000 3,900,000 3,200,000 260,000 15,000 2,450,000 250,000 70,000 100,000 40,000 180,000 1. What is the net realizable value of accounts receivable on December 31, 2006? Collections received in settlement of notes

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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Problem 5 The following data were taken from the records of Shiera Company for the year ended December 31, 2006: Sales on account 3,600,000 400,000 90,000 25,000 3,900,000 3,200,000 260,000 15,000 2,450,000 250,000 70,000 100,000 40,000 180,000 1. What is the net realizable value of accounts receivable on December 31, 2006? Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be worthless Purchase on account Payments to creditors Discount allowed by creditors Merchandise returned by customers Collections received to settle accounts Notes given to creditors in settlement of accounts Merchandise returned to suppliers Payments on notes payable Discounts taken by customers Collections received in settlement of notes
Transcribed Image Text:Problem 5 The following data were taken from the records of Shiera Company for the year ended December 31, 2006: Sales on account 3,600,000 400,000 90,000 25,000 3,900,000 3,200,000 260,000 15,000 2,450,000 250,000 70,000 100,000 40,000 180,000 1. What is the net realizable value of accounts receivable on December 31, 2006? Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be worthless Purchase on account Payments to creditors Discount allowed by creditors Merchandise returned by customers Collections received to settle accounts Notes given to creditors in settlement of accounts Merchandise returned to suppliers Payments on notes payable Discounts taken by customers Collections received in settlement of notes
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