Related data of J Company: Accounts Receivable, Beginning 395,200 Allowance for Bad debts, beg. 8,500 Sales for the year. 5,000,000 Collection. 4,680,000 Percentage of Bad debts is 2% of Accounts Receivable How much is the net realizable value

Related data of J Company: Accounts Receivable, Beginning 395,200 Allowance for Bad debts, beg. 8,500 Sales for the year. 5,000,000 Collection. 4,680,000 Percentage of Bad debts is 2% of Accounts Receivable How much is the net realizable value

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6MC: Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of...

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Question

Related data of J Company:

Accounts Receivable, Beginning 395,200

Allowance for Bad debts, beg. 8,500

Sales for the year. 5,000,000

Collection. 4,680,000

Percentage of Bad debts is 2% of Accounts Receivable

How much is the net realizable value?

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A. $13,650 B. $2,992.50 C. $136,500 D. $29,925
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