The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year- end balance in the allowance for uncolectible account should be $40,080. What is the year end gross and net accounts receivable balance?
The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year- end balance in the allowance for uncolectible account should be $40,080. What is the year end gross and net accounts receivable balance?
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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Transcribed Image Text:The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the
year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000;
accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company
estimates that the required year- end balance in the allowance for uncollectible account should be $40,080.
What is the year end gross and net accounts receivable balance?
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