Please solve this question general accounting The general ledger shows:Accounts Receivable$100,000Allowance for Doubtful Accounts $5,000 (credit balance)Sales$1,000,000If the company wrote off an account as uncollectible for $500, the accountsreceivable net realizable value after the write-off would be:a. $99,000.b. $95,000.c. $94,000.d. Some Other Amount.

Step 1: Introduction to accounts receivableAccounts receivable refers to the customers who have…

Answered: The general ledger shows: Accounts…

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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A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
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At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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Accounts Receivable has a balance of $31,000, and the Allowance for Bad Debts has a credit balance of $3,500. The allowance method is used. What is the net realizable value of Accounts Receivable before and after a $2,000 account receivable is written off? A. $27,500; $27,500 B. $25,500; $25,500 C. $27,500; $25,500 D. $25,500;$29,500
Accounts Receivable has a balance of $30,000, and the Allowance for Bad Debts has a credit balance of $3,200. The allowance method is used. What is the net realizable value of Accounts Receivable before and after a $2,100 account receivable is written off? OA. $24,700; $28,900 B. $26,800; $26,800 OC. $26,800; $24,700 D. $24,700; $24,700
Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current assets $ 30,000 Accounts receivable 3,300 Allowance for credit losses 300 Current liabilities 10,000 Required: Calculate the following amounts or ratios and determine the relationship between the amount or ratio before the write-off (x) with the amount or ratio after the write-off (y): Current ratio x equals y Net accounts receivable balance x equals y Gross accounts receivable balance x greather than Y
i

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