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UNIV COMPANY has the following data relating to accounts receivable for the year ended December 31, 2021: Accounts receivables, January 01, 2021 P 540,000 Allowance for Doubtful Accounts, January 01, 2021 9,600 Cash received from credit customers during the year 1,330,000 Accounts written off during the year 8,800 Inventory, January 01, 2021 200,000 Inventory, December 31, 2021 150,000 Purchase of merchandise during the year 900,000 Goods were sold at 50% above cost; 75% of sales were on account 1% of credit Estimated bad debts sales

UNIV COMPANY has the following data relating to accounts receivable for the year ended December 31, 2021: Accounts receivables, January 01, 2021 P 540,000 Allowance for Doubtful Accounts, January 01, 2021 9,600 Cash received from credit customers during the year 1,330,000 Accounts written off during the year 8,800 Inventory, January 01, 2021 200,000 Inventory, December 31, 2021 150,000 Purchase of merchandise during the year 900,000 Goods were sold at 50% above cost; 75% of sales were on account 1% of credit Estimated bad debts sales

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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What is the december 31, 2021 net realizable value?

UNIV COMPANY has the following data relating to accounts receivable for the year ended December 31, 2021: Accounts receivables, January 01, 2021 P 540,000 Allowance for Doubtful Accounts, January 01, 2021 9,600 Cash received from credit customers during the year 1,330,000 Accounts written off during the year 8,800 Inventory, January 01, 2021 200,000 Inventory, December 31, 2021 150,000 Purchase of merchandise during the year 900,000 Goods were sold at 50% above cost; 75% of sales were on account 1% of credit Estimated bad debts sales
Transcribed Image Text:UNIV COMPANY has the following data relating to accounts receivable for the year ended December 31, 2021: Accounts receivables, January 01, 2021 P 540,000 Allowance for Doubtful Accounts, January 01, 2021 9,600 Cash received from credit customers during the year 1,330,000 Accounts written off during the year 8,800 Inventory, January 01, 2021 200,000 Inventory, December 31, 2021 150,000 Purchase of merchandise during the year 900,000 Goods were sold at 50% above cost; 75% of sales were on account 1% of credit Estimated bad debts sales
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