Problem #3: Accounts Receivable Presentation (8 points) The following items were taken from the 2017...
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Problem #3: Accounts Receivable Presentation (8 points) The following items were taken from the 2017 GAAP financial statements of Leone Horticultural Co.: In the balance sheet: 12/31/2017 Accounts receivable, net of an allowance of $525,000 $8,852,400 In the income statement: 2017 Net sales Bad debts expense $35,722,600 (740,000) a.Identify the amount of each item below based on the 2017 GAAP financial statements of Leone Horticultural Co. (1 point per item 5 points) Your Answers 1) The cost of credit sales to Leone Horticultural Co. for 2017 was The estimated amount of 2017 sales revenue that Leone Horticultural 2) Co. never expected to collect was: The net realizable value of the accounts receivable of Leone 3) Horticultural Co. at December 31, 2017 was: The estimated amount of the accounts receivable at December 31, during 2018 was: The estimated amount of 2017 sales that Leone Horticultural Co 4) 2017 that Leone Horticultural Co. expected to write off as bad debts 5) expected to collect in 2018 was
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