Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following to answer questions 28-29: acco

Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value ...

90.2K

Verified Solution

Question

Accounting

Use the following to answer questions 28-29:
Accounts receivable
Allowance
Cash realizable value
During 2017, sales on account were $145,000 and collections on account were $86,000. Also
during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding
receivable accounts at year end indicated that bad debts should be estimated at $54,000.
The change in the cash realizable value from the balance at 1231?2016 to 1231?2017
was a:
A) $50,000
B) $59,000.
C) $42,000
D) $51,000
Bad debts expense for 2017 is:
A) $17,000
B) $9,000
C) $54,000
D) $1,000
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What cranial nerves are responsible for movement of the eyeballs? oculomotor, trochlear and abducens oculomotor, trigeminal and abducens trigeminal,...

Medical Sciences
Q

3. Let G1 and G2 be groups with identity elements e1 and e2, respectively. a. Prove...

Advance Math
Q

The effect of issuance of common stock for cash on a statement of cash flows...

Basic Math
Q

Kyle paid 984 for a set containing a TV and a TV stand The salesperson...

Basic Math
Q

Sandy is upgrading her Internet service. Fast Internet charges $30 for installation and $46.45 per...

Basic Math
Q

Find a point slope form for the equation of the line satisfying the conditions Passing...

Algebra
Q

A trial balance lists all the accounts and their corresponding balances as on a particular...

Accounting
Q

A manufacturing company applies factory overhead based on direct labor hours....

Accounting
Q

safeguarding Ling the of assets and veritying the existence of such assets d Primarily financial...

Accounting
Q

Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The...

Accounting
Q

A trader buys (long) a call option with a strike price of $110 and sells...

Accounting
Q

Residual Dividend Model Axel telecommunications has a target capital structure that consists of 70%...

Accounting