Need answer please During the year, Kiner Company made an entry towrite off a $6,000 uncollectible account. Beforethis entry was made, the balance in accountsreceivable was $200,000 and the balance in theallowance account was $16,000. The netrealizable value of accounts receivable after thewrite-off entry was:A. $200,000.B. $184,000.C. $176,000.D. $178,000.

Step 1: Define Accounts ReceivableThe accounts receivable is reported on the company's balance sheet…

Answered: During the year, Kiner Company made an…

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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On January 1, Year 2, the Accounts Receivable balance was $32,900 and the balance in the Allowance for Doubtful Accounts was $4,10o0. On January 15, Year 2, an $1,210 uncollectible account was written-off. The net realizable value of accounts receivable immediately after the write-off is: Multiple Choice $27,590. $31,690. $30,010. $28,800.
Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below: The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200. Required: Prepare the balance sheet extract as at Dec 31 to show the net realizable value for the Accounts Receivable.
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
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Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
On December 15, the accounts receivable balance was $50,000 and the balance in the allowance for doubtful accounts was $5,000. That morning, a $1,000 uncollected account was written off. What is the net realizable value of accounts receivable immediately after the write-off? $49,000 $46,000 $44,000 $45,000
Sheffield Shop had a balance in the Accounts Receivable account of $751000 at the beginning of the year and a balance of $879000 at the end of the year. Net credit sales during the year amounted to $5949500. The average collection period of the receivables in terms of days was (Round intermediate calculation to 3 decimal places, e.g. 1.235 and final answer to 1 decimal places, e.g. 0.5.) O 47.0 days. O 3.7 days. O 46.1 days. O 50.0 days.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $664,657 and Allowance for Doubtful Accounts has a balance of $21,609. What is the net realizable value of the accounts receivable? a.$21,609 b.$664,657 c.$643,048 d.$686,266
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $610,084 and Allowance for Doubtful Accounts has a balance of $20,670. What is the net realizable value of the accounts receivable? Select the correct answer. $20,670 $610,084 $630,754 $589,414

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